LIC (Life Insurance Corporation of India) offers a Group Gratuity Insurance Plan that provides employers with a means to fund their statutory gratuity obligations. This plan helps employers manage their gratuity liabilities in a systematic manner while ensuring that employees receive their gratuity benefits as per statutory requirements. Key features of LIC's Group Gratuity Insurance Plan may include: Coverage: The plan covers employees in an organization for gratuity benefits as per the Payment of Gratuity Act, 1972. Customization: Employers can customize the plan as per their specific needs and the gratuity benefits they wish to provide to their employees. Premium Payment: The employer pays premiums based on the number of employees, their age, and the benefits provided. Premiums can be paid annually or through other payment modes as agreed upon. Vesting and Eligibility: The plan typically has a vesting period during which an employee needs to serve with the organization to become eligible for gratuity benefits. The plan's eligibility criteria may vary based on the employer's requirements. Benefit Structure: Employers can choose between different benefit structures, including flat benefit or benefit linked to the employee's last drawn salary and years of service. Employee Categories: The plan can cover different categories of employees, including permanent, temporary, and contractual employees. Portability: In some cases, the plan may allow employees to retain their gratuity benefits even if they switch jobs within the group or move to another organization within the same group. Tax Benefits: The contributions made by the employer towards the group gratuity plan are eligible for tax benefits under Section 10(25)(iv) of the Income Tax Act, 1961, subject to applicable tax laws. It's important to note that the specific terms, conditions, and features of the LIC Group Gratuity Insurance Plan may vary. Employers interested in implementing this plan should directly contact LIC or its authorized representatives to obtain detailed information and customize the plan according to their organization's needs. For the most accurate and up-to-date information on LIC's Group Gratuity Insurance Plan, including any changes or updates that may have occurred since my knowledge cutoff date, I recommend visiting the official LIC website or contacting LIC directly.