Why is ICICI Pru Group Gratuity Plan special?

This plan helps you save money and build a kitty that helps you pay the amount of gratuity to your employees. At the same time, you can get returns earned on this kitty.

What is Gratuity?

Gratuity is a compulsory benefit to be provided to employees as per the Gratuity Act, 1972. It is a lump sum amount paid out to employees, once they are no longer a part of the company. An employee is eligible for payment of gratuity only if he or she fulfills the conditions specified under the Gratuity Act.

How does this plan work?

As an employer, you can choose to invest a certain amount of money in order to meet your future gratuity liability. The amount set aside by you is invested in a range of equity and debt funds to provide returns over a long term. The kitty created under this plan is then used to make claim payments for gratuity when employees exit.

We, at ICICI Prudential Life Insurance understand that service is of utmost importance to maintain a long-term relationship with you. As a result, we aim to ensure your convenience and ease while managing your policy.

What are the services provided under this plan?

We have a dedicated service team that provides services under this plan. This team will appoint a Relationship Manager for your policy. Your Relationship Manager will help you with all your policy related requirements.

We offer a complete and competitive range of investment product options. These include both Unit Linked insurance plans and non-linked plans thereby, allowing you to choose a plan as per your needs.

What are the different options available for managing my Group policy?

For managing your group Gratuity, you can choose from the following products:

Group Unit Linked Employee Benefit Plan – This is a Unit Linked investment plan that offers various fund options of equity and debt

Group Suraksha Plus – This is a Non-participating Endowment plan which provides a minimum floor rate* and additional interest rate every quarter

*Minimum floor rate is the minimum percentage of premium that is guaranteed to the employee on their retirement savings at the time of purchase.

As an employer, annual contribution is allowed as expenditure/deduction in computing taxable income. However, maximum contribution cannot exceed 8.33% of an employee's salary each year.
Gratuity received by the employee is tax-free up to the limit specified and subject to conditions under Section 10(10).*

The tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance Company Limited shall not be held responsible in any manner in case you do not get the above stated tax benefits. Please note that the prevailing and applicable tax laws shall be final, conclusive and binding on both the parties.

Product Snapshot


As an employer, you are required to provide your employees with certain benefits. One of these benefits, needed as per the law, is Gratuity. You would need sufficient funds to provide gratuity to your employees as and when required. We present ICICI Pru Group Gratuity plans that help you take care of your employees’ gratuity expenses while earning returns from your invested money.

Product at a Glance - ICICI Pru Group Gratuity 

 

What is the minimum number of employees needed under this plan?

You should have at least 10 employees for this plan.

What are the investment plan options under this policy?

You can choose a Unit Linked or a Non-participating Endowment plan.

At what age can an employee start this plan?

The minimum age of entry for an employee is 15 years. But, the maximum age of entry should not exceed 85 years.

How long does the policy last?

The policy lasts for one year. It is renewable and will be auto-renewed on the policy anniversary.

What is the minimum amount of Life Cover offered?

The amount of Life Cover offered is `1,000 for each employee. You may take a group term policy for additional Life Cover.

What is the minimum number of employees needed under this plan?

You should have at least 10 employees for this plan.

What are the investment plan options under this policy?

You can choose a Unit Linked or a Non-participating Endowment plan.

At what age can an employee start this plan?

The minimum age of entry for an employee is 15 years. But, the maximum age of entry should not exceed 85 years.

How long does the policy last?

The policy lasts for one year. It is renewable and will be auto-renewed on the policy anniversary.

What is the minimum amount of Life Cover offered?

The amount of Life Cover offered is `1,000 for each employee. You may take a group term policy for additional Life Cover.

ICICI Pru Group Unit Linked Employee Benefit Plan (UIN: 105L137V01)
ICICI Pru Group Suraksha Plus (UIN: 105N147V01)

Unlike traditional products, Unit Linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. The names of the Company, Product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns.

 

This is not applicable for this product.

 

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