Best Annuity Plans in India for NRIs 2024

Annuity Plans available in India for Non-Resident Indians (NRIs) offer individuals a guaranteed and regular source of income throughout their retirement years. These annuity plans guarantee financial safety and stability, even if they are living outside India. Renowned insurance companies in India have specially customised annuity plans to cater to the needs of NRIs.

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Guaranteed Income for Life
Tax Deferred Annuity Growth
Multiple Annuity Options

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Disclaimer:^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.

What are Annuity Plans in India?

An annuity plan is an agreement between you and an Indian insurance company. You can invest a lump sum or make regular payments, and in return, the company provides you with a regular stream of 100% guaranteed pension for a lifetime after retirement. This provides much-needed financial security after retirement in India.

These plans are designed to provide financial security and stability during retirement or other stages of life when a regular income is required. Moreover, they serve as an effective tool for individuals to create a reliable income source, ensuring a comfortable and financially stable future.

As an annuitant, you can make payment in a suitable best annuity plan in the following two ways:

Regular premium payments
Lump sum payment

The company further invests the premiums in different assets and pays you back the generated returns.

Features and Benefits of the Annuity Plans in India

The features and benefits of Annuity Plans in India for NRIs are:

Guaranteed Income: Annuity plans offer a guaranteed income either for a specified period or for the lifetime of the annuitant, ensuring financial stability post-retirement.
Flexibility in Purchase Price: NRIs can invest in annuity plans through lump sum amounts or regular contributions over time, providing flexibility in investment options.
Tax Benefits: Annuity plans offer tax benefits under Section 10(10D) and 80C of the Income Tax Act, making them tax-efficient investment options for NRIs.
Maintaining Lifestyle: Annuity plans help in meeting financial requirements and maintaining a consistent lifestyle throughout retirement or other life stages.
Payout Flexibility: NRIs can select payout options based on their financial goals and preferences, ensuring their needs are met effectively.
Market Fluctuation Protection: Certain annuity plans, such as fixed annuities, offer protection against market fluctuations, providing stability in returns.
Optional Riders: The best annuity plans may include optional riders or benefits that can be added for additional coverage at a small cost.
Administrative Ease: Annuity plans are easily managed as the insurance company handles administrative tasks and regular income payments, reducing hassle for NRIs.
Diversification: Investing in annuity plans enables NRIs to diversify their retirement portfolio, reducing reliance on other investments or assets.
Potential for Higher Returns: Some annuity plans, such as variable annuities, provide the potential for higher returns by investing in market-linked instruments.
Additional Benefits: Certain annuity plans also provide additional benefits, such as loyalty boosters, enhancing the overall value for NRIs.

Best Annuity Plans in India 2024

Below is the list of different categories of best annuity plans for NRIs to invest in 2024:

Regular Pay Annuity Plan

These are the annuity plans where you make regular premium payments over a period in exchange for a guaranteed income stream at predetermined intervals.

List of Best Regular Pay Annuity Plans:

The list of best annuity plans in India with regular pay features is as follows:

Investment Plans	Entry Age	Premium Payment Term (PPT)	Deferment Period	Purchase Price (Annual)	Annual Annuity Amount For Lifetime (in Rs.)
Tata AIA Fortune Guarantee Pension	30 - 85 years	5 - 12 years	Equal to PPT	As per the Annuity Amount	Rs. 12,000 - As per Board Approved Underwriting
ICICI Pru Guaranteed Pension Plan Flexi	40 - 70 years	5 - 15 years	5 - 15 years	As per the Annuity Amount	Rs. 12,000 - As per Board Approved Underwriting
Max Life Guaranteed Lifetime Income Plan	25 - 85 years	5 - 10 years	PPT - 10 years	Rs. 12,000 - No Limit	Rs. 12,000 - As per Board Approved Underwriting
HDFC Life Systematic Retirement Plan	45 - 75 years	5 - 15 years	PPT - 15 years	Rs. 30,000 - As per Board Approved Underwriting	Rs. 12,000 - As per Board Approved Underwriting
Bajaj Allianz Guaranteed Pension Goal	Immediate: 30 - 85 years Deferred: 45 - 84 years	5 - 10 years	PPT - 10 years	As per Board approved Underwriting	Rs. 12,000 - As per Board Approved Underwriting

Single Pay Immediate Annuity Plan

In this annuity plan, you make a single lump-sum payment upfront, which starts generating a regular income stream immediately for a specified period.

