Termination of Gratuity Benefits 7 Sample Clauses

Termination of Gratuity Benefits 7. 1 Of a Member No Member may withdraw from cover under the Master Policy for as long as he/she continues to satisfy the eligibility criteria for an Eligible Member specified in the Schedule. The cover of a Member under the Master Policy shall immediately and automatically terminate on the occurrence of the earliest of the following: (a) the death of the Member; (b) the Normal Retirement Age of the Member, unless the Group Gratuity Scheme Rules specify that the Service of the Member will continue beyond the Normal Retirement Age; (c) the termination of Service of the Member for any reason before or after the Normal Retirement Age; (d) the Member failing to satisfy any of the eligibility criteria specified in the Schedule; (e) the surrender of the Master Policy; 7.2
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Termination of Gratuity Benefits 7. 1 Of a Member No Member may withdraw from cover under the Group Policy for as long as he/she continues to satisfy the eligibility criteria for an Eligible Member specified in the Schedule. The cover of a Member under the Group Policy shall immediately and automatically terminate on the occurrence of the earliest of the following: (a) the death of the Member; (b) the Normal Retirement Age of the Member, unless the Group Gratuity Scheme Rules specify that the Service of the Member will continue beyond the Normal Retirement Age; (c) the termination of Service of the Member for any reason before or after the Normal Retirement Age; (d) the Member failing to satisfy any of the eligibility criteria specified in the Schedule; (e) the surrender of the Group Policy; The Group Policyholder may surrender the Group Policy by giving the Company written notice of surrender and the Company will pay the Fund Value after deducting the Surrender Charges specified in the Schedule. In circumstances that the Company may determine as being exceptional, the Company may defer the surrender of the Group Policy for a period not exceeding 6 months from the date of receipt of request for surrender of the Group Policy with the prior approval of the IRDA. Examples of such circumstances are: (a) when one or more stock exchanges which provide a basis for valuation for a substantial portion of the assets of the fund are closed other than for ordinary holidays; 7.2 By the Group Policyholder (b) when, as a result of political, economic, monetary or any circumstances that are out of the Company‟s control, the disposal of the assets of the Unit Linked Fund are not reasonable or would not in the Company‟s view be reasonably practicable without being detrimental to the interests of the remaining policyholders invested in the Unit Linked Fund. (c) during periods of extreme market volatility, during which surrender of the Group Policy would, in the Company‟s opinion, be detrimental to the interests of the existing group policyholders invested in the Unit Linked Fund. (d) In case of natural calamities, strikes, war, civil unrest, riots and bandhs; (e) In the event of any circumstance of force majeure or disaster that affects the Company‟s normal functioning. During this period the Fund Management Charges shall continue to apply. The Company may in its sole discretion defer the surrender of the Group Policy for a period not exceeding 30 days from the date of receipt of request for surrender of the G...
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Termination of Gratuity Benefits 7. 2.1 By a Member No Member shall withdraw from the fund so long as he/she is in the employment of the Employer. 7.2.2
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Related to Termination of Gratuity Benefits 7

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

  • Disability Benefits Technology Errors and Omissions Not less than $1,000,000 each claim Not less than $2,000,000 in aggregate At the time of the first transaction with an Authorized User and updated in accordance with Contract Crime Insurance Not less than $50,000 Lot 3 Insurance Type Proof of Coverage is Due Commercial General Liability Not less than $5,000,000 each occurrence Updated in accordance with Contract General Aggregate $2,000,000 Products – Completed Operations Aggregate $2,000,000 Personal and Advertising Injury $1,000,000 Business Automobile Liability Insurance Not less than $5,000,000 each occurrence Workers’ Compensation

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one) ☐ - DO NOT have retirement plans. ☐ - HAVE retirement plans. The Couple has the following retirement plans: (“Retirement Plans”). Upon signing this Agreement, the Retirement Plans shall be owned by: (check one) ☐ - Husband ☐ - Wife ☐ - Both Spouses ☐ - Other. .

  • Death Benefits Upon the Executive's death during the Contract Period, his estate shall not be entitled to any further benefits under this Agreement.

  • Maternity Benefits (i) Subject to the provisions of this part of the Agreement a female contributor who-

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Employment Benefits In addition to the Salary payable to the Executive hereunder, the Executive shall be entitled to the following benefits:

  • Sick Leave to Establish EI Maternity Benefits If the Employee will be able to establish a new EI Maternity Benefit claim in the six weeks immediately following the birth of her child through access to sick leave at 100% of her regular salary, she shall be eligible for up to six weeks leave at 100% of her regular salary without deduction from the sick days or short term disability leave days (remainder of six weeks topped-up as SEB).

  • Post-Retirement Employment Unit members who retire from the University during the term of this Agreement may propose a post-retirement appointment of up to three years duration. During this post-retirement appointment, the total of retirement benefits and post-retirement salary paid by the University shall not exceed the salary paid at the time of retirement. The annual compensation received from the University for the post-retirement appointment shall not exceed fifty (50) percent of the annual salary at the time of retirement. The duties for a post-retirement appointment shall be defined and agreed to in writing by the bargaining unit member and the Employer/University Administration prior to the bargaining unit member's retirement. Such appointments are at the discretion of the Employer/University Administration and are subject to existing law and all rules and regulations of the State Retirement Board. The decision of the Employer/University Administration not to approve a proposal for a post-retirement appointment shall not be grievable under the Grievance and Arbitration Procedure, Article 7.

  • Duration of Benefits Eligibility for Income Protection benefits will cease upon the earliest of the following dates:

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