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What are the 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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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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