List of Best Single Pay Immediate Annuity Plans:

The following table shows the list of best immediate annuity plans in India are listed below:

Investment Plans	Entry Age	Purchase Price (Annual)	Annual Annuity Amount For Lifetime (in Rs.)
Tata AIA Saral Pension	40 - 80 years	As per the Annuity Amount	Rs. 12,000 - No Limit
ICICI Pru Guaranteed Pension Plan	30 - 65 years	As per the Annuity Amount	Rs. 12,000 - As per Board Approved Underwriting
HDFC Life New Immediate Annuity Plan	20 - 85 years	Rs. 2.5 lakhs - No Limit	Rs. 10,000 - No Limit
Bajaj Immediate Annuity	30 - 85 years	As per Board approved Underwriting	Rs. 12,000 - No Limit
Kotak Life Immediate Annuity	45 - 99 years	As per Board approved Underwriting	Rs. 12,000 - No Limit
IndiaFirst Immediate Annuity Plan	40 - 80 years	Rs. 3 lakhs - No Limit	Rs. 12,500 - As per Board Approved Underwriting

Single-Pay Deferred Annuity Plan

In a single-pay deferred annuity plan, you make a single lump-sum payment upfront, accumulating and growing over a specified period until it is converted into a regular income stream.

Below is the list of the best-deferred annuity plans with the Single Pay feature:

Investment Plans	Entry Age	Deferment Period	Purchase Price (Annual)	Annual Annuity Amount For Lifetime (in Rs.)
TATA AIA Pension for Life	30 - 85 years	1 - 10 years	As per the Annuity Amount	Rs. 12,000 - As per Board Approved Underwriting
ICICI Pru Pension for Life	30 - 85 years	1 - 10 years	As per the Annuity Amount	Rs. 12,000 - As per Board Approved Underwriting
Max Life Guaranteed Lifetime Income Plan	25 - 85 years	1 - 10 years	Rs. 12,000 - No Limit	Rs. 12,000 - As per Board Approved Underwriting
HDFC Life Pension for Life	30 - 85 years	1 - 10 years	Rs. 76,046 - No Limit	Rs. 12,000 - No Limit
Bajaj Allianz Pension for Life	45 - 84 years	1 - 10 years	As per Board approved Underwriting	Rs. 12,000 - As per Board Approved Underwriting
IndiaFirst Pension for Life	45 - 80 years	5 - 10 years	Rs. 1 lakh - No Limit	Rs. 12,500 -As per Board Approved Underwriting

Details of Best Annuity Plans in India in 2024

Below are the top annuity plans in India for 2024, offering stable income, tax benefits, and flexible options for NRIs residing in the USA:

