Max New York Life Group Gratuity cum Term Assurance plan is especially planned to enable you to fund your gratuity obligation in an organized and convenient manner while enjoying tax benefits at the same time.
Features –
Eligibility:
- All employees (members) above the age of 18 are eligible for this plan. Existing fund approved by the Income Tax Commissioner should be administered through Trustees under a Trust.
Contribution:
- The Trust will make the role to the fund. Contribution can be made quarterly, half-yearly or yearly.
Surrender Fee:
- In case a Policyholder wants to surrender the policy, a surrender fee is applicable. This fee is based on the achievable market value of the assets and dependents on the duration of the association with Max New York Life.
Term Insurance Cover
- Term insurance cover equal to future service gratuity
- Premium for term insurance cover will be computed separately.
- The insurance cover will also form part of Group Gratuity policy.
- Insurance cover will be paid only on the death of the member.
Key Benefits –
Benefits of the Group Gratuity Plan:
- Investment management in a traditional manner to ensure steady appreciation in fund income.
- Employees can be insured for the future service gratuity for full-anticipated service.
- Scientific funding of gratuity on actuarial valuation and hence superior planning for gratuity payments.
- Past gratuity liability contribution can be made in installments.
- Contributions are exempted under income tax act.
Benefits to the Members:
- Max New York Life will provide statement of account every quarter.
- Free Actuarial Valuation for future gratuity liability.
- For a new fund Max New York Life can assist in configuration of the Trust and its documentation.
- An existing Gratuity Fund can be taken over by MNYL and we will offer assistance in documentation like Deed of variation to the original Trust Deed etc.
- Basic Guidelines for Max New York Life Group Gratuity Scheme.
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Tags: Group Gratuity cum Term Assurance, Insurance, Max New York Life, Term Insurance