Max Life

Group Traditional Gratuity Plan

UIN 104N016V01

Group Credit Life Insurance is a reducing term cover. The sum insured can be linked to the loan repayment schedule; which means the insured member will get covered for outstanding loan liability (as per the schedule) by payment of applicable premium.

As per the Gratuity Act of 1972, any establishment with at least 10 employees has a statutory liability for payment of gratuity at a minimum of 15 days of last drawn basic salary + DA, for every completed year of service subject to a maximum of Rs. 10 Lacs under the following circumstances under -:

• On normal / early retirement / resignation (Completion of 5 Years is applicable)
• On his death, disablement due to an accident or disease (Completion of 5 years is not applicable)
• Employers can provide more than 10 Lacs of benefit as the act does not curtail them to provide better benefits for their employees
• On his / her Superannuation