Understanding LIC's New Gratuity Plan: What Changes Should We Expect?

Our company implemented the LIC's Group Gratuity Plan a few years ago. Recently, we received a notification from LIC regarding transitioning from the old GGCA Scheme to their new NGGCA Scheme.

Request for Information on Scheme Distinctions

We would like to request information on the distinctions between the old GGCA scheme and LIC's new NGGCA scheme.

Please find the difference scheme between GGCA and NGGCA.

Thank you for the attachment, which is very informative. Since LIC has given the option to continue the old scheme for the existing employees and opt for the new scheme for the new recruits, we will go for that and see the pluses and minuses of both the schemes and then make a decision.