Gratuity Benefit Sample Clauses

Gratuity Benefit. 4.1.1. Upon the happening of an Insured Event in relation to a Member and while this Policy is in force, the Master Policyholder shall intimate Us through a written notice confirming the occurrence of such an Insured Event, within 30 (Thirty) days from the date of occurrence of such Insured Event. Subject to Section 21, upon receipt of such written notice and satisfactory proof, We shall pay the Gratuity Benefit in accordance with the Scheme Rules and as intimated by the Master Policyholder, by cancelling the Units of equivalent amount from the Unit Account at the respective NAV, provided the Account Value is sufficient to pay out such Gratuity Benefit. On the death or Disablement of a Member, the condition of Continuous Service of not less than 5 (Five) years or any other period as may be specified in the Scheme Rules shall not be applicable. 4.1.2. Shortfall, if any, in the Account Value to cover the Gratuity Benefit liability as specified in the Schedule, shall be met entirely by the Master Policyholder. 4.1.3. Under this Policy, We are not guaranteeing full payment towards the Master Policyholder‟s Gratuity Benefit liability. 4.1.4. Our maximum liability to make any payment of the Gratuity Benefit under this Policy, whether determined or undetermined on any account whatsoever, in respect of all the Members shall at all times be limited to the Account Value in Funds maintained by Us on behalf of the Master Policyholder.
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Related to Gratuity Benefit

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Disability Benefit If the Executive terminates employment due to Disability prior to Normal Retirement Age, the Company shall pay to the Executive the benefit described in this Section 2.3 in lieu of any other benefit under this Agreement.

  • City Benefits The Contractor shall not be entitled to any of the benefits established for the employees of the City nor be covered by the Worker's Compensation Program of the City.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Early Retirement Benefit Upon Termination of Service prior to the Normal Retirement Age for reasons other than death, Change of Control or Disability, the Company shall pay to the Director the benefit described in this Section 4.2 in lieu of any other benefit under this Agreement.

  • Public Benefit It is Reaction Retail’s understanding that the commitments it has agreed to herein, and actions to be taken by Reaction Retail under this Settlement Agreement, would confer a significant benefit to the general public, as set forth in Code of Civil Procedure § 1021.5 and Cal. Admin. Code tit. 11, § 3201. As such, it is the intent of Reaction Retail that to the extent any other private party initiates an action alleging a violation of Proposition 65 with respect to Reaction Retail’s failure to provide a warning concerning exposure to DEHP prior to use of the Products it has manufactured, distributed, sold, or offered for sale in California, or will manufacture, distribute, sell, or offer for sale in California, such private party action would not confer a significant benefit on the general public as to those Products addressed in this Settlement Agreement, provided that Reaction Retail is in material compliance with this Settlement Agreement.

  • Accrued Benefit 1.05 1.16 Nonforfeitable ............................................. 1.05 1.17 Plan Year/Limitation Year .................................. 1.05 1.18 Effective Date ............................................. 1.05 1.19 Plan Entry Date ............................................ 1.05 1.20

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