IndiaMART > Insurance Agents and Services > Industrial Insurance Services > Group Insurance Services
Group Gratuity Insurance

Group Gratuity Insurance

Get Latest Price
Group Gratuity Plan is a special way to reward your employees loyalty. Having a group gratuity plan enables you to meet your legal obligations of providing gratuity in a hassle free manner. It not only helps you build a healthy corpus, but also offers additional insurance cover, to provide enhanced gratuity benefits in the event of unfortunate death of your employee. This can be done in a tax efficient and hassle free
Contact SellerAsk for best deal
Get Latest PriceRequest a quote

Dr. Insurance

Ulsoor, Bengaluru, Karnataka
View Mobile Number
Call +91-80-41143664
Service Provider
Ask for more details from the seller
Contact Seller

Product Description

Group Gratuity Plan is a special way to reward your employees loyalty. Having a group gratuity plan enables you to meet your legal obligations of providing gratuity in a hassle free manner. It not only helps you build a healthy corpus, but also offers additional insurance cover, to provide enhanced gratuity benefits in the event of unfortunate death of your employee. This can be done in a tax efficient and hassle free manner through this plan.

Under the Payment of Gratuity Act, 1972, it is an employers statutory liability to pay 15 days salary (15/26 of a months wages) for every completed year of service to the employees on their exit, for any reason after five years of continuous service, subject to maximum limit of 3.5 lacs. Higher benefits can be paid if the employer so desires.

However, the modern system of Financial Management envisages keeping the Liability off the balance sheet of the company. This can be done by creating a Trust, managed privately or by an insurance company and paying the amount to the Trust every year. In case of Privately Managed Trust, investment of funds will have to be done as per Income-Tax Act, by the trustees and entire administration of the Trust including Actuarial Valuation will be the responsibility of the Trustees. In case of insurance company managed trust, the job of investment and actuarial valuation is taken over by the insurance company free of charge and in addition, the higher returns from professional management of the funds.

Employers annual contribution is allowed as deduction in full in computation of business income. Gratuity is tax free upto half months average salary for each year of service, subject to a maximum of Rs. 3.5 lakhs.

Benefits :

for you

  • It is a hassle free process and reduces your administrative work.
  • Better returns of being part of the insurers investment portfolio.
  • Actuarial help from the insurer in assessing periodic liability to have proper funding plan.
  • Additional insurance at a little extra cost, which will enhance benefits in case of unfortunate death of an employee.
  • Claim tax exemption for contribution upto 8.33% of annual wage bill. It helps you in being a good corporate citizen.

For employees

  • Enhanced gratuity benefits by way of additional insurance cover in case of death before retirement - it means full gratuity even in case of early death
  • Safety of the funds - being managed by experts
  • Periodic valuation of the Gratuity Fund by actuaries to ensure adequate fund is available to pay benefits - a reassurance that the fund is secure

Interested in this service?Get Latest Price from the seller
Contact Seller

Product Image

Group Gratuity Insurance

About the Company

Year of Establishment1952
Nature of BusinessService Provider
Number of Employees26 to 50 People
Annual TurnoverRs. 50 Lakh - 1 Crore
IndiaMART Member SinceOct 2007

Thank you for visiting our website, which truly reflects our operational philosophy by being direct, simple and easy to help you buy your insurance cover.

Dr. Insurance is a boutique business consulting advisory that helps organizations proactively overcome the challenge of buying the right insurance cover at the best price and derive the best service support when a Loss / Damage happens....

Send your enquiry to this supplier
I agree to the terms and privacy policy

Seller Contact Details

Indira M

Ulsoor Road
Ulsoor
Bengaluru - 560008, Karnataka, India

Get Directions
View Mobile No.
Call +91-80-41143664
Send SMS
Send Email
Save time! Get Best Deal
Tell us what you
need
Receive seller
details
Seal the deal
Pay with IndiaMART
Save time! Get Best Deal
I agree to the terms and privacy policy
X
Hi
I agree to the terms and privacy policy
Verifying...
1

Have a requirement?
Get Best Price

Hi
I agree to the terms and privacy policy
Verifying...
1

Have a requirement?
Get Best Price