Gratuity Payment - Limited Company

Respected Dear Seniors,
Q1. I would like to know that is Gratuity payment in Private Limited company a COMPLIANCE which is mandatory just the same as EPF regulations ?
Q2. If yes, Is Payment of Gratuity through LIC premium an good option ?
I was told by LIC personnel that the amount of premium will be decided after submitting the number of employee, DOB, date of Joining etc..
Q 3.Another questions is that .. Is the premium amount to wholly BORNE by the company or will that of payment norms as done in EPF in a part is both paid by contributions of Employee share & Employer share in respect to Basic+DA salary
I will be very obliged if our dear seniors can elaborate and simply the answers.
Thanking you.
Sangita

Q1. I would like to know that is Gratuity payment in Private Limited company a COMPLIANCE which is mandatory just the same as EPF regulations ? -Yes
Q2. If yes, Is Payment of Gratuity through LIC premium an good option ?
I was told by LIC personnel that the amount of premium will be decided after submitting the number of employee, DOB, date of Joining etc.. - LIC is a Governement Organization so money will be safer hands..
Q 3.Another questions is that .. Is the premium amount to wholly BORNE by the company or will that of payment norms as done in EPF in a part is both paid by contributions of Employee share & Employer share in respect to Basic+DA salary - Whole premium will be borne by the company only
I will be very obliged if our dear seniors can elaborate and simply the answers.
Thanking you.
Sangita[/QUOTE]

Hello Sangeeta,
As far as concern to my knowledge for new Registration in Gratuity Membership stop from 1st July 2013 as per new IRDA Guidelines.Please confirm the same if may be i am wrong.
Thanking you,
Regards,
Ashish

There is no system of registration for gratuity.For further discussion please call.
Varghese Mathew
9961266966