Pension plans for NRIs (Non-Resident Indians) are financial instruments designed to help them accumulate funds for retirement. NRIs can contribute a portion of their earnings to these plans during their working years. The contributions are invested, generating returns over time to build a pool of funds that supports their retirement income needs.
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A pension plan is one of the best investment options for NRIs, offering a secure future by building a substantial corpus through lump sum or regular premium payments. This ensures NRIs have a guaranteed steady income stream during retirement, supporting their financial needs post-employment.
By contributing to a pension plan throughout the working years, NRIs can build a substantial corpus that will support their financial needs when they are no longer actively employed.
Here are some of the best pension plans in India available in the market.
| Insurer Name | Plan Name | Entry Age | Policy Term (PT) | Minimum amount to Invest (yearly) |
| Aditya Birla Life | Wealth Secure Plus | 18-45 Years | 100 Years – Entry Age | Rs. 33,600 p.a. |
| Bajaj Allianz Life | LifeLong Goal II | 18 – 65 years | 99 Years – Entry Age | Rs. 25,000 p.a. |
| Bajaj Allianz Life | Guaranteed Pension Goal II | 45 - 84 Years | 100 Years – Entry Age | Rs. 12,000 p.a. |
| Canara HSBC Life | Promise4Growth - Life | 18 – 60 years | 100 Years – Entry Age | Rs. 12,000 p.a. |
| HDFC Life | Click 2 Wealth | 18 – 60 years | 100 Years – Entry Age | Rs. 12,000 p.a. |
| HDFC Life | Smart Pension Plan | 25 - 70 Years | 5 to 55 years | Rs. 30,000 p.a. |
| ICICI Prudential Life | Signature | 18 – 60 years | 99 Years – Entry Age | Rs. 60,000 p.a. |
| ICICI Prudential Life | Signature Pension | 25 - 65 Years | 20 to 55 Years | Rs. 60,000 p.a. |
| ICICI Prudential Life | Guaranteed Pension Plan Flexi | 40 - 70 Years | 100 Years – Entry Age | Rs. 12,000 p.a. |
| Kotak Life | e-invest Retire Rich | 18 – 50 years | 99 Years – Entry Age | Rs. 12,000 p.a. |
| Max Life | Online Savings Plan | 18 – 60 years | 10 to 67 Years | Rs. 24,000 p.a. |
| Max Life | Flexi Wealth Advantage Plan | 18 – 50 years | 100 Years – Entry Age | Rs. 24,000 p.a. |
| Max Life | Guaranteed Lifetime Income Plan | 45 - 80 Years | 100 Years – Entry Age | Rs. 12,000 p.a. |
| PNB MetLife | Goal Ensuring Multiplier | 18 – 55 years | 39 to 99 years | Rs. 18,000 p.a. |
| Tata AIA Life | Smart Fortune Plus - Wealth Secure | 18 – 60 years | 100 Years – Entry Age | Rs. 12,000 p.a. |
Disclaimer: †† Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. The tax benefit is subject to changes in tax laws. *Standard T&C Apply
There are various pension plans available in India catering to the financial needs of different individuals, including Non-Resident Indians (NRIs). NRIs can explore different types of pension schemes offered by Indian financial institutions.
Let's explore these pension funds in detail:
| Pension Plans | Description |
| Deferred Annuity |
|
| Immediate Annuity |
|
| Annuity Certain |
|
| Guaranteed Period Annuity |
|
| Life Annuity |
|
| National Pension Scheme (NPS) |
NRIs can use the NPS Calculator to easily calculate potential returns from the scheme. |
| Pension Funds |
|
| Whole Life ULIPs |
|
| Defined Benefit |
|
| Defined Contribution |
|
| HDFC Life Insurance |
|
| Pension Plans Available in UAE | |
| Federal Pension Scheme |
|
| Abu Dhabi Pensions |
|
| National Bonds Golden Pension Plan | It is a Sharia-compliant savings plan that focuses on long-term wealth accumulation for retirement. It combines features of savings bonds and insurance with potential profit distribution and maturity benefits. |
Benefits of buying best Pension Plans online for NRIs:
NRIs can conveniently purchase pension plans online from anywhere in the world.
