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When Employees Retire, Make Sure Gratuity Doesn't Expire!
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Gratuity
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What is Gratuity Insurance
Jewellers Block: Your Precious Assets’ Best Friend!
Think of jewellers block insurance as a 24/7 guard for your bling! It’s specialised coverage that protects jewellery, diamonds, precious stones, and cash throughout their entire journey, whether they’re sitting pretty in your showroom, travelling with your salesperson, or being exhibited at trade shows. From a single gold ring to crore-worth diamond collections, this policy covers theft, fire, transit risks, and mysterious disappearances. It’s like having a security team, fire brigade, and detective agency all rolled into one policy, minus the drama!
Why Is This Policy Vital for Jewellers?
Because Gratuity Is Mandatory, But Bankruptcy From It Isn’t!
Under the Payment of Gratuity Act 1972, every organization with 10+ employees MUST pay gratuity (15 days salary × years of service) to employees completing 5 years. For 100 employees averaging ₹50,000 monthly salary, gratuity liability can reach ₹5-7 crore! Karnataka, Telangana, and Andhra Pradesh mandate compulsory gratuity insurance. It’s the difference between “planned retirement benefit” and “sudden cash crisis.” It’s survival insurance for responsible employers!
Who Needs Gratuity Insurance?
All Employers with 10+ Employees
Mandatory under Payment of Gratuity Act 1972 for organizations with 10 or more employees providing statutory retirement benefits.
Karnataka/Telangana/AP Businesses
Compulsory gratuity insurance legally mandated in these states; non-compliance attracts penalties and legal action.
Growing Startups & SMEs
Companies scaling rapidly need systematic gratuity funding preventing future cash flow crises when employees retire in batches.
Manufacturing & Industrial Units
Blue-collar workforce with 20-30 year tenures create massive gratuity liabilities requiring professional fund management.
IT & Service Companies
High employee turnover and competitive salaries create complex gratuity calculations requiring insurance fund discipline.
Family Businesses
Traditional companies with long-serving employees need gratuity security ensuring family reputation and employee trust remains intact.
Types / Add-ons Commonly Offered
Unit-Linked Gratuity Plan
Market-linked returns with fund switching options
Traditional Gratuity Plan
Guaranteed returns with conservative investments
Hybrid Gratuity Scheme
Combination of guaranteed and market-linked returns
Life Insurance Cover
Death benefit equal to future gratuity liability
Actuarial Valuation Service
AS-15 compliant annual liability assessment
Contribution Flexibility
Annual, half-yearly, quarterly payment options
What Gratuity Insurance Covers
Retirement Gratuity
Resignation Payout
Death Benefit
Permanent Disablement
Superannuation Benefit
Voluntary Retirement
Termination Gratuity
AS-15 Compliance
Actuarial Valuation
Fund Management
Tax Benefits
Investment Returns
Inclusions & Exclusions
Inclusions
Retirement Benefit
Full gratuity payment (15 days × years of service × last drawn salary) on completion of 5+ years continuous service
Death Benefit
Gratuity payable to nominee/family irrespective of service period if employee dies during service
Permanent Disability Gratuity
Full gratuity payment if employee becomes permanently disabled during employment
Resignation/Termination
Gratuity payable to employees completing 5+ years service regardless of reason for leaving
Tax Benefits
Employer contributions tax-deductible as business expense; employee receives up to ₹20 lakh tax-free under Section 10(10)
Exclusions
Less Than 5 Years Service
Employees serving less than 5 years ineligible (except death or disablement cases)
Termination for Misconduct
Gratuity can be forfeited wholly/partially if employee dismissed for moral turpitude or willful damage
Contract Employees
Temporary, contract, and consultants typically excluded unless specifically included in policy
Apprentices & Trainees
Training period employees not covered under standard gratuity schemes
Unpaid Leave Exceeding 3 Months
Extended unpaid leave may break continuity of service calculation
Insurance Partners
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FAQ's
(15 × Last drawn basic salary × Years of service) / 26 for monthly-paid employees. Simple formula, complex liability!
Mandatory in Karnataka, Telangana, Andhra Pradesh for 10+ employees. Highly recommended nationally despite being optional elsewhere!
Yes! Employees must nominate family members who'll receive gratuity in case of death during service!
Contributions up to 8.33% of employee salary are tax-deductible as business expense. Save taxes while funding gratuity!
If gratuity is insured, employees receive benefits from insurance fund. Without insurance, becomes company's unsecured debt!
No! Funds held in irrevocable trust exclusively for employee benefits. Company can't touch it—that's the security!
Customers Says..
Mr. Suresh Kumar (Kumar Manufacturing, Bangalore)
Ms. Priya Reddy (Reddy IT Solutions, Hyderabad)
Mr. Amit Agarwal (Agarwal Textiles, Surat)
"Loyal employees deserve more than handshakes at retirement—they deserve dignified gratuity payments. Don't let statutory obligations become financial nightmares. Gratuity insurance: the systematic way to honor service while protecting your business."
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