Best Annuity Plans in India for NRIs 2023

The top annuity plans available in India for Non-Resident Indians (NRIs) offer a consistent source of income throughout their retirement years. These annuity plans guarantee financial safety and stability, even if they are living outside India. Renowned insurance companies in India have specially tailored annuity plans to cater to the needs of NRIs.

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Best Annuity Plans 2023-24

Below is the list of best annuity plans to invest in 2023-24.

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

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Features of Top Annuity Plans

TATA AIA Life Insurance Smart Annuity Plan

The TATA AIA Life Smart Annuity Plan is a distinguished annuity solution designed for individuals seeking a reliable and secure means of generating a steady post-retirement income. As a non-participating, single premium non-linked annuity plan, it assures policyholders of guaranteed regular payments.
- Flexible annuity options
- Top-up options available
ICICI Prudential Immediate Annuity Plan

This plan provides financial security by assuring the regular flow of annuity throughout your lifetime with various options that suit your needs.
- Guaranteed annuityfor life
- Option to choose annuity monthly, annuity, quarterly, half-yearly or yearly Returns of purchase price option on critical illness, death or permanent disability because of accident.
- Higher rates of annuity for a high purchase price.
Aditya Birla Sunlife Immediate Annuity Plan

ABSLI Immediate Annuity Plan is a single premium traditional annuity plan that uses your savings to provide you a regular source of income in your golden years of retirement. This plan is offered to individuals and employer-employees.
- Guaranteed income for retired life
- Option to choose from 6 payout options
- No medical test required to buy this plan
- Get tax benefits u/s 80CCC of the Income Tax Act, 1961
Aviva Annuity Plus

This plan is specifically designed to provide you income for lifetime during your after-retirement years.
- Flexibility to choose from 7 annuity options as per financial needs
- Guaranteed annuity amount paid for the life of plan
- Option to increase annuity amount payable t
Canara HSBC Pension 4Life Plan

This plan is designed to ensure a guaranteed regular income flow as per your requirements after retirement. Under this, you will get defined level of annuity instalments in exchange of a purchase charge.
- Choose from extensive range of annuity options
- Option to get regular payments till you or your spouse is alive
- High annuity installments for high purchase charge
- Protection for your family through return of purchase price in case of your demise
- Option to get Immediate or deferred annuity
- Joint-life option
Exide Life New Immediate Annuity Plan

It is an immediate annuity plan with the return of purchase amount where you can use your savings to receive a guaranteed lifetime income.
- Lifelong guaranteed annuity payouts for lifetime
- Flexible payoutoptions to get your annuity
- No need of medical examination
- Refund of the purchase amount in case of death
Future Generali Immediate Annuity Plan

It is a traditional non-participating plan in which you can receive the benefit in form of a regular income throughout your life. Under this, you can easily receive your annuity after paying the premiums depending on the mode chosen.
- Income for lifetime to the annuitant
- Flexible payout modes
- Annuity card that helps in receiving annuity amount
- Tax benefits as per the prevailing laws of ITA, 1961
HDFC Life Pension Guaranteed Plan

This plan provides assured benefits in case of death or at maturity and offers guaranteed additions that are added each year and lump sum maturity addition paid at maturity. This type of plan is suitable for people who are planning for their retirement to receive guaranteed returns.
- Guaranteed additions of 3% of SA on maturity that gets accumulated for each policy year completed.
- Fleibility of choosing premium paying terms of 5 years, 7 years and 10 years
- Lump sum payable at maturity
IDBI Federal Guaranteed Lifetime Income Plan

This plan is a combination of life insurance and guaranteed returns. In addition to this, it gives you the option of income and endowment based on their financial needs and long term goals.
- Premium payment for first 5 years
- Coverage for 10 years
- Flexibility to get your benefits as a lump sum or regular income based on your requirements.
India First Immediate Annuity Plan

Financial solution designed to secure your future. With guaranteed income for life, this plan offers peace of mind and financial stability, ensuring you enjoy a worry-free retirement.
- Guaranteed regular income for life
- Flexible payout modes
- Single or joint life basis
Kotak Lifetime Income Plan

An exclusive immediate annuity plan designed to provide you with a dependable and continuous stream of income for a lifetime. By simply making a one-time lump sum payment, you can experience the immense advantage of receiving regular income throughout your entire life.
- Assured income throughout life
- Extensive range of income options
- Flexible payout modes
Max Life Guaranteed Lifetime Income Plan

Guaranteed Lifetime Income Plan, a non-linked traditional annuity offering designed to provide you with a secure and uninterrupted income stream throughout your retirement years. This plan ensures a guaranteed income that aligns with your evolving needs, ensuring financial stability for as long as you live.
- Guaranteed lifetime income
- Multiple payout options
- Joint-life annuity option
Reliance Nippon Life Immediate Annuity Plan

Reliance Immediate Annuity Plan, an exceptional solution that empowers you to enjoy life's essentials without compromising, while simultaneously building a crucial financial reserve to fully embrace life's pleasures. This plan bestows upon the ability to spend freely and live to the utmost, enabling a fulfilling existence.
- Guaranteed whole-life income
- Flexible annuity options
- Tax benefits available
SBI Life Annuity Plus

Annuity product that is non-linked, non-participating, and designed to secure your financial future. This remarkable plan empowers you to select between immediate or deferred annuity options, accompanied by inherent flexibilities, ensuring that your desired standard of living is always upheld.
- Steady retirement income
- Various annuity options
- Flexible payout frequencies
Shriram Life Immediate Annuity Plus

