ICICI Prudential Group Gratuity Plan
ICICI Pru Group Gratuity Plan is a plan enables employers to grant its employees an assured sum upon exit from their company. Gratuity is a statutory benefit that is provided to an employee at exit, provided the criteria as per the Gratuity Act is fulfilled. This benefit is paid as a lump sum amount to the employee. The Group Gratuity Plan ensures that the employer has sufficient funds to take care of their employees.
As per the Payment of Gratuity Act, 1972, Gratuity is a statutory benefit which will be provided to an employee. When an employee exits a company, while fulfilling the criteria prescribed in the Gratuity Act, this lump sum amount will be paid out to the employee. A gratuity liability will be created for you, the employer, by these statutory payments to employees. The highlight of the plan is that you, the employer, will find that sufficient funds are available to meet your company’s obligation for these gratuity payments. Your statutory liability as an employer can be met with ease when you contribute to the ICICI Prudential’s Group Gratuity Plan.
Features of ICICI Pru Group Gratuity Plan
- Plan options – Unit linked
- Minimum policy term -1 year
- Bundled life cover – ICICI Prudential group gratuity plan provides a flat cover of 1000 to the employees
- Scheme administration – Monthly addition and deletion of members
- Premium paying term – Yearly/ Half yearly/ Quarterly/ Monthly
Benefits of ICICI Pru Group Gratuity Plan:
- Scheme setup assistance– ICICI Prudential life values their customers above all else which is why they have made the ICICI Pru Group Gratuity a flexible plan which allows customizing of solutions to meet the specific needs of customers and also adheres to the Gratuity Act.
- Dedicated service team– ICICI Prudential understands that when you purchase a policy from them it is the beginning of a relationship. That is why the company has a dedicated group service team which appoints a relationship manager to the policyholder. This individual would be dedicated to answer all of your queries and service all your requirements.
- Managing investments– There is a wide range of investment options that will accommodate all of the customer’s needs.
- Claim Settlement– ICICI Prudential values your time above all else which is why they settle claims and payouts within specified turnaround time.
- Tax Benefit– Both the employer and employee will be benefitting with the ICICI Pru Group Gratuity plan. The employer will benefit as the plan is an annual contribution which is allowed as expenditure/deduction in computing taxable income of up to 8.33% of employees’ salary. The employee will benefit as the gratuity received is exempt from Income tax subject to conditions of section 10(10) and up to the limit specified.
- Bundled life cover– a flat cover of Rs. 1000 will be provided by ICICI Prudential group gratuity plan to the employees.
Other Benefits of the ICICI Pru Group Gratuity Plan:
- A financial advisor provided by the company
- Online plan brochure
- Call back from ICICI with details of the plan
- Online comparison with other plans
- Online application for the plan
- Locate the nearest ICICI Prudential branch
The reason why you should Buy the ICICI Pru Group Gratuity Plan from ICICI Prudential?
The ICICI Pru Group Gratuity Plan is a flexible plan that allows customers to customise solutions to meet their specific needs. A dedicated group of service team that enables you to have a relationship manager for the policy. The settle claims and payouts are made on time. ICICI Pru Life is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Group Gratuity Plan from ICICI.