We are a small firm of around 30 employees. I want to set up a gratuity fund. Please help. I know there is an option to go to LIC for this, but please explain how economical it is to go to LIC for such a small amount.
You can send the data to LIC, SBI, or ICICI Prudential, etc., and get a quote for a gratuity policy. Then, you can choose whichever is lowest or further negotiate with them. However, for this, I presume your company has growth plans with an increase in headcount, as in my view, a gratuity fund for 30 to 50 employees is not a very feasible idea and is too much of a bother.
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