Shriram Life Immediate Annuity Plus, is a single premium immediate annuity plan. This non-linked and non-participating plan offers a seamless lifetime income stream. By making a single purchase, individuals gain access to a consistent and periodic annuity payment throughout their entire lifetime.
- Lifetime guaranteed income
- Return of purchase price option
- Guaranteed annuity after policy completion
Star Union Dai-Ichi Life Immediate Annuity Plan

SUD Life Immediate Annuity Plus, is a comprehensive Non-Linked Non-Participating Immediate Annuity Plan designed to meet your financial needs effectively.
- Flexible payout installments
- 9 annuity options
- Single premium payment

Lifelong pension rate for you and your spouse

Annuity Plans in India For USA NRIs

Annuity plans for NRIs are financial products that offer a guaranteedstream of income for a certain time or throughout life in exchange for a lump sum payment. . The investment made is further invested by the company, and the investor is paid with the generated returns.
These plans are designed to provide financial security and stability during retirement or other stages of life when a regular income is required. Moreover, they serve as an effective tool for individuals to create a reliable income source, ensuring a comfortable and financially stable future.

Investing in the best annuity plans for NRIs is a best way to secure the future of your spouse, your children, and your family living in India.
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 higher interest rate resulted in a higher return of Rs. 16L compared to Shyam.

Basic Concept of Annuity Plan in India

annuity-investment

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

Features of the Annuity Plans in India

Annuity plans for USA NRIs are designed in a way to give you a comfortable life after your retirement. Here is a list of best annuity plans in India 2023.

Guaranteed Income

Annuity plans offer a guaranteed income for a specified period or for the lifetime of the annuitant.
Flexibility in Purchase Price

Plan provides the flexibility in the purchase price to invest through:
- Lump sum amount, or
- Regular contributions over time
Pension Payout Options

Monthly, quarterly, half-yearly, or yearly.
Tax Benefits

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

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What are the Different Types of Best Annuity Plans?

Here is a list of best annuity plans for NRIs living in USA:

Type of Annuity Plan	Details
Based on Payout Initiation of Time
Immediate Annuity	Plan provides regular income immediately after the purchase price is paid Suitable for individuals who wants to startreceiving periodic income right away
Deferred Annuity	Have an accumulation phase where individuals make contributions over a specified period Payouts begin at a later date chosen by the annuitant, such as retirement age Allows for the accumulation of funds and potential growth before the income payments start
Based on Payout Duration
Lifetime Annuity	Provides a regular income stream for the entire lifetime of the annuitant Payments continue as long as the annuitant is alive Ensures financial security throughout their lifetime
Annuity Certain	Guarantees a fixed source of income for a specified period, regardless of the annuitant's lifespan Provides a predetermined number of payments, typically monthly, quarterly, or annually, for a chosen duration
Based on Payout Types
Variable Annuity	Annuitants can choose to switch between different investment options based on the following: Risk tolerance Market conditions Investment goals Returns are linked to the performance of the underlying investment options chosen
Fixed Period Annuity	Income payments are made for a predetermined duration If the annuitant passes away before the end of the chosen period, the payments may continue to the nominee or legal heirs
Increasing Annuity	Offers a rising income stream over time The payouts gradually increase either at a fixed rate or in line with inflation Provides protection against the impact of rising living costs
Annuity with Return of Purchase Price	Guarantees the return of the purchase price to the nominee or legal heirs upon the death of the annuitant It provides added financial protection by ensuring that the initial investment is not lost
Based on People Benefiting
Single Life Annuity
Survivor/ Joint Life Annuity	Covers two individuals, usually spouses or partners Income payments continue as long as either of the individuals is alive Ensures that the surviving spouse receives a regular income even after the demise of the primary annuitant

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)

Benefits of of Top Annuity Plans in India for Non-Resident Indians (NRIs)

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

Annuity plan provide NRIs with a dependable and steady source of income.
Helps in meeting financial requirements and maintaining a consistent lifestyle throughout retirement or other life stages.
NRIs have the flexibility to select from a range of payout options according to their preferences and financial goals.
Certain annuity plans, such as fixed annuities, offer protection against market fluctuations.
The best annuity plans may include optional riders or benefits that can be added for a small additional cost.
Annuity plans are easily managed as the insurance company handles the administrative tasks and regular income payments.
Investing in annuity plans enables NRIs to diversify their retirement portfolio, reducing reliance on other forms of investments or assets.
Some annuity plans, such as variable annuities, provide the potential for higher returns by investing in market-linked instruments.
Some annuity plans also provides additional benefits such as loyallty boosters

How Does 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 in2023.

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

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
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.
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
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.
Understand the Tax Implications:

Make sure you familiarize yourself with the tax laws applicable to annuity plans in both India and your country of residence.
Stay Informed and Updated:

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

FAQ's On Best Annuity Plans

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.
What is the best annuity for 2023?
The best annuity plans in India offered by various insurance companies in 2023 are as follows:
- Aditya Birla Sunlife Immediate Annuity Plan
- Canara HSBC Pension 4Life Plan
- Future Generali Immediate Annuity Plan
- HDFC Life Pension Guaranteed Plan
- ICICI Prudential Immediate Annuity Plan
Will annuity rates rise in 2023?

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.
What is the grace period offered by annuity plans?

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

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