Lic’s Group Gratuity policy review ,details : here we gave the full details and reviews of Lic’s Group Gratuity policy Now a days every company is very much worried about its most valuable assets called its
employees and their future, to meet the employees future
requirement most of the company’s
preferring group gratuity scheme. LIC is offering Group Gratuity scheme. To get this scheme the
employee must work for minimum 5 years in same company then the employee is
eligible. The Premium paying in this policy is not come under perks of employee
it is come under company’s expenditure.
Income tax benefit is available according to the income tax rules.
100% liquidity is available with LIC because LIC is maintain only one
account for claim settlement. LIC
offered 9.00% - 9.65% in the year 2009-10. There is no reinvestment issue in the policy because interest rate
on daily available balance so there is no issues of annual
interest.
In the policy claim can be settled in the event of an
employee resingnation,death, retirement and trustee can claim the scheme
settlement by sending claim form. Lic providing MIS Statement to the trustee
and individuals there is no hidden charges in this scheme.
Group Leave Encashment Scheme, Group
Superannuation Scheme under Cash Accumulation basis, Group Gratuity Scheme
under Cash Accumulation basis, Group Savings Linked Insurance Scheme these are
the funded schemes and Group Term Assurance , Group Insurance in lieu of
EDLI Scheme, Group Insurance in conjunction with Group Superannuation Scheme
non funded schemes are available.
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