LIC gratuity plus policy is a unit linked plan that is brought especially for the management of Gratuity funds. This policy differs from that of the Cash Accumulation plan which is the traditional one, since the returns under this plan are connected to the performance of the type of fund selected.
This particular policy suits well for those companies which desires in entrusting the gratuity fund management to an insurer and those companies that wishes to have a flexible choice of investments.
The following are the features that make this LIC gratuity plus policy to be the best choice for the policyholder.
- This policy is actually backed by the country's one of the most leading insurer provided with more than 16 crores policyholders with an asset value of Rs.4,50,000 crores.
- There are 4 choices of funds in order to meet various kinds of risk appetites.
Some other features are:
- Based on the performance of the funds, structuring the gratuity costs becomes flexible,
- There are facilities to switch between the various kinds of funds, and switch per year is provided at free of cost.
- Life insurance cover provided by this LIC gratuity plus policy is at very minimal cost.
The insurance cover could be equal to the gratuity that is payable for the anticipated service provided. But, the company may also a uniform level of cover for each of its member as an alternative choice that is equal to at least one month salary or it can be even more.
But there are bid offers that are spread under this scheme. The scheme can be surrendered at any time and there is no penalty for surrendering it. Hassle free administration of scheme is provided under this LIC gratuity plus policy.