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 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

NRI annuity plans offer a guaranteed income stream for a set period or lifetime in exchange for a lump sum. They provide financial stability during retirement or other life stages needing regular income, ensuring a secure future for 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: 30 years and above, throughout life

  • Citizenship: Indian Resident Citizens/NRIs/PIOs

  • Health Conditions: Insurance companies may request 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:

  • Guaranteed Income: Ensures income for a specified period or lifetime.

  • Flexible Purchase Price: Lump sum or regular contributions allowed.

  • Pension Payout Options: Monthly, quarterly, half-yearly, or yearly payments.

  • Tax Benefits: Eligible for tax benefits under Section 10(10D) and 80C of the Income Tax Act.

What are the Different Types of Annuity Plans?

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

  1. Regular Pay Annuity Plan

    NRI annuity plans involve making regular premium payments for a specified period in exchange for a guaranteed income at intervals. Check out the top annuity plans for NRIs. For instance, if you start an annuity plan at age 50, it offers a steady income stream 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

    NRIs can opt for a single pay immediate annuity plan, where a lump-sum payment upfront generates a regular income stream for a specified period. Explore the best options for NRIs aged 60 to secure their retirement income 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

    NRIs can opt for single-pay deferred annuity plans, making a lump-sum payment upfront. This payment accumulates and grows over time, eventually converting into a regular income stream. Explore the best options for NRIs in this category. 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

Annuity plans offer various features to meet the diverse needs of NRIs. Here's a summary of some key 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 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:

  • Stable Income: Annuity plans offer NRIs a consistent income source.

  • Financial Security: Ensures financial stability for NRIs during retirement or other life stages.

  • Flexible Payouts: NRIs can select payout options aligning with their goals.

  • Market Protection: Fixed annuities provide coverage against market fluctuations.

  • Optional Riders: Additional benefits can be added for a nominal fee.

  • Easy Administration: Insurance companies handle administrative tasks.

  • Diversified Portfolio: Annuities help NRIs diversify their retirement portfolio.

  • Potential Returns: Variable annuities offer the potential for higher returns.

  • Supplementary Benefits: Some plans provide loyalty bonuses and other perks.

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. Define Your Financial Objectives:

    • Secure income for retirement

    • Ensure long-term financial stability

    • Meet specific income requirements

  2. Explore Annuity Options:

    • Research various plans

    • Compare features, payouts, fees, and terms

  3. Assess Insurance Companies:

    • Consider company's financial stability

    • Check track record, reputation, and customer service quality

    • Evaluate claim settlement ratio

  4. Evaluate Investment Choices:

    • Understand risks of each option

    • Consider diversification based on risk tolerance and market conditions

  5. Understand Tax Implications:

    • Familiarize with tax laws in India and your country of residence

  6. Stay Informed:

    • Keep updated on industry developments and regulatory changes

FAQ's

  • What is the minimum investment required for annuity plans for NRIs?

    The minimum investment needed for annuity plans can differ among various insurance providers and financial institutions. It is recommended to inquire with the specific provider to determine their minimum investment threshold.
  • Will annuity rates increase in 2024?

    Annuity rates are affected by several factors including prevailing interest rates, inflation, market conditions, and insurance company policies. It's essential to acknowledge that annuity rates may fluctuate over time based on economic conditions and other external factors.
  • Who should consider annuity plans?

    Annuity plans are suitable for individuals seeking a reliable income stream during retirement and those aiming for long-term financial security.
  • How does an annuity calculator work?

    An annuity calculator considers variables such as investment amount, interest rates, and payout options to estimate the income generated from an annuity investment.
  • What is the age eligibility for annuity plans?

    The age requirement for annuity plans varies depending on the specific plan and provider. Generally, individuals above the age of 18 or 21 can explore annuity plans, with many individuals opting for them closer to retirement age.
  • Do annuity plans provide a grace period?

    Yes, annuity plans typically offer a grace period for premium payments, ensuring the policy remains active even if payments are delayed.
  • Do annuity plans offer surrender value?

    Certain annuity plans provide a surrender value if the policyholder chooses to exit the plan before the maturity period.
  • 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)

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