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Take a look at the features of ICICI Prudential's Group Gratuity Plan and the benefits offered to both employers and employees:
Features of Group Gratuity Plan
Multiple investment options with market-linked plans: Choose between short-term debt, debt, balanced, and growth funds depending on your financial objectives.
Portfolio transparency: Manage your funds more efficiently with daily disclosures of Unit Value and regular disclosures of each fund's portfolio.
Switch benefit: Switch between funds at any time to adjust your portfolio depending on your goals and risk profiles.
Life insurance: Safeguard your employee's wellbeing with a bundled life insurance cover that requires minimal amount of underwriting.
Actuarial services: Make a scientific estimation of your gratuity liability.
Low explicit charge structure with conditions for exit specified upfront.
Faster claim settlement, easier access to information and regular statements.
End-to-end solution in the legal and regulatory approval process for scheme set up or transfers.
Employer Benefits:
Deductions: Enjoy a deduction on your annual contribution up to 8.33% of salary bills in a financial year, for the purpose of computation of profits and gains of business.
Tax benefits: Enjoy tax benefits on your contribution towards past service liabilities, as per IT rules and regulations.
Employee Benefits:
Tax benefits: Employees enjoy tax exemptions on gratuity of up to Rs. 3,50,000, under Sec. 10 (10) as per IT rules and regulations.
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