Details of Regular Pay Annuity Plans for NRIs

ICICI Pru Guaranteed Pension Plan Flexi:
- Non-linked, non-participating deferred annuity plan.
- Assured income with best annuity rates.
- Features Return of Purchase Price (ROP) and Waiver of Premium (WOP) options.
- Diverse annuity options, flexible premium payment, and varied payout frequencies.
- Tax benefits under Sections 80C and 10(10D) of the IT Act.
Max Life Guaranteed Lifetime Income Plan:
- Non-linked, non-participating annuity savings plan.
- Provides higher assured income and best annuity rates.
- Early start advantage from age 30.
- Flexible annuity options, nominee benefits, and tax efficiency.
Bajaj Allianz Guaranteed Pension Goal:
- Non-linked, non-participating, deferred annuity plan.
- Guarantees income during post-retirement.
- Flexible payout modes, joint life annuity, and ROP option.
- Tax benefits on premiums paid and tax-free income.
HDFC Life Systematic Retirement Plan:
- Individual/group, non-linked, non-participating deferred annuity plan.
- Provides regular income, higher annuity rates, and financial independence.
- Tailored deferment period, diverse payout modes, and nominee protection.
- Tax efficiency under Sections 80C and 10(10D) of the IT Act.
IndiaFirst Life Guaranteed Annuity Plan:
- Non-linked, non-participating annuity plan.
- Assured regular income with best annuity rates.
- Tailored annuity options, diverse payout modes, and tax efficiency.

Details of Single Pay Annuity Plans:

HDFC Life New Immediate Annuity Plan:
- Single premium annuity plan with guaranteed income for life.
- Tailored payout frequencies, versatile annuity options, and tax advantages.
- Enhanced returns with ROP option and safety net benefits.
TATA AIA Saral Pension Plan:
- Retirement plan with guaranteed lifetime income.
- Diverse annuity options, no medicals required, and tax benefits.
- Flexible payout frequencies and nominee protection.
Bajaj Allianz Immediate Annuity Plan:
- Immediate annuity plan with guaranteed income for life.
- Versatile annuity options, tax advantages, and flexible payout frequencies.
- ROP option for added safety net and financial security.
ICICI Pru Guaranteed Pension Plan:
- Retirement-oriented insurance product with regular income.
- Flexible payout frequencies, comprehensive annuity options, and tax benefits.
- Safety net with ROP option and nominee protection.
Kotak Life Immediate Annuity Plan:
- Immediate annuity plan with regular income for life.
- Varied annuity options, consistent annuity rates, and enhanced rates for higher premiums.
- Financial advantages under Section 80C.

Basic Concept of Annuity Plan in India

annuity-investment

What are the Different Types of Best Annuity Plans?

Here is a list of the best annuity plans for NRIs living in the USA:

Type of Annuity Plan	Details
Based on Payout Initiation of Time
Immediate Annuity	Plan provides regular income immediately after the purchase price is paid Suitable for individuals who want to start receiving periodic income right away
Deferred Annuity	Have an accumulation phase where individuals make contributions over a specified period Payouts begin at a later date chosen by the annuitant, such as retirement age Allows for the accumulation of funds and potential growth before the income payments start
Based on Payout Duration
Lifetime Annuity	Provides a regular income stream for the entire lifetime of the annuitant Payments continue as long as the annuitant is alive Ensures financial security throughout their lifetime
Annuity Certain	Guarantees a fixed source of income for a specified period, regardless of the annuitant's lifespan Provides a predetermined number of payments, typically monthly, quarterly, or annually, for a chosen duration
Based on Payout Types
Variable Annuity	Annuitants can choose to switch between different investment options based on the following: Risk tolerance Market conditions Investment goals Returns are linked to the performance of the underlying investment options chosen
Fixed Period Annuity	Income payments are made for a predetermined duration If the annuitant passes away before the end of the chosen period, the payments may continue to the nominee or legal heirs
Increasing Annuity	Offers a rising income stream over time The payouts gradually increase either at a fixed rate or in line with inflation Protects against the impact of rising living costs
Annuity with Return of Purchase Price	Guarantees the return of the purchase price to the nominee or legal heirs upon the death of the annuitant It provides added financial protection by ensuring that the initial investment is not lost
Based on People Benefiting
Single Life Annuity	This annuity plan provides you with a regular income stream along with high annuity rates during your retirement years Single-life annuity plans in India offer different payout options, like: Life Annuity Life annuity with return of purchase price
Survivor/ Joint Life Annuity	Covers two individuals, usually spouses or partners Income payments continue as long as either of the individuals is alive Ensures that the surviving spouse receives a regular income even after the demise of the primary annuitant

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How Do Annuity Plans Work In India?

