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Different types of Group Gratuity Insurance Plan

An employer may take a group gratuity plan with an insurance provider. The gratuity paid by the company is based on the terms of the group insurance scheme. The different types of group gratuity insurance plans are below: Unit Linked Plan: The Unit Linked Plan is a group policy with an indefinite policy term. Being […]

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Statutory requirements for payment of gratuity

One of the monetary incentives for staying in an organization long enough is the expectation of gratuity payment. This is a lumpsum amount, a payment for services rendered over a period of time. Requirements for gratuity payment There are certain statutory requirements that an organization has to adhere to for the payment of gratuity to […]

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What is Force Majeure in Group Gratuity Schemes, when does it apply?

The concept of Force majeure excuses one or all of the parties from liabilities and obligations under a group gratuity insurance policy. A force majeure situation arises when there has been: An occurrence of extraordinary events An occurrence of a specified event Occurrence of events that are beyond parties’ control A force majeure condition means […]

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How Does the Group Gratuity Scheme Benefit Your Institution?

Any organization which has been operating with a minimum number of 10 employees since the past financial year becomes liable to pay gratuity to those who have completed five years of continuous service; upon retirement or leaving the job. A gratuity is a mandatory lump sum amount to be given by the employer to workers […]

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