Aviva Traditional Group Gratuity Plan

Summary Info

Insurance Company Aviva Life Insurance Company Ltd
Plan Name Aviva Traditional Group Gratuity Plan
Plan Category Gratuity Plan
UIN No. 122N065V01
About Plan Aviva Traditional Group Gravity Plan Is a Non-par group product designed for the corporate sector. Gravity is a statutory benefits to the employees provided under the payment of Gratuity Act,1972. After the employee has rendered continuous service for at least five years,he/she is eligible for 15 days pay for each completed years of service. The employer can also structure a gratuity benefit that is higher than statutory requirements. Gratuity payment is a statutory libility for an organisation and tends to increase as the salaries and tenure of employment increase annually. If the employer pays gratuity from its current revenue, it may become difficult to meet the liability in future.A lump sum benefit to the employees or their dependants.Interest declared will be exempt from income tax Protection against the risk of death. The option of making or transferring the past service contributions.

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