Impact of closure of investment in gratuity fund

Dear Sir,

Thanks in Advance.

Query,

The pvt ltd company is having LIC policy as investment for gratuity fund in which amount of premium are deposited through seperate bank account as trust account linked to this investment account.  in order to pay gratuity to its employees as and when due from such fund. 

Now company wants to close this policy in current FY, but there are some key factors which are as below ,

1. What will be the impact on benefits of LIC, is there any loss to the company?

2. What will be the impact on Trust Account?

3. What will be the impact in Income Tax?