Group Gratuity Insurance
Protect all your employees from medical emergencies
Key Benefits
- Gratuity provides financial security by offering a lump sum to employees upon their exit.
- Helps employers meet legal obligations under the Payment of Gratuity Act, 1972.
- Offers tax advantages for both the employer and employee.
- Reduces financial stress by allowing employers to accumulate funds for gratuity payouts over time.
- Covers multiple exit scenarios, including retirement, resignation, and death or disablement.
- Ensures stable contributions for gratuity payments.
- Offers flexibility to align with the company’s financial strategy.
Health Cover Up
to ₹50 Lacs
What is Group Gratuity Insurance?
Group Gratuity Insurance is a plan that helps employers manage and fund gratuity liabilities for their employees. It ensures timely gratuity payments, reduces financial strain, and offers tax benefits by setting aside funds in an approved gratuity fund.
Why do you need Group Gratuity Insurance?
Employee Security
Ensure your employees' future with a reliable Group Gratuity Insurance plan.
Financial Security
Manage your gratuity liability effortlessly with Group Gratuity Insurance.
Tax Benefits
Save on taxes while meeting your statutory gratuity obligations.
Retain Talent
Attract and retain top talent by offering comprehensive gratuity benefits.
Why choose Insurance Manager to protect your business?
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
What does Group Gratuity Insurance cover and exclude?
Plan Coverage
Retirement
Provides lump sum gratuity upon an employee’s retirement after the required years of service.
Permanent Total Disablement
Covers employees who become permanently disabled while in service, ensuring gratuity payments.
Death Due to Accident
Covers gratuity in the event of an employee’s death due to an accident during employment.
Death Due to Natural Causes
Ensures gratuity payment in case of an employee’s death due to natural causes while employed.
Resignation
Pays out gratuity when an employee resigns after meeting the service requirements.
Termination of Service
Gratuity is provided if an employee is terminated from service, based on the rules of the scheme.
Tax Benefits
Offers significant tax advantages as per the applicable laws for gratuity funds.
Employee Welfare
Ensures employees receive financial security upon exit from the organization.
- In-patient treatment 24 hours a day
- Pre-existing disease
- Pre and Post hospitalization
- Domiciliary hospitalization expenses
- Reimbursement of cost of health check-up
- All day care procedure
- Family floater to covers member’s immediate family such as a spouse, dependent children, dependent parents, etc.
- Maternity benefits
- Dental treatment
- Cost of spectacles, contact lenses
- Waiver of waiting period
- Waiver of first-year exclusions
- Reimbursement of ambulance costs
- Baby day one care
- Vaccination benefits
- Increased room rent limits
- Corporate buffer
- Out-patient treatment (OPD Card)
- Root canal surgery
- In-hospitalization expenses due to sickness or accidents
- Room and boarding expenses as provided by the hospital/nursing home.
- Nursing expenses.
- Surgeon, anesthetist, medical practitioner, consultants or specialist fees.
- Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines and drugs, diagnostic materials and X-Ray, dialysis or chemotherapy.
Major Exclusions
Early Exit Without Required Service
No gratuity is paid if the employee leaves before completing the required years of service (unless due to death or disablement).
Voluntary Termination Without Eligibility
Excludes employees who voluntarily terminate their employment without fulfilling the service criteria.
Temporary Disablement
Does not cover temporary disability; only permanent total disablement is eligible for gratuity.
Employees Not Covered Under Gratuity Act
Employees not covered by the Payment of Gratuity Act, such as certain part-time workers or those with short-term contracts.
Exclusions Due to Misconduct
Gratuity may be withheld if the employee is terminated due to gross misconduct.
Non-Approved Gratuity Funds
Does not apply to gratuity payments made from non-approved funds or sources.
Non-Statutory Payments
Excludes payments that are not statutory and do not fall under the gratuity act’s guidelines.
Ineligible Employees
Excludes employees who don’t meet the minimum age or required service duration for gratuity eligibility.
- If the appropriate waiver is not opted for, then the policy will not cover
- Treatment of pre-existing illnesses.
- Any treatment for illnesses/diseases within the first 30 days of the policy, unless it is an accident.
- Treatment of specified illnesses for the first year of the policy.
- Certain diseases like hernia, cataract, piles, sinusitis, etc are excluded during the first year of operation in the cover.
- Any claim arising out of or traceable to pregnancy.
- Ayurvedic, homeopathy, naturopathy or any other form of local medication.
- Alcoholism, drug abuse, and AIDS.
- Dental treatment or surgery unless it requires hospitalization.
- Cost of spectacles.
- Vaccination and inoculation.
- Cosmetic treatment.
Your Journey to Insurance Manager
When can I Claim?
A claim under Group Gratuity Insurance can be registered in the below circumstances:
- Retirement – When an employee retires after completing the required years of service.
- Permanent Total Disablement – In case of permanent total disablement while in service.
- Death of Employee – In the event of an employee's death due to accident or natural causes during employment.
Claim what’s yours with Insurance Manager
Have more questions?
Submission
Assessment
