Pension Plans

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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What is a Pension Plan?

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.

Best Pension Plans in India 2024 for NRIs

Here are some of the best pension plans in India available in the market.

Pension Plans in India Entry Age Maturity Age Policy Term Tax Benefit Minimum amount to Invest (yearly)
Tata AIA Fortune Maxima  18-60 years  100 years  100 minus issue age  Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 18,000 
Bajaj Allianz Life LongLife Goal 18- 65 years 99 years of age 99 years- Entry age Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 25,000 
HDFC Life Click 2 Wealth 18-60 years  18-75 years of age 20-64 years Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 12,000 
Max Life Online Savings Plan  18-60 years  18-45 years  5 to 67 years  Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 12,000 
Edelweiss Life Tokio Wealth Secure Plus 18-60 years  18 to 70 years 5-25 years  Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 24,000 
ICICI Prudential Signature  18-75 years  99 years  10-30 years Offers  Tax benefits u/s 80C and 10 (10D) of the Income Tax Act, 1961 Rs. 24,000 
Tata AIA Life Guaranteed Monthly Income Plan 6-60 years of age 68 years of age 5, 8, 12 years Offers tax benefit U/S 80C & 10(10D) of IT Act Rs. 36,000 
Bajaj Allianz Pension Guaranteed Pension Plan 0-100 years of age N/A Lifetime Offers tax benefit U/S 80C & 10(10D) of IT Act Rs. 25,000 
Max Life Forever Young Pension Plan 30 years-65 years 50-75 years of age 10 years to 75 years-Entry age Offers tax benefit U/S 80C of IT Act Rs. 25,000 
ICICI Pru Easy Retirement Plan 18-70 years of age 30-80 years of age 10, 15, 20, 25, 30 years Offers tax benefit U/S 80C & 10(10D) of IT Act Rs. 48,000 
LIC Jeevan Akshay 7 Pension Plan 25-100 years of age N/A Lifetime Offers tax Benefit U/S 80C of IT Act Rs. 1 lakh
LIC New Jeevan Shanti Pension Plan 30-79 years of age 31-80 years of age -- Offers tax Benefit U/S 80C of IT Act Rs. 1.5 lakhs
Max Life Guaranteed Lifetime Income Pension Plan 0-85 years of age 26-90 years of age N/A Offers tax benefit U/S 80C IT Act Rs. 25,000 
Aditya Birla Sun Life Empower Pension Plan 25-70 years of age 80 years of age 5-30 years Offers tax benefit U/S 80C of IT Act Rs. 18,000 
IndiaFirst Life Guaranteed Annuity Plan 40-80 years of age N/A Lifetime Offers tax benefit U/S 80C IT Act Rs. 1 lakh
Kotak Premier Pension Plan 30- 60 years of age 45-70 years of age 10-30 years Offers tax benefit U/S 80C of IT Act. Rs. 1 lakh
SBI Life Saral Retirement Saver 18-65 years of age 40-70 years of age 5, 10- 40 years Offers tax benefit U/S 80C of IT Act Rs. 1 lakh
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What are the Different Types of Pension Plans in India?

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
  • Regular or lump-sum payments for corpus accumulation.
  • Secure pension income upon policy completion.
  • Enjoy tax exemption on investments.
  • 1/3rd tax-free, 2/3rd taxable on corpus withdrawal
  • Amount invested is inaccessible for emergencies.
  • Ideal for NRIs with various payment preferences.
Immediate Annuity
  • Provides instant pension to NRIs upon payment of a lump-sum amount
  • Offers a range of annuity options to choose from to NRIs
  • Premiums paid towards immediate annuity scheme are tax-exempted as per Income Tax Act, 1961
  • Policy nominee receives the money in case of the insured person's demise during the policy's tenure.
Annuity Certain
  • Annuitant receives annuity payments for a specific number of years
  • Annuitant chooses the period of payment
  • If the annuitant passes away before receiving all complete payments, the annuity is paid to the policy's beneficiary.
Guaranteed Period Annuity
  • Offers annuity payments to NRI policyholders for specified periods, such as 5 years, 10 years, 15 years, or 20 years, regardless of whether the insured survives that duration
Life Annuity
  • Provides pension payments to the annuitant until their death
  • If the option of 'with the spouse' is chosen under the life annuity plan, the pension amount is transferred to the policyholder's spouse in the event of the policyholder's death.
National Pension Scheme (NPS)
  • Introduced by the Government of India for securing the individual's financial future after retirement
  • Money in NPS is invested in equity and debt funds to generate returns on investment
  • 60% of the amount can be withdrawn at retirement, while the remaining 40% is used to purchase an annuity
  • Maturity proceeds are not tax-free

NRIs can use the NPS Calculator to easily calculate potential returns from the scheme.
Pension Funds
  • Long-term pension scheme regulated by the Government under the Pension Fund Regulatory and Development Authority (PFRDA).
  • Offers better returns upon maturity compared to other plans.
  • Remains active for a specified period.
  • Policyholders can withdraw their annuity sum during the aggregation stage, providing financial security in emergencies.
  • Reduces reliance on banks for loans in such situations.
Whole Life ULIPs
  • Money stays invested for the entire life of the insured.
  • Partial withdrawals allowed upon retirement, providing tax-free income.
  • Additional withdrawals can be made as needed.
Defined Benefit
  • Guarantees a specific retirement income for life
  • Calculations under Defined Benefit Plans are based on earnings and years of service with the employer
Defined Contribution
  • Retirement income not guaranteed, but contributions are
  • Both you and your employer can contribute
  • Your contributions determine your retirement savings
  • Retirement amount depends on contributions and investment returns.
HDFC Life Insurance
  • Offers specialized pension plans in India for NRIs
  • Provides customized coverage and benefits
  • Affordable costs for complete protection
Pension Plans Available in UAE
Federal Pension Scheme
  • This applies to all UAE citizens and GCC nationals working in both the public and private sectors. 
  • Employees contribute 11% of their salary, and employers contribute 15%. The minimum retirement age is 55 with a service period of 25 years.
Abu Dhabi Pensions
  • If you work in the public or private sector in Abu Dhabi, you'll be enrolled in the Abu Dhabi Pension Fund scheme.
    Contributions and retirement regulations slightly differ from the federal scheme. 
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.
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What are the Benefits of Pension Plans for NRIs?

Benefits of buying best Pension Plans online for NRIs:

  • Convenience for NRIs:

    NRIs can conveniently purchase pension plans online from anywhere in the world.

  • Flexible Annuity Options:

    NRIs can choose between immediate or deferred annuity based on their preferences and needs.

  • Generous Sum Assured:

    The sum assured is 10X the annual premium or fund value, and provides financial security to NRIs and their nominees.

  • Tailored Vesting Age:

    NRIs have the flexibility to select the vesting age, determining when they start receiving their monthly pension.

  • Customizable Payment Period:

    NRIs can customize the payment period, ensuring they receive pension payments at a time that suits their post-retirement plans.

  • Long Accumulation Period:

    NRIs benefit from an extended accumulation period, allowing them to pay regular premiums towards their policy over an extended timeframe.

  • Surrender Value Option:

    NRIs have the option to receive surrender value if they decide to surrender the pension plan before maturity, providing financial flexibility.

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What are the Eligibility Criteria to Invest in Pension Plans?

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.

What is Retirement Planning?

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. 

What are the Advantages of Retirement Plans in India?

Benefits of Pension PlanBenefits of Pension Plan

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.

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How Much Should You Save for Retirement?

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.

How Do Pension Plans Work?

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

Why Do You Need to Start Retirement Planning Today?

Starting retirement planning early is important for several reasons:

Time for Compound Interest:

  • 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.

Inflation Protection for NRIs:

  • 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.

What are the Steps to Buy a Retirement Plan?

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.

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FAQ's

  • Can NRIs buy a pension plan in India?

    Yes, NRIs can purchase pension plans in India, particularly the National Pension Scheme (NPS) or insurance-based annuity plans. However, specific terms and conditions apply.
  • How to get 50,000 pension per month in India?

    Achieving an exact pension sum depends on multiple factors like investment period, contribution amount, and chosen plan. No guaranteed method offers 50,000 per month. However, a combination of pension plan with additional investments like ULIPs, guaranteed return plan etc can potentially offer a sizable pension.
  • Can an OCI card holder get a pension in India?

    Yes, they can access certain state-specific pension schemes or contribute to NPS like NRIs to build a retirement corpus.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~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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