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Group Gratuity Insurance: A Smart Solution for Statutory Liabilities
Group Gratuity Insurance is a solution designed to help companies manage and fund their statutory gratuity liabilities under the Payment of Gratuity Act, 1972. This insurance-backed policy ensures that your organization complies with the statutory requirements while securing the future benefits of your employees.
With Group Gratuity Insurance, businesses can systematically fund their gratuity liabilities, giving employees the confidence that their end-of-service benefits are protected. Additionally, the fund is managed by the insurer, with annual valuation support from professional actuaries, ensuring your liabilities are adequately covered. Businesses can also benefit from tax deductions under Section 36(1)(v) of the Income Tax Act, making this a tax-efficient solution.
Group Gratuity Insurance Features & Benefits
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Systematic Funding of Gratuity Liabilities
Ensure that gratuity liabilities are funded over time, with the option to build a sustainable pool of funds for future payouts.
Tax Benefits Under Section 36(1)(v)
Enjoy tax benefits for contributions to the gratuity fund, as per Section 36(1)(v) of the Income Tax Act, enhancing your financial strategy.
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Secures Long-Term Employee Benefits
Guarantees that your employees’ gratuity benefits are fully secured, providing them with financial security when they leave the organization.
Fund Managed by Insurer with Actuarial Support
The gratuity fund is managed by a reputable insurer, with annual actuarial valuation to ensure it is appropriately funded to meet future liabilities.
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Compliance with the Payment of Gratuity Act
Ensure complete compliance with the Payment of Gratuity Act, 1972, protecting your organization from any legal challenges related to gratuity payouts.
Flexible Contribution Options
Choose from flexible contribution options that align with your company’s financial strategy, providing you with customized solutions for funding gratuity liabilities.
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Why Choose VEEZ Insure for Group Gratuity Insurance?
Efficient Funding for Future Liabilities
Our solution ensures that your future gratuity liabilities are systematically funded, providing financial security for your employees.
Tax-Efficient Solution for Employers
Take advantage of tax benefits under Section 36(1)(v), ensuring that your business reduces its tax burden while securing employee benefits.
Comprehensive Support from Actuaries
Our partnership with professional actuaries ensures that your gratuity fund is accurately valued and well-managed each year.
Long-Term Employee Confidence
Offer employees peace of mind knowing that their gratuity benefits are secure, helping to enhance retention and satisfaction.
