Best Annuity Plans in India for NRIs 2024

In India, NRIs can opt for annuity plans offered by various insurance companies. These plans provide a regular income stream for a specified period or for the lifetime of the policyholder. NRIs can choose from a range of options, such as immediate or deferred annuities, based on their financial goals and preferences.

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Best Annuity Plans 2024-25

Below is the list of best annuity plans to invest in 2024-25.

Plans Entry Age Annuity Frequency  Purchase Price
HDFC Life New Immediate Annuity Plan Min- 35 years
Max- 65 years
Yearly, Half-yearly, Quarterly and Monthly Min- 1,000 per month
Max- No Limit
ICICI Prudential Immediate Annuity Plan Min-20 years (single life annuity)
30 years (joint life annuity)
Max-100 years
Yearly, Half-yearly, quarterly and monthly Min- Rs.1,000 per month
Max- No Limit
Aditya Birla Sunlife Immediate Annuity Plan Min-30 years Max-90 years Yearly, Half-yearly, Quarterly and Monthly Min- Regular income of Rs.1,000, Rs.3,000, Rs.6,000, or Rs.12,000 for annual, half-yearly, quarterly, and monthly respectively.
Max: No Limit 
Aviva Annuity Plus Min-18 years Max-80 years Yearly, Half-yearly, Quarterly and Monthly Min- Rs.25,000
Max-No limit
Canara HSBC Pension 4Life Plan Min- 30 years
Max- 80 years
Yearly, Half-yearly, Quarterly and Monthly Min- Rs.2,00,000
Max- No limit
Exide Life New Immediate Annuity Plan Min-0 years (for existing customers) and 45 years for new customers
Max-70 years for existing customers and 70 years for new customers. , 
Yearly, Half-yearly, quarterly and monthly Min- Rs.1,000 per month
Max- No Limit
Future Generali Immediate Annuity Plan Min- 40 years Max-80 years Yearly, Monthly Min-Rs.30,000
Max- No Limit
IDBI Federal Guaranteed Lifetime Income Plan Min- 8,13 years
Max- 50 years
Yearly Min-Rs. 25,000 
Max- Rs. 1,00,000
India First Immediate Annuity Plan Min- 40 years Max-80 years Yearly, half-yearly, quarterly, and monthly Min- Rs.1,00 per month
Max- No limit (for premium)
Kotak Lifetime Income Plan Min-45 years Max-99 years   Yearly, half-yearly, quarterly, and monthly Min-Rs.1,000 per month
Max- No limit (for premium)
Max Life Guaranteed Lifetime Income Plan Min-45
years Max-80 years
Half-yearly, quarterly, and monthly Min-Rs.1,000 per month
Max- No limit (for premium)
Reliance Nippon Life Immediate Annuity Plan Min- 20 years
Max- 80 years
Yearly, half-yearly, quarterly, and monthly Min-1,000 per month
Max- No limit (for premium)
SBI Life Annuity Plus Min- 30 years
Max- 95 years
Monthly: Rs. 1,000
Quarterly: Rs. 3,000
Half-yearly: Rs. 6,000
Yearly: Rs. 12,000
Min-  Annuity
installment can be paid as per
annuity payout mode.
Max- No limit
Shriram Life Immediate Annuity Plus Min-0 years Max- 85 years Yearly, half-yearly, quarterly, and monthly Min- Rs.3,00,000
Max- No limit
Star Union Dai-Ichi Life Immediate Annuity Plan Min-45 years Max- 99 years Yearly, half-yearly, quarterly, and monthly Min- Rs. 12,000 p.a.
Max- No Limit
TATA AIA Life Insurance Smart Annuity Plan Min-45 years Max- 85 years Yearly, half-yearly, quarterly, and monthly Min-
  • Immediate Life Annuity- Rs.87, 527
  • Immediate life annuity with return of purchase price- Rs.2,06,155
  • Deferred life annuity with return of purchase price-Rs.1,08,303
Max- No Limit
See More Plans

Annuity Plans in India for NRIs

Annuity plans for NRIs are financial products offering a guaranteed stream of income for a specified period or lifelong in exchange for a lump sum payment. The invested amount generates returns, providing financial security during retirement or other life stages requiring regular income. These plans serve as a reliable tool for NRIs to ensure a comfortable and stable future for their families in India. Invest in the best annuity plans to secure your spouse, children, and family's financial well-being.

Let’s understand this with the help of an example:

Ram invested: Rs. 10,00,000 rupees for 10 years at 8% interest

Total returns: Rs. 1.56 Cr.

Shyam invested: Rs. 10,00,000 for 8 years at 6% interest.

Total Returns: Rs. 1.4Cr.

Ram's timely investment and interest rate resulted in a higher return of Rs. 16L compared to Shyam.

Basic Concept of Annuity Plan in India

annuity-investment

What is the Eligibility Criteria to Buy Best Annuity Plans in India?

Some of the standard eligibility criteria that individuals are usually required to meet are as follows:

  • Age Requirement: 30 years – Lifetime

  • Citizenship: Indian Resident Citizens/ NRIs/ PIOs

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

What are the Features of the Annuity Plans in India for NRIs?

Annuity plans for NRIs are designed in a way that gives you a comfortable life after your retirement. Here is a list of the best annuity plans in India 2024:

  1. Guaranteed Income:

    Annuity plans provide a guaranteed income either for a specified period or for the lifetime of the annuitant.

  2. Flexibility in Purchase Price:

    The plans offer flexibility in the purchase price, allowing investment through a lump sum amount or regular contributions over time.

  3. Pension Payout Options:

    Choose from various pension payout options, including monthly, quarterly, half-yearly, or yearly payments.

  4. Tax Benefits:

    Annuity plans come with tax benefits under Section 10(10D) and 80C of the Income Tax Act, making them tax-efficient investment options.

What are the Different Types of Best Annuity Plans?

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

  1. Regular Pay Annuity Plan

    These are the annuity plans where NRIs make regular premium payments over a period in exchange for a guaranteed income stream at decided intervals.
    Here is the List of Best Regular Pay Annuity Plans for NRIs, if you invest in an annuity plan at the age of 50 years with the following specifications:

    You Invest: Rs. 2.4 lakhs p.a.

    Premium Payment Term: 10 years

    Annuity Starts After: 10 years (from the age of 61 years)

    Annuity Plan Type: Pension For Lifetime + ROP

    Investment Plans Entry Age Premium Payment Term (PPT) Deferment Period Purchase Price (Annual) Annual Annuity Amount For Lifetime (in Rs.)
    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
    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
    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
    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
  2. Single Pay Immediate Annuity Plan

    In this annuity plan, NRIs can make a single lump-sum payment upfront, which immediately starts generating a regular income stream for a specified period.
    Here is a list of Best Single Pay Immediate Annuity Plans for NRIs if you invest in an annuity plan at the age of 60 years as per the following specifications:

    You Invest: Rs. 10 lakhs p.a.

    Premium Payment Term: One-Time

    Annuity Starts After: Immediately from Next Month

    Annuity Plan Type: Pension For Lifetime + ROP

    Investment Plans Entry Age Purchase Price (Annual) Annual Annuity Amount For Lifetime (in Rs.)
    HDFC Life New Immediate Annuity Plan 20 - 85 years Rs. 2.5 lakhs - No Limit Rs. 10,000 - No Limit
    Tata AIA Saral Pension 40 - 80 years As per the Annuity Amount Rs. 12,000 - No Limit
    Bajaj Immediate Annuity 30 - 85 years As per Board approved Underwriting 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
    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
  3. Single-Pay Deferred Annuity Plan

    In a single-pay deferred annuity plan, NRIs can make a single lump-sum payment upfront, which accumulates and grows over a specified period until it is converted into a regular income stream.
    Here is a list of Best Single Pay Deferred Annuity Plans for NRIs. Let us say you invest in an annuity plan at the age of 60 years as per the following details:

    You Invest: Rs. 10 lakhs p.a.

    Premium Payment Term (PPT): One-Time

    Annuity Starts After: 5 years

    Annuity Plan Type: Pension For Lifetime + Return of Premiums

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

Features of Top Annuity Plans

  1. ICICI Pru Guaranteed Pension Plan Flexi

    • Assured Income with WOP Option

      • Non-linked, non-participating deferred annuity plan

      • Return of Purchase Price (ROP) and Waiver of Premium (WOP) features

    • Diverse Annuity Options

      • Single Life, Joint Life annuity options

      • Flexible premium payment term and vesting age

    • Exclusive Benefits

      • "Save the Date" option

      • Top-Up option for additional funds

      • Tax benefits under Sections 80C and 10(10D)

  2. Max Life Guaranteed Lifetime Income Plan

    • Higher Assured Income

      • Non-linked, non-participating annuity savings plan

      • Annuity options for Single and Joint Life

    • Unique Features

      • Early Start Advantage from age 30

      • Nominee benefits of 105% of the Purchase Price

    • Tax Efficiency

      • Deductions under Section 80C and 10(10D)

      • Additional deduction for age 60 and above under Section 80D

  3. Bajaj Allianz Guaranteed Pension Goal

    • Lifestyle Goal Achievement

      • Non-participating, non-linked deferred annuity plan

      • Guaranteed income with flexible payout modes

    • Comprehensive Options

      • Joint Life Annuity and Return of Purchase Price (ROP) option

      • Tax benefits on premiums u/ Section 80C and tax-free income u/ Section 10(10D)

  4. HDFC Life Systematic Retirement Plan

    • Financial Independence

      • Non-participating, non-linked deferred annuity plan

      • Tailored deferment period and diverse payout modes

    • Security and Nominee Protection

      • Guaranteed fixed income for a lifetime

      • Nominee protection with Return of Total Purchase Price

    • Tax Efficiency

      • Deductions u/ Section 80C and 10(10D)

      • Additional deduction for age 60 and above under Section 80D

  5. IndiaFirst Life Guaranteed Annuity Plan

    • Assured Lifetime Income

      • Non-linked, non-participating annuity plan

      • Various annuity options and payout modes

    • Family-Centric Facilities

      • Joint Life or Family Income facility

      • Increasing annuity income with escalating option

    • Tax Efficiency

      • Tax benefits under Sections 80C and 10(10D)

  6. HDFC Life New Immediate Annuity Plan

    • Guaranteed Lifetime Income

      • Single premium annuity plan

      • Tailored payout frequencies and versatile annuity options

    • Tax Advantages

      • Premium deductions under Section 80C

      • Annuity income deductions under Section 10(10D)

  7. TATA AIA Saral Pension Plan

    • Lifetime Income Guarantee

      • Retirement plan with guaranteed income

      • Diverse annuity options, no medicals required

    • Tax Benefits and Nominee Protection

      • Tax deductions on premiums u/ Section 80C

      • Tax benefits on annuity income u/ Section 10(10D)

  8. Bajaj Allianz Immediate Annuity Plan

    • Regular Income for Life

      • Immediate annuity plan with guaranteed income

      • Versatile annuity options and tax advantages

    • ROP Option and Payout Frequencies

      • Return of Purchase Price (ROP) option

      • Flexible payout modes – Yearly, Half-yearly, Quarterly, Monthly

  9. ICICI Pru Guaranteed Pension Plan

    • Regular Income for Retirement

      • Retirement-oriented insurance product

      • Tailored annuity options and comprehensive features

    • Tax Benefits and Safety Net

      • Premium deductions u/ Section 80C

      • Tax benefits on income u/ Section 10(10D)

      • Return of Purchase Price (ROP) option for protection

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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 are the Benefits of Best Annuity Plans in India for Non-Resident Indians (NRIs)?

Following are the benefits of the best annuity plans in India for NRIs:

  • Steady Income Source: Annuity plans offer NRIs a reliable and steady income stream.

  • Financial Stability: Helps in meeting financial requirements and maintaining a consistent lifestyle during retirement or other life stages.

  • Payout Flexibility: NRIs can choose from various payout options based on their preferences and financial goals.

  • Market Protection: Certain annuity plans, like fixed annuities, provide protection against market fluctuations.

  • Optional Riders: Best annuity plans may include optional riders or benefits that can be added for a small additional cost.

  • Administrative Ease: Insurance companies handle administrative tasks and ensure regular income payments.

  • Portfolio Diversification: Investing in annuity plans allows NRIs to diversify their retirement portfolio, reducing reliance on other investments or assets.

  • Potential for Higher Returns: Variable annuities offer the potential for higher returns by investing in market-linked instruments.

  • Additional Benefits: Some annuity plans provide loyalty boosters and other supplementary benefits.

How Do Annuity Plans Work In India?

Nowadays, numerous life insurance companies in India offer annuity plans to ensure that you are financially independent during your retirement. Therefore, it is important to understand how annuity plans work in India in 2024.

  • Choosing an Annuity Plan: It is important to select the annuity plan that aligns with your financial goals and needs, considering factors such as the desired income amount, payout frequency, duration of payments, and any additional features or riders.

  • Premium Payment: To initiate an annuity plan, you can either make a lump-sum payment or opt for regular premium payments based on your chosen plan.

  • Accumulation Phase: If you opt for a deferred annuity plan, there is typically a phase where the contributions made by the annuitant are invested to grow and accumulate over time.

  • Annuity Payout Phase: Once the accumulation phase concludes or in the case of immediate annuity plans, the annuity payout phase begins. During this phase, you start receiving regular income payments from the annuity plan. The payment frequency can be monthly, quarterly, semi-annually, or annually, depending on your chosen plan.

  • Payout Options: You have various payout options available, including a fixed amount for a specific period (annuity certain), a lifetime income stream (lifetime annuity), or a combination of both.

  • Additional Riders: Certain annuity plans offer optional riders or benefits that can be added at an extra cost to provide enhanced protection and financial security. These riders may include features like guaranteed minimum income benefits, death benefits, or long-term care benefits.

Things to Consider Before Investing in Best Annuity Plans

  1. Determine your Financial Objectives:

    Before you decide to invest in an annuity plan, it is important to clearly define your financial goals. These may include:

    • Securing income for retirement

    • Ensuring long-term financial stability

    • Meeting specific income requirements

  2. Explore Different Annuity Options:

    Take the time to research and understand the various annuity plans available in the market. Compare their features, payout options, fees, and terms.

  3. Assess the Insurance Company:

    When considering annuity plans in India, it is advisable to choose reputable insurance companies. Consider the following factors:

    • Financial stability of the company

    • Track record and reputation

    • Quality of customer service

    • Claim settlement ratio

  4. Evaluate the Investment Choices:

    Gain a comprehensive understanding of the risks associated with each investment option. Consider diversification and select investments based on your risk tolerance, investment goals, and prevailing market conditions.

  5. Understand the Tax Implications:

    Make sure you familiarise yourself with the tax laws applicable to annuity plans in India and your country of residence.

  6. Stay Informed and Updated:

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

FAQ's

  • 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.
  • Will annuity rates rise in 2024?

    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.
  • Do annuity plans offer a grace period?

    Yes, Annuity plans offer a grace period for premium payments, ensuring 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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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