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In India, gratuity is a type of retirement benefit. It is a payment made with the intent of monetarily helping an employee after his or her retirement. It was held by the Supreme Court of India in Indian Hume Pipe Co Ltd v Its Workmen that the general principle underlying a gratuity scheme is that by service over a long period the employee is entitled to claim a certain amount as a retirement ...
The "LIC's Bima Sakhi Yojana" [27] scheme is a significant program introduced by the Life Insurance Corporation of India (LIC) under the guidance of the Government of India [28]. The scheme was officially inaugurated by Prime Minister Narendra Modi [29] [30] [31] on December 9, 2024, in Panipat, Haryana. The program aims to empower women by ...
The master policy holder of a group life insurance plan in the case of an "Employer Employee Group" is basically the Employer and for other groups would be the entity that has an insurable interest in the lives of its members. A bank it could be said has an insurable interest in the lives of its members who hold a deposit or have taken a loan.
Schemes that the central government fully funds are referred to as "central sector schemes" (CS). In contrast, schemes mainly funded by the center and implemented by the states are "centrally sponsored schemes" (CSS). [1] In the 2022 Union budget of India, there are 740 central sector (CS) schemes. [2] [3] and 65 (+/-7) centrally sponsored ...
Once you apply and qualify for a life insurance policy, you’ll choose the type of life insurance you want, the amount of coverage you need, and the length of the policy (if choosing a term ...
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in its underwriting.
An ordinance was issued on 19 January 1956, nationalising the life-insurance sector, and the Life Insurance Corporation was established that year. The LIC absorbed 154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a monopoly until the late 1990s, when the insurance industry was reopened to the private sector.
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