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What is HDFC Life Group Gratuity Product?

Non-Participating, Unit Linked, Group Gratuity Product

What is HDFC Life Group Gratuity Product?

  • Employers who want to provide their employee’s retirement benefits in scientific, timely and hassle free manner and build healthy corpus to provide the gratuity benefits to them

  • Flexibility to invest in various Unit Linked Investment Funds

  • Option of transferring the past service contributions

  • Expert Fund Management

  • Assistance in providing Gratuity Liability Management Services

  • Tax benefits may be available as per prevailing tax laws1

  • Employers who want to provide their employee’s retirement benefits in scientific, timely and hassle free manner and build healthy corpus to provide the gratuity benefits to them

  • Flexibility to invest in various Unit Linked Investment Funds

  • Option of transferring the past service contributions

  • Expert Fund Management

  • Assistance in providing Gratuity Liability Management Services

  • Tax benefits may be available as per prevailing tax laws1

What is HDFC Life Group Gratuity Product?

 1. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

 1. As per Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

Plan Benefits

View the benefits available for you

  • 4 Step Process
  • Fund Options
  • Past Service Contribution
  • Fund Management
  • Gratuity Management

4 Step Process

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4 Step Process

  • Step 1: The Policy holder can invest the contributions in the investment funds offered by us. Currently we offer 5 investment funds under this scheme.

  • Step 2: We will open and manage a “Group Gratuity Fund” for the Policyholder in which units are allocated following the receipt of contributions and cancelled for the purpose of paying gratuity benefit and charges.

  • Step 3: A member on either leaving service due to retirement/ resignation or on death/disability during the service, or any other such event that may terminate the employment, we will pay the benefits as per the scheme rules by redeeming the units in the investment funds to pay the gratuity benefit.

  • Step 4: An insurance coverage of Rs. 10,000 shall be provided under this plan and the mortality charges of ₹1 per 1000 Sum Assured for the same shall be deducted.

Check Eligibility Criteria

Before buying HDFC Life Group Gratuity Product

ELIGIBILITY CRITERIA

 

Minimum / Maximum Age at Entry


Minimum: 18 years
Maximum: Shall vary with each scheme in accordance with Scheme Rules subject to maximum of 79 years age last birthday

Minimum / Maximum Maturity Age


Minimum: 19 years
Maximum: Shall vary with each scheme in accordance with Scheme Rules subject to maximum of 80 years age last birthday

Minimum Policy Term

1 Year

Maximum Policy Term

Yearly renewable until terminated by the Master Policy holder

Sum Assured (₹)

₹ 10,000 per member

Minimum Group Size

10 members

Maximum Group Size

No Limit

Minimum Initial Contribution

₹ 1,00,000 per scheme

Maximum Initial Contribution

₹ 1,00,000

Maximum Balance in the Policy Account

No Limit1

Mode of Contribution

Annual, Half Yearly, Quarterly and Monthly

1. Subject to the gratuity liability based on an actuarial valuation provided by a qualified actuary by way of certificate provided under the Accounting Standard 15 (Revised)

Fees and Charges:

Our fees and charges are simple and transparent.

Allocation Charges Contribution Allocation Charges as % of contribution
Contribution <= ₹2 crores Contribution >₹2 crores
Initial contributions received for past services Nil Nil
Ordinary contributions for the first policy year  0.50% Nil
Ordinary contributions for the second and subsequent policy years 0.50% Nil
The above charges are guaranteed throughout the term of the contract
Policy Administration Charges  Nil
Fund Management Charge 0.8% p.a.
The Company may alter fund management charge subject to a maximum cap of 1.35% as allowed by IRDAI , by giving 30 days' notice and prior approval of the regulator 
Mortality Charges A flat mortality charge of ₹1 per 1000 sum assured will be charged and the same would be mentioned in the quotation issued to the client and signed and excepted by the client. The mortality charges remains guaranteed for the entire policy term.
The mortality charges will be deducted by cancellation of units at the prevailing Unit Price.
Switching Charges  Nil

Disclaimer

For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale. HDFC Life Group Gratuity Product (UIN: 101L170V02) is the name of a Non-Participating, Unit Linked, Group Gratuity Product.

Unit Linked Life Insurance products are different from the traditional insurance products and are subject to the risk factors. The premium paid in Unit Linked Life Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. HDFC Life Insurance Company Limited is only the name of the Insurance Company, HDFC Life is only the name of the brand and HDFC Life Group Gratuity Product (UIN: 101L170V02) is only the name of the unit linked life insurance contract. The name of the company, name of the brand and name of the contract does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges, from your insurance agent or the intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects and returns.

ARN: PP/09/24/16001