Gratuity
Querist :
Anonymous
(Querist) 10 June 2010
This query is : Resolved
Dear Sir,
I need a clarification regarding Gratuity. In our organization we take Group Gratuity Policy with LIC. They mentioned that Gratuity is calculated under Projected unit credit method and they said that every year a sum of amount has to be paid towards premium.
Actually premium is paid if the fund value is less than the required level. But our fund value is more than the accured gratuity liability.
My query is
1. any premium to be paid even if fund value is more than the accured gratuity liability.
2. whether any contribution is to be paid every year. Whether it is compulsory or it is a minimum payment made to LIC or whether it is to be paid for not lapsing our fund.
mahendrakumar
(Expert) 11 June 2010
all those conditions would be mentioned in the policy document issued by LIC to the organisation.
unlike single policies,the terms and benefits,premium etc of group policies are decided upon many factors like the size of the group,average age,salary etc and further negotiated
so it is better to contact the P&GS dept of LIC divisional Office of your locality to know further details.