NRIs can choose between immediate or deferred annuity based on their preferences and needs.
The sum assured is 10X the annual premium or fund value, and provides financial security to NRIs and their nominees.
NRIs have the flexibility to select the vesting age, determining when they start receiving their monthly pension.
NRIs can customize the payment period, ensuring they receive pension payments at a time that suits their post-retirement plans.
NRIs benefit from an extended accumulation period, allowing them to pay regular premiums towards their policy over an extended timeframe.
NRIs have the option to receive surrender value if they decide to surrender the pension plan before maturity, providing financial flexibility.
The three main eligibility criteria for purchasing retirement plans in India are:
NRIs (Non-Resident Indians) are eligible to buy Pension Plans.
The minimum entry age for most plans is 18 years, while some may have a requirement of 30 years.
The maximum entry age is typically around 70 years for NRIs looking to invest in a Pension Plan.
Policyholders must pay a minimum premium, with the pension amount determined by the premium paid.
Vesting age, the age at which a policyholder starts receiving their pension, is generally set at 40 years but can vary among insurance providers.
NRIs can plan for their retirement by considering these age-related factors and opting for a suitable Pension Plan.
With the rapidly changing economic landscape in the world, it has become important for NRIs to plan for a secure and comfortable retirement. It is essential to have a well-thought-out retirement plan that considers factors such as inflation, healthcare costs, and changing lifestyle needs. Retirement planning is the process of organizing and managing one's financial resources, investments, and assets to ensure a secure and comfortable lifestyle after ceasing regular employment. The goal is to accumulate sufficient funds and assets during one's working years to support oneself financially during the retirement phase.
It is crucial to start planning for retirement as early as possible to accumulate enough funds for future expenses and maintain a standard of living during retirement years.
For Non-Resident Indians (NRIs) looking to secure their financial future, pension plans in India present several advantages. Some of them are:
Pension plans in India cater to Non-Resident Indians (NRIs), ensuring continuous savings over an extended period, regardless of premium payment mode.
Tailored for NRIs, these plans focus on creating annuities that generate a reliable stream of income after retirement.
NRIs benefit from pension plans offering guaranteed income, providing a secure solution to meet day-to-day expenses during retirement.
Indian pension plans for NRIs not only secure their future but also offer the potential for better returns, making them a smart investment for retirement.
These plans go beyond retirement savings, providing insurance coverage to safeguard the financial well-being of the policyholder's family.
Here are some key points to consider:
Determine your retirement goals: Assess the lifestyle you want to maintain during retirement. Consider expenses like housing, healthcare, travel, and hobbies.
Estimate retirement duration: Calculate the number of years you expect to live after retirement. It's wise to plan for a longer retirement to ensure you have sufficient funds.
Consider inflation: Account for the impact of inflation on your retirement savings. Inflation erodes the purchasing power of money over time, so your savings need to keep pace with it.
Step 1
You make regular contributions during your working years
Step 2
Compound interest & market returns help your money grow over time
Step 3
You stay invested for a certain period to be eligible for pension benefits
Step 4
At your retirement age, start receiving a monthly pension
Starting retirement planning early is important for several reasons:
NRIs can leverage the power of compound interest by starting their retirement savings early.
Early investments provide more time for money to grow, allowing for significant compounding of returns over the years.
Planning for retirement as an NRI is important to account for inflation.
Early retirement planning ensures that NRIs maintain sufficient savings to counter the eroding effects of inflation on their purchasing power.
To buy a retirement plan, follow these steps:
Determine Your Retirement Needs: Determine your goals, lifestyle, and estimated expenses based on factors like age and financial obligations.
Research and Compare Plans: Explore different retirement plans, compare features, benefits, costs, investment options, and payout structures.
Review Terms and Conditions: Thoroughly examine the plan's terms, including vesting period, contribution limits, withdrawal restrictions, fees, and charges.
Monitor and Review: Regularly track your plan's performance, stay informed about any changes, and adjust contributions or investment strategy when needed.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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