Gratuity Schemes


TTIBI places reinsurance treaties of tap, the opportunities in the growing market, has recently forayed into Reinsurance Broking arena a well. With a highly experienced team, TTIBI aims to cater to the dynamic needs of its clients in India and abroad. The team is highly committed to adopt innovative approaches and work towards the best interest of the clients in procuring the right insurance cover at the right price with focused service levels. TTIBI is dedicated to its clients for the protection of their assets, liabilities and their product lines.

Gratuity is a statutory benefit governed by Payments of Gratuity Act, 1972. Under the Act, it is an additional statutory benefit payable by the employer to their employees after completion of minimum years of service. The minimum level of benefit paid is 15 days’ pay for each completed number of years. The employee is eligible for gratuity benefit, either on:

  • Retirement
  • Permanent Total Disablement during service
  • Death during service
  • Resignation from service

The employer can also structure a gratuity benefit that is higher than stipulated in the statutory requirements.