As per the Payment of Gratuity Act, 1972, Gratuity is a statutory benefit which will be provided to an employee. When an employee exits a company, while fulfilling the criteria prescribed in the Gratuity Act, this lump sum amount will be paid out to the employee. A gratuity liability will be created for you the employer, by these statutory payments to employees. The highlight of the plan is that you, the employer, will find that sufficient funds are available to meet your company's obligation for these gratuity payments. Your statutory liability as an employer can be met with ease when you contribute to the ICICI Prudential's Group Gratuity Plan.
Eligibility of ICICI Pru Group Gratuity:
Minimum size of the group
10 or more members
Minimum/ maximum entry age
15/ 85 years
Minimum policy term
Features of ICICI Pru Group Gratuity:
Following are some of the attractive features of ICICI Pru Group Gratuity:
Minimum policy term
Bundled life cover
ICICI Prudential group gratuity plan provides a flat cover of Rs. 1000 to the employees
Monthly addition and deletion of members
Premium paying term
Yearly/ Half yearly/ Quarterly/ Monthly
Benefits of ICICI Pru Group Gratuity:
Following are some of the main benefits ICICI Pru Group Gratuity:
Scheme setup assistance - ICICI Prudential life values their customers above all else which is why they have made the ICICI Pru Group Gratuity a flexible plan which allows customizing of solutions to meet the specific needs of customers and also and adheres to the Gratuity Act.
Dedicated service team - ICICI Prudential understands that when you purchase a policy from them it is the beginning of a relationship. That is why the company has a dedicated group service team which appoints a relationship manager to the policyholder. This individual would be dedicated to answer all of your queries and service all your requirements.
Managing investments – There is a wide range of investment options that will accommodate all of the customer’s needs.
Claim Settlement - values your time above all else which is why they settle claims and payouts within specified turnaround time.
Tax Benefit – Both the employer and employee will be benefitting with the
. The employer will benefit as the plan is an annual contribution which is allowed as expenditure/deduction in computing taxable income of up to 8.33% of employees’ salary. The employee will benefit as the gratuity received is exempt from Income tax subject to conditions of section 10(10) and up to the limit specified.
Bundled - a flat cover of Rs. 1000 will be provided by ICICI Prudential group gratuity plan to the employees.
How the ICICI Pru Group Gratuity Works
ICICI Pru Group Gratuity makes sure that each employee in the plan receives an assured sum upon their exit from the company. To activate the policy, the employer must put aside monies to meet the gratuity liability which will go into the ICICI Prudential group gratuity plans. This amount will subsequently earn returns and also aid in growing the funds in line with the gratuity liability. Finally, when the employee exits the company, the fund created under the plan will be used to make claim payments.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
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Reviewed on Oct 10, 2019
ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
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Reviewed on Sep 29, 2019
I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.
My company has provided me a life insurance policy from ICICI Prudential. This policy covers for death cover and life cover. I didn't get a chance to speak with call the customer care. They have provided me a coverage value of Rs. 25 lakhs. The premium amount is taken by corporate people.
I have taken life insurance with ICICI PRUDENTIAL on 4 years before which was taken for 10 years but after that can also continue for this policy. It covers for my whole family members for this insurance. I use to do payment through an online. I am paying premium in the yearly package.
I have a life insurance with ICICI prudential and there is no specific parameter for taking this policy. It was taken for the tax benefits. The benefits are okay. I am getting good rate of returns and the policy period is 7 years but I need to pay the premium for only 4 years. I am charging monthly around 3,700 rupees through online.
I have life cover with ICICI Prudential which was taken on 5 years before.The policy is for 10 years. I used to make the premium on a yearly basis. I use to payment through an online. An agent has given all the details about the policy and given documents as well.
I have my term policy with ICICI Prudential. They need to improve the benefits and not providing the suggestion for the customer to avail a better policy. I have been paying the premium for more than one year and need to pay 2more years. The payment mode is online and its good.
I also recommend this term insurance to my friendly. Based on the claim ratio, i have taken the policy from ICICI Prudential. Their claim settlement ratio is 95% and above. This policy cover upto 60 years of my age and 6 years ago, i bought the policy. The sum assured amount is Rs. 1 Crore
I have life cover with ICICI Prudential, I used to make the premium around Rs. 5000 per annum it has the tenure period around three years. After that I will be getting some sum assured and bonus interest. Each and every payment I used to make through I mobile.
I have ICICI prudential term plan, the premium amount is around Rs. 6500 per annum it has some certain tenure period . It covers upto 75 years, sum assured is good. They have good claim settlement ratio. I got the policy copy on time, it has critical illness cover too.
ENDOWMENT PLAN i have taken with the ICICI PRUDENTIAL and i am using from last 2011, the maturity period is for 15years, the premium paying for yearly once the policy coverage is for self with the policy. I have paid the premium for 7 years with the plan.