Step 1 : The Policy holder can invest the contributions in the investment funds offered by Exide Life Insurance. Currently Exide Life Insurance offers 5(five) investment funds under this scheme.
Step 2 : Exide Life Insurance will open and manage a “Group Gratuity Fund” for the Policyholder in which units are allocated following the receipt of contributions and cancelled for the purpose of paying gratuity benefit and charges.
Step 3 : A member on either leaving service due to retirement/ resignation or on death/disability during the service, or any other such event that may terminate the employment, Exide Life Insurance will pay the benefits as per the scheme rules by redeeming the units in the investment funds to pay the gratuity benefit.
Step 4 : An insurance cover of ₹1,000 shall be provided under this plan and the mortality charges of ₹1 per 1000 Sum Assured for the same shall be deducted.