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ICICI Pru Group Gratuity Plan

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 1 year

Features of ICICI Pru Group Gratuity:

Following are some of the attractive features of ICICI Pru Group Gratuity:

Plan options Unit linked
Minimum policy term 1 year
Bundled life cover ICICI Prudential group gratuity plan provides a flat cover of Rs. 1000 to the employees
Scheme administration 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 - ICICI Prudential 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 ICICI Pru Group Gratuity plan . 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 life cover - 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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ICICI Pru Group Gratuity Plan Reviews

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  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Term insurance with ICICI PRUDENTIAL. Their service is excellent and responsiveness was good. They have clearly explained me about their policy coverage and plan benefits, i use to pay premium on monthly basis through on line.
    Was this review helpful? 0
    , dehradun
    Reviewed on Apr 17, 2019
  • ICICI Prudential Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am holding the life insurance policy with the ICICI PRUDENTIAL ans using it since from last many years and now stopped paying the premium. There are no issues with this insurance as i am using. It gives the coverage for self added on that the documentation process was simple.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 15, 2019
  • ICICI Prudential Life Insurance
    "Service is not upto the mark "
    0.5 1.0/5 "Really Bad"
    I taken this ICICI life insurance mainly for protection of loan of 5 lakhs . Though I said I have one more plan in my name . They compelled me to take this policy by paying an amount of Rs 7000 /- . It is only applicable for the accidental death benefit .
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 14, 2019
  • ICICI Prudential Life Insurance
    "Average service"
    0.5 3.5/5 "Pretty good"
    I have taken life insurance policy with the ICICI PRUDENTIAL,The documentations process was done by my relative. They have suggested me best policy , They have charged me premium on monthly basis and the premium use to get auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 11, 2019
  • ICICI Prudential Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    As i am privilege customer of ICICI bank so they have offered me to apply life insurance with ICICI prudential. The agent had clearly explained me about the term and conditions and also plan benefits and policy coverage. It was clearly mentioned on the hard copy. The premium use to get deduced from my account.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 11, 2019
  • ICICI Prudential Life Insurance
    "Returns are not very good"
    0.5 4.0/5 "Great!"
    ICICI providing a maturity plan along with some returns .I need to pay an amount of Rs 15000 for next seven years .After the completion of tenure , I will get some returns . ICICI service is very prompt and good online facilities is available . But ICICI are not providing very extra ordinary returns .
    Was this review helpful? 0
    , kochi
    Reviewed on Apr 10, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy with the ICICI PRUDENTIAL and using it from last 3 months. The documentation process was done on time without hassle. The maturity period is for long term and the premium was paid yearly once for this policy.
    Was this review helpful? 1
    , chennai
    Reviewed on Apr 09, 2019
  • ICICI Prudential Life Insurance
    "Customer service is not upto the standard"
    0.5 1.0/5 "Really Bad"
    ICICI executive compelled me to take this life insurance policy for protection of my personal loan . I need to additional amount of 8-9 thousands rupees for next two year . Even though I had some other insurance policy, they forced me to take this policy .
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 09, 2019
  • ICICI Prudential Life Insurance
    "Flexible Term plan"
    0.5 5.0/5 "Blown Away!"
    ICICI PRUDENTIAL has good brand name, they give good benefits on my term plan. Through netbanking I can access everything, before three years the premium was lower now they increased based on my age yearly Rs. 9000, starting it was Rs. 11,000, based on IT proof the premium increased. For normal death they give Rs. 50 lakhs of cover and for the accidental they give Rs. 1 crore. I have added one nominee and they do have flexible emi option.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 08, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using the lie insurance policy with the ICICI PRUDENTIAL since from last 10 years and the policy coverage gives for the entire family. The premium paying for the 6 months once with this insurance policy. The documentation process was good and simple.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Apr 06, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with the ICICI PRUDENTIAL and using it since from last 9 years. It gives the family coverage of self and also the premium paying for yearly once. The maturity is for yearly once with this policy. The customer support is good.
    Was this review helpful? 0
    , dindigul
    Reviewed on Apr 06, 2019
  • ICICI Prudential Life Insurance
    "GOOD POLICY"
    0.5 3.5/5 "Pretty good"
    I have been using it since from last two years with the ICICI PRUDENTIAL life insurance where the maturity period of this policy is for long term and the premium for this policy paying for yearly once. It gives the life coverage with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 02, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been using the life insurance policy with the ICICI PRUDENTIAL since from last three years this gives the policy coverage for family where the maturity period of this policy is for 10 years. The premium i pay of 15K for yearly once with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 01, 2019
  • ICICI Prudential Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been using the life insurance policy with the ICICI PRUDENTIAL since from last three years this gives the policy coverage for family where the maturity period of this policy is for 10 years. The premium i pay of 15K for yearly once with this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 01, 2019
  • ICICI Prudential Life Insurance
    "Good for family protection"
    0.5 4.0/5 "Great!"
    My prudential pro smart is specially for the working people who have some disease it has the good cover for the caner, if we run to that situation they give 50% of coverage from the total value. It has coverage of Rs. 1 crore I have mentioned lump sum, they give critical illness waiver. The premium I is good around Rs.1500 per month, I need to pay upto 60 years old.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 01, 2019
  • ICICI Prudential Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    My ULIP plan with ICICI Prudential it has the locking period around three years, the premium was around Rs. 2 lakhs per annum it has the tenure period of five years then I got the sum assured and as per the market investment I get the benefits. In fact they give tax saving under 80c.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 30, 2019
  • ICICI Prudential Life Insurance
    "Life Insurance Executives are Proactive "
    0.5 5.0/5 "Blown Away!"
    I taken a term plan in ICICI prudential for Sum assured of 1 crore till 85 years of term period . It is the normal plan with inbuilt features . Comparing with other plan it is the best plan with ICICI . Customer executives are proactive in helping for the customers .
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 24, 2019
  • ICICI Prudential Life Insurance
    "Good Investment"
    0.5 4.0/5 "Great!"
    I invested in ULIP at ICICI Prudential for the amount of Rs. 2 lakhs it has the locking period for five years, I used to pay the premium around Rs. 50,000 on yearly basis it has the term of five years , then I get sum assured and other benefits around Rs. 15 lakhs.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 18, 2019
  • ICICI Prudential Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my term insurance with ICICI prudential insurance, i have been applied this insurance from past one and half years, the coverage is good and I pay my premium through on line,and premium i used to pay on a yearly basis. Their service is good and they use to update me if any new policy is added.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 18, 2019
  • ICICI Prudential Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    I called ICICI prudential to cancel my term policy, they only give the life cover upto 60 years, it would be great if they increase the life span and also they should give some benefits even the insurer person lives after policy matured. Monthly I pay Rs. 490 it has 60 years. They misguided me, I thought it would be more beneficial.
    Was this review helpful? 2
    , bangalore
    Reviewed on Mar 16, 2019
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