Best Annuity Plans in India 2026

Best Annuity Plans For NRIs in 2026

Below is the list of the best annuity deposit schemes to invest in India as a UAE-based NRI in 2026:

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

Features of Top Annuity Plans 

Here are the features of some top annuity plans for NRIs in the UAE:

1. Aditya Birla SunLife Guaranteed Annuity Plus

   It is a single premium payment policy that helps individuals keep aside their savings and provides a regular income during retirement.

   Aditya Birla SunLife immediate annuity plan includes:

   • Freedom to choose from different payout options to receive an annuity

   • Provides guaranteed income for your entire life

   • Choose annuity payout modes as monthly, quarterly, half-yearly, and yearly from the policy initiation date

   • No medical test required to purchase the plan

2. Aviva Annuity Plus

   This is a traditional and one of the best annuity plans designed to provide guaranteed regular income after retirement. 

   Features of Aviva Annuity Plus:

   • Offers the advantage of choosing from 7 different annuity options per one's requirement

   • Annuity amount payable is guaranteed for policy tenure

   • Flexibility to increase the purchase amount at policy inception for a higher annuity

3. Canara HSBC Pension 4Life Plan

   It is one of the best annuity plans where the policyholder receives a predefined instalment in exchange for a purchase price. The plan ensures a guaranteed income post-retirement.

   What the plan offers:

   • Offers an extensive range of annuity options to choose from

   • Option to receive an immediate or deferred annuity as per the plan

   • Option to receive regular payments as long as the policyholder’s spouse is alive

   • Flexibility to choose annuity instalments as a monthly, quarterly, half-yearly, and yearly mode

4. Future Generali Immediate Annuity Plan

   The plan secures an individual’s financial future after retirement by paying guaranteed regular income as an annuity.  The annuity is paid immediately after the policyholder pays the policy premium as lump sum. 

   Features of Generali Central immediate annuity plan:

   • Offers a fixed income for the retirement life of the insured

   • Flexibility to choose monthly or yearly payout modes

   • Provides the option to choose between 'life annuity' and 'life annuity with return of purchase price

   • Offers an annuity card for conveniently receiving the annuity amount

5. HDFC Life Pension Guaranteed Plan

   HDFC Life Pension Guaranteed plan is a non-participating single premium annuity plan that provides a regular income for policyholder’s lifetime. 

   HDFC Life Pension Guaranteed Plan features:

   • Offers a regular guaranteed income for a lifetime

   • Option to choose a deferred or immediate annuity plan

   • Top-up option to increase your annuity payouts.

6. ICICI Pru Immediate Annuity Plan

   The plan provides financial security to individuals in their golden years of retirement. As an immediate annuity plan, it gives life assured with a guaranteed regular income for the entire life. 

   ICICI Life Immediate Annuity Plan includes:

   • Pay once and get guaranteed regular income for life

   • Flexibility to receive payment at a frequency of monthly, quarterly, half-yearly, or yearly

   • Provides 12 different annuity options

   • Offers returns of purchase price in case of death, critical illness, and permanent disability due to an accident

   • Offers annuity income from as early as age 3

   • Higher annuity rates for large purchase price and deferred pension plan

7. Ageas Federal Guaranteed Lifetime Income Plan

   It is an immediate annuity plan which offers a guaranteed regular income for life. The plan ensures a secure financial future for an individual after retirement and helps deal with any eventuality after retirement. 

   The plan includes the following:

   • The plan comes with 3 different annuity options to choose from

   • Provides the convenience of a one-time payment

   • Offers the option to receive an immediate or deferred annuity

   • Option of return of purchase price on death

   • The life assured can choose to receive an annuity in monthly, quarterly, half-yearly, or yearly mode

8. IndiaFirst Life Immediate Annuity Plan

   India First Immediate Annuity Plan is designed to help you maintain a good lifestyle post-retirement. It enables you to deal with rising healthcare costs and inflation. In addition, the plan offers a guaranteed return in the form of a regular annuity after retirement. 

   Features of India First Immediate Annuity Plan:

   • Pay once and get guaranteed regular income for life

   • Flexibility to receive income at a frequency of monthly, quarterly, half-yearly, or yearly

   • Life assured can purchase the plan on a single or joint life basis

   • Higher annuity rates for large purchase price and deferred pension plan

9. Kotak Lifetime Income Plan

   It is a non-participating non-linked immediate annuity plan, which ensures a financially independent and comfortable life post-retirement. In addition, the plan provides assured income throughout your life. 

