Pensions Plans for NRI in India

Most of us want to have a good standard of living in our golden retirement years. As an NRI, there are many investment decisions required to make in comparison to other people. Planning for retirement is equally important for an NRI as for an Indian citizen. As an NRI, one should do some financial planning, if he/she wants to spend the retirement comfortably and want to make his/her dreams true.

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So, to spend retirement happily, an NRI must choose the right pension plan as per his/her financial requirements.

Pension Plans For NRI

A pension plan is a type of plan that offers the dual benefits of insurance and investment cover. By investing a fixed amount regularly towards a pension plan, you can accumulate a section of your savings over a long period so that you can get a financially secured and stable future. This ensures a stable flow of income when you retire.

However, can NRIs avail of benefits from these Pension Plans? Nowadays, pension plans for NRI in India are very important. NRIs have migrated to foreign lands in search of good opportunities, but most of them come back to India in their retirement years. NRI pension plans are backed by certain questions like why they want to invest in pension plans in India? What investments do they require to ensure a comfortable living in their post-retirement years? 

Various insurers offer NRI-specific Pension Plans for fulfilling the standards chosen for Retirement Planning. There are several criteria that one should consider while purchasing an NRI Pension plan in India such as financial objectives, desire, and age.

Best Pension Plans For NRI in India

Pension Plans in India cater to the requirements of a wide range of insurance buyers. Several pension plans are available in the market for NRI with multiple classifications, features, and benefits, and selecting the right plan is a difficult task. Here is a list of pension plans for NRI in India that might help you in your twilight years. Let's go through the table:

Plan Name