Annuity plans in India offer financial security during retirement for NRIs living in the USA.
Choose an annuity plan based on income needs, payout frequency, and duration of payments.
Payments can be made as a lump sum or through regular premiums.
In deferred annuity plans, contributions grow during the accumulation phase.
Annuity payout phase starts after accumulation, providing regular income payments.
Payout options include fixed amounts, lifetime income, or a combination.
Optional riders like death benefits or long-term care can enhance protection.

FAQ's On Best Annuity Plans

What are the documents required by NRI to buy annuity plans in India?

Here are some essential documents that NRIs need to buy annuity plans in India:

Particulars	Documents Required
Identity Proof	Valid Passport Driving License Aadhar Card Valid Visa
Address Proof	Utility Bills Bank Statement Rental Agreement
Age Proof	Valid Passport 10th Board Mark sheet Birth certificate
Overseas Address Proof	Salary Slips Employment Contract Bank Statements (showing salary credits)

What is the Eligibility Criteria to buy annuity in India?
Some of the standard eligibility criteria that individuals are usually required to meet are as follows:
- Age Requirement: Usually ranges from 30 to 45 years. Some plans may even allow entry at 20 years.
- Citizenship: Indian Resident Citizens/ NRIs/ PIOs
- Health Conditions: Insurance companies may require individuals to undergo a medical underwriting
What are the things to consider before investing in the best annuity plans in India?
- Define your financial goals clearly, especially focusing on securing income for retirement and meeting specific income requirements.
- Research and compare various annuity plans available in India.
- Choose reputable insurance companies with strong financial stability, a good track record, quality customer service, and a high claim settlement ratio.
- Understand the risks of different investment choices and diversify based on your risk tolerance and investment goals.
- Familiarize yourself with the tax implications of annuity plans in both India and the USA to make informed decisions.
- Stay updated on regulatory changes and developments in the insurance industry related to annuity plans in India.
What is the minimum investment amount for annuity plans for NRIs?

The minimum investment amount for annuity plans can vary among different insurance providers and financial institutions. It is advisable to check with the specific provider to determine their minimum investment requirement.
What is the best annuity for 2023?
The best annuity plans in India offered by various insurance companies in 2023 are as follows:
- Aditya Birla Sunlife Immediate Annuity Plan
- Canara HSBC Pension 4Life Plan
- Future Generali Immediate Annuity Plan
- HDFC Life Pension Guaranteed Plan
- ICICI Prudential Immediate Annuity Plan
Will annuity rates rise in 2023?

Annuity rates are influenced by various factors, such as prevailing interest rates, inflation, market conditions, and insurance companies policies.
It's important to note that annuity rates can fluctuate over time based on economic conditions and other external factors.
Who should opt for annuity plans?

Annuity plans are suitable for individuals looking for a steady stream of income during retirement and those who want to ensure financial security for the long term.
How does an annuity calculator work?

An annuity calculator takes into account factors such as investment amount, interest rates, and payout options to estimate the income that can be generated from an annuity investment.
What is the age limit for annuity plans?

The age limit for annuity plans can vary depending on the specific plan and provider. Generally, individuals above the age of 18 or 21 can consider annuity plans, while many plans are commonly chosen closer to retirement age.
What is the grace period offered by annuity plans?

Annuity plans offer a grace period for premium payments, ensuring that the policy remains in force even if the payment is delayed.
Do annuity plans offer surrender value?

Certain annuity plans offer a surrender value if the policyholder decides to exit the plan before the maturity period.

†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 based on past 10 years’ fund performance (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
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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Insurers Offering Annuity Plans

Tata AIA Pension Plans

Aditya Birla Sun Life Pension Plans

Bajaj Allianz Pension Plans

Max Life Pension Plans

HDFC Life Pension Plans

ICICI Prudential Pension Plans