   Kotak Life Insurance Plan entails:

   • Ensures financial independence after retirement

   • Offers an extensive range of income options to cater to individual needs

   • Life assured can receive annuity in monthly, quarterly, half-yearly, and yearly modes

   • Plan offers 6 different annuity options

10. Max Life Guaranteed Lifetime Income Plan

    This is a non-participating, non-linked general annuity savings plan that helps you start planning for your retirement early to create a retirement fund for the future. The plan offers both the option of a deferred and immediate annuity plan option. 

    Max Life Guaranteed Lifetime Income plan characteristics:

    • Offers guaranteed lifetime income to cater to financial needs after retirement

    • Payout options to receive annuity at yearly, half-yearly, quarterly, and monthly frequency

    • Choose between a single-life annuity or a joint-life annuity option

    • Offers multiple annuity options to choose from

    • Choice of annuity option, which provides 105% of the purchase price to the policy beneficiary after annuitant’s death

11. IndusInd Nippon Life Immediate Annuity Plan

    IndusInd Nippon Life Immediate annuity plan is a non-participating, non-linked plan that guarantees a regular income after retirement. It is a single premium payment plan where one must pay a lump-sum premium amount and opt for a suitable annuity option per one's requirement.  

    Features of the IndusInd Nippon Life Immediate Annuity Plan:

    • Offers guaranteed whole-life income as an annuity to the life assured

    • Provides the flexibility to choose from 3 different annuity options

    • Tax benefits availed on the premium paid

    • Convert your earnings into regular income

12. SBI Life Annuity Plus

    SBI Life annuity plus is a non-participating, non-linked plan that helps individuals celebrate their golden years without financial worries. The plan offers a comprehensive range of annuity options to choose from. 

    SBI Life Annuity Plus features:

    • Offers security through a steady retirement income after retirement

    • Option to choose from different annuity options

    • Provides a fixed annuity from the date of policy issuance

    • Annuity payout can be received on yearly, half-yearly, quarterly, and monthly frequencies

    • Option of advancing the annuity

13. Shriram Life Immediate Annuity Plus

    It is a non-participating, non-linked immediate annuity plan which aims to provide lifetime guaranteed income post-retirement. The policyholder must pay the premium once as a lump sum to gain regular income on this type of immediate annuity plan. 

    Characteristics of Shriram Life Immediate Annuity Plus:

    • Annuity for life increases at a 3% per annum simple rate

    • Offers a guaranteed annuity with a return of 100% purchase price on the death of the life assured

    • A guaranteed annuity is provided after the completion of 5/10/15/20 years of policy and after that for life

    • Tax benefits under the Income Tax Act

14. Star Union Dai-Ichi Life Immediate Annuity Plan

    Star Union Dai-Ichi Life’s immediate annuity plan is a good investment to better your retired life. It is a non-participating, non-linked plan aiming to provide lifetime guaranteed income post-retirement. It is a single premium payment plan where one must pay a lump-sum premium and opt for a suitable annuity option as per requirement. 

    Features of Star Union Dai-Ichi Immediate Annuity Plan:

    • Flexibility to receive an annuity in monthly, quarterly, half-yearly, and yearly instalments

    • Offers 9 different annuity options to choose from

    • Provides a single premium payment mode

    • Guaranteed lifelong income offered with three plan options

15. TATA AIA Life Insurance Smart Annuity Plan

    It is a single premium, non-linked, non-participating immediate annuity plan that provides guaranteed regular income after retirement. It is one of the best annuity plans to safeguard one’s financial future after retirement and helps them deal with any eventualities. 

    TATA AIA Life Insurance Smart Annuity Plan entails:

    • Flexible annuity options to choose from so that an individual can fulfil their future needs

    • Offers the option of a single or joint-life annuity

    • Flexibility to choose different annuity payout modes, i.e., yearly, half-yearly, quarterly, and monthly

    • Top-up options to enhance annuity payout

    • Provides security through a steady income after retirement

Features of Best Annuity Plans in India

Some of the significant features provided to NRIs under an annuity plan in India are listed below:

Types of Annuity Plans

Various insurance companies or financial institutions offer a range of annuity plans in India for NRIs. Some of them are as follows:

Eligibility Criteria to Buy an Annuity Plan in India as an NRI

The eligibility criteria to buy annuity plans in India as an NRI living in the UAE are given below:

• Age Requirement: Minimum 30 years

• Residency Status: You must be an NRI, confirmed with your passport and UAE residence visa.

• Health Conditions: Insurance companies may require individuals to undergo a medical underwriting

• Bank Account: An active NRE, NRO or FCNR account

• KYC documents: Passport copy, Emirates ID, overseas address proof, and age proof as listed by the insurer.

• PAN Card: A Permanent Address Number may be required

Taxation on Annuity Plans for NRIs Living in The UAE

Even though the UAE does not levy tax on the personal income of an NRI, it's important to understand the Indian tax obligations a UAE-based NRI buying Indian annuity plans may have to fulfil.

• Regular annuity payouts from Indian insurers are taxed as per the applicable income slab rate of a UAE NRI.
• NRIs receiving income from an annuity plan are also subject to Tax Deducted at Source (TDS) under Section 195 of the Income Tax Act.
• TDS is levied under the applicable rate unless you claim a lower TDS through the Double Taxation Avoidance Agreement (DTAA).

How to Claim DTAA Benefits?

India and the UAE have a Double Tax Avoidance Agreement, which may help you lower your applicable TDS rate on regular annuity payouts.

Here is how you can claim the DTAA benefits as a UAE-based NRI:

• Obtain a Tax Residency Certificate from the Federal Tax Authority, which confirms your tax residency status in the UAE and submit it to your insurer.
• File the Form 10F through the Indian Income Tax e-filing portal and submit your PAN.

How to Repatriate Your Annuity Income?

A UAE-based NRI can repatriate the income from an Annuity plan purchased in India through NRE or NRO accounts.

• NRE Account: You can repatriate 100% of your annuity income freely through an NRE bank account.
• NRO Account: This account caps repatriation to USD 1 million per financial year if you repatriate principal and maturity proceeds from your annuity plan.

Documents Required to Buy Annuity Plans in India as an NRI

Here are some essential documents that NRIs must keep in handy to buy annuity plans in India:

How Do Annuity Plans in India Work?

Today many life insurance companies in India provide annuity plans so you don't need to depend on somebody else during your retirement.

Therefore, it is crucial to understand the working of the annuity plans in India 2026.

• Selection of Annuity Plan: You need to choose the type of annuity plan that suits your financial goals and requirements, considering factors such as:

  • Income Amount

  • Payout frequency

  • Duration of payments

  • Additional features or riders

• Payment of Premium: You start an annuity plan by making a lump-sum payment or regular premium payments, depending on the chosen plan

• Accumulation Phase: If it is a deferred annuity plan, there is typically an accumulation phase where the annuitant's contributions are invested in growing and accumulating over time

• Annuity Payout Phase: Once the accumulation phase ends or for immediate annuity plans, the annuity payout phase begins

  • You start receiving regular income payments from the annuity plan

  • The frequency of payments can be monthly/ quarterly/ semi-annually/ annually, depending on the chosen plan

• Payout Options: You have different payout options to choose from, such as:

  • Fixed amount for a specific period (annuity certain)

  • Lifetime income stream (lifetime annuity)

  • Combination of both

• Additional Riders or Benefits: Some annuity plans offer optional riders or benefits that can be added for an additional cost to provide added protection and financial security. 

  These riders may include features like:

  • Guaranteed minimum income benefits

  • Death benefits

  • Long-term care benefits

Advantages of Best Annuity Plans in India for NRIs

Let us have a look at the below-mentioned advantages offered by the best annuity plans in India:

• Provide NRIs with a reliable and regular income stream

• Help meet your financial needs and maintain a consistent lifestyle during retirement or other stages of life

• Choose from various payout options based on their preferences and financial goals

• Certain annuity plans, such as fixed annuities, protect against market fluctuations

• Best annuity plans offer optional riders or benefits that can be added with an additional cost

• Easy to manage as the insurance company takes care of the administration and distribution of regular income payments

• Investing in annuity plans allows NRIs to diversify their retirement portfolio, reducing dependency on other forms of investments or assets

• Some annuity plans, such as variable annuities, offer the potential for higher returns by investing in market-linked instruments

Tips for NRIs to Invest in Annuity Plans in India

An NRI can consider the following essential points while investing in annuity deposit schemes in India:

1. Understand your financial goals

   Before investing in an annuity plan, clearly define your financial goals, such as:

   • Retirement income

   • Long-term financial security

   • Specific income requirements

2. Research different annuity options

   Explore the various annuity plans available in the market and compare their features, payout options, fees, and terms.

3. Assess your insurance company

   Look for reputable insurance companies that offer annuity plans in India by considering the following:

   • Financial stability

   • Track record

   • Customer service

   • Claim settlement ratio

4. Evaluate investment options

   Understand the risks associated with each option, consider diversification, and choose investments based on your risk tolerance, investment goals, and market conditions.

5. Understand tax implications 

   Familiarise yourself with the tax laws applicable to annuity plans in India and the country where you reside.

6. Stay informed

   Keep yourself updated on the latest developments in the insurance industry, regulatory changes, and any updates related to annuity plans in India.

Wrapping It Up

Annuity plans in India offer UAE NRIs a valuable investment option to secure a regular income stream for retirement. You can make informed decisions by selecting the right annuity plan, understanding the payout options, assessing the insurance company's credibility, and considering tax implications.