Pension plans are specifically designed to secure the financial future of individuals post-retirement. They work by allowing individuals to contribute a portion of their earnings throughout their working years. These contributions grow over time, generating returns and building a pool of funds. Some of the best retirement plans in India cater specifically to the unique needs and preferences of NRIs.
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The following table shows key details of the best retirement plans in India for NRIs in Singapore in 2026:
| Pension/Retirement plans | Entry Age | Maturity Age | Policy Term | Minimum Premium (Annual) | Tax Benefit |
| Aditya Birla Sun Life Empower Pension Plan | 25-70 years | Up to 80 years | 5-30 years | ₹18,000 | Tax benefits under Section 80CCC and Section 10(10A), subject to applicable conditions |
| Bajaj Life LongLife Goal III | 18-65 years | 85-99 years / up to 99 years depending on option | Up to age 99, depending on option | ₹25,000 | Premiums may qualify for tax benefits under applicable provisions, subject to conditions |
| Bajaj Life Guaranteed Pension Goal II | 30-85 years | No fixed maturity; lifetime annuity | Lifetime | As per annuity payouts | Section 80CCC may apply to eligible pension contributions; annuity income is taxable |
| Edelweiss Life Wealth Secure Plus | 0-60 years | 18-70 years / up to 100 years depending on option | 5-25 years / up to age 100 depending on option | ₹12,000 - ₹24,000, based on the Premium Payment Term(PPT) | Premiums may qualify under Section 80C and benefits may qualify under Section 10(10D), subject to conditions |
| HDFC Life Click 2 Wealth | 30 days - 60 years | 18-75 years / up to 99 years under Golden Years option | 10-40 years / up to age 99 under applicable option | ₹12,000 | Premiums may qualify under Section 80C; eligible proceeds may qualify under Section 10(10D) |
| ICICI Pru Signature Pension | 18-75 years | 40-90 years | 15-72 years | ₹36,000 - ₹2,00,000, based on the Premium Payment Term(PPT) | Premiums and eligible proceeds may receive tax benefits under applicable provisions |
| IndiaFirst Life Guaranteed Annuity Plan | 40-80 years | No fixed maturity; lifetime annuity | Lifetime | ₹1,00,000 | Eligible pension contributions may qualify under Section 80CCC; annuity income is taxable |
| Kotak Premier Pension Plan | 30-60 years | 45-70 years | 10-30 years, depending on payment option | Varies based on the Sum Assured | Premiums may qualify under Section 80CCC; applicable benefits may receive tax treatment under the Income Tax Act |
| LIC Jeevan Akshay VII | 25-85 years | No fixed maturity; lifetime annuity | Lifetime | ₹1,00,00 | Tax treatment applies subject to prevailing provisions; annuity income is taxable |
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
A variety of pension plans that are designed to meet the retirement needs of an NRI living in Singapore are available in India. The following table lists them with key details:
| Term | Description |
| Deferred Annuity |
|
| Immediate Annuity |
|
| Annuity Certain |
|
| Defined Contribution |
|
| With & Without Cover Pension Plan |
|
| Guaranteed Period Annuity |
|
| National Pension Scheme (NPS) |
|
| Defined Benefit |
|
| Life Annuity |
|
| Pension Fund (PF) |
|
| Whole Life ULIPs |
|
You can avail of numerous advantages by investing in a pension scheme in India. Some of the most important ones are as follows:
Annuity: An annuity is a fixed annual payment that you receive throughout your lifetime. An annuity can either be immediate or deferred, depending on your preference.
Death Benefit: Pension plans in India also provide a death benefit to the nominee in case of your unfortunate demise. This ensures that the family is financially secure even after the death of the breadwinner.
Choice of Investment Options: NRIs have a wide range of investment options to choose from when it comes to pension plans in India. You can invest in equity funds, debt funds, or a combination of both.
Early Withdrawal: You can also withdraw a part of your pension corpus before retirement under certain circumstances, such as medical emergencies or higher education expenses.
Flexible Withdrawal Options: NRIs can choose from a variety of withdrawal options, such as lump sum withdrawals, regular annuity payments, or a combination of both.
Tax Benefits: You can avail tax benefits on your pension contributions under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Here are some important eligibility criteria to invest in Indian pension schemes for Singapore-based NRIs:
Entry Age: You can join a Pension Plan when you are at least 18, though some plans might start at 30. The upper limit for entry is usually around 70.
Premium: To get a Pension Plan, you need to pay a minimum premium. The pension you receive depends on how much premium you have paid.
Vesting Age: Vesting age is the point at which you begin receiving a monthly pension from your pension plan.
Payment Period: The payment period is when you start receiving payments after retirement.
Accumulation Period: The accumulation period covers the entire duration during which you make regular premium payments towards your policy or plan.
Income from a pension or annuity in India is treated as income arising in India and is taxable in India through Tax Deducted at Source (TDS), irrespective of the residency status of the investors. Whereas, Singapore generally does not tax an NRI’s foreign-sourced income, including any income from an India-based pension scheme.
Your insurer or bank deducts TDS on your payouts for pension/annuity from NRO accounts at applicable rates. Without double taxation relief, this may result in a higher TDS rate for you. To access the lower TDS rates, NRIs can avail the benefits of the Double Taxation Avoidance Agreement between India and Singapore.
NRIs living in Singapore can claim the double taxation benefits through the following steps:
The following is a step-by-step guide to purchasing the best retirement plan from Policybazaar:
You need to consider the following key aspects before starting to invest in the best pension retirement plans in India:
You need to understand the regulatory framework for NRI investments in Indian pension plans.
Check eligibility criteria and ensure compliance with relevant regulations.
For Example: Annually in November, you need to submit a life certificate either from the Indian Embassy or your local bank in the country where you currently reside.
Evaluate whether contributions and payouts are in Indian Rupees or foreign currency.
Assess the impact of currency fluctuations on returns.
Open a Non-Resident Ordinary (NRO) account with an Indian bank, as your pension will be credited to your NRO account.
If you have an existing domestic savings account in India then inform your pension plan provider and corresponding bank of your NRI status. Request conversion of your domestic bank account into NRO account
Be aware of the tax implications in both India and the NRI's resident country.
Understand the Double Taxation Avoidance Agreements (DTAA) that may apply.
Understand the rules and procedures for repatriating pension funds.
Confirm the ease of transferring funds back to the NRI's country of residence.
Nominate beneficiaries to ensure a smooth transfer of benefits in the event of the investor's demise.
Keep nomination details updated.
Stay informed about the performance of the pension plan.
Consider professional financial advice for effective portfolio management.
Understand the exit options and withdrawal rules.
Plan for the maturity or premature withdrawal of the pension plan.
Assess the risk profile of the chosen pension plan.
Balance potential returns with the level of risk acceptable to the investor.
Choose pension plans that offer features to counter the impact of inflation.
Ensure the plan provides a reasonable real rate of return.
Investing early in a Pension Plan in India provides various benefits to you, such as the following:
Long-Term Financial Security: Early investment ensures a substantial corpus for a comfortable retirement.
Power of Compounding: Starting early maximizes compounding, multiplying your wealth over time.
Currency Advantage: NRIs benefit from favourable currency exchange rates during investment.
Tax Benefits: You can avail tax advantages early on for your contributions and withdrawals as per Indian tax laws.
Mitigating Inflation: Beat inflation by building a robust pension fund through early investments.
Flexibility and Control: Start early to have greater control over your investment strategy and goals.
Financial Discipline: Inculcate a habit of regular saving and disciplined financial planning.
Peace of Mind: Early pension planning ensures a stress-free and financially secure retirement for NRIs.
State Bank of India (SBI)
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Axis Bank
18 Aug 2026
A salary of ₹30,000 a month covers essential expenses in most
21 Sep 2023
Planning for retirement requires smart financial choices, and
04 Sep 2023
The Mahila Samman Savings Certificate is a savings scheme*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
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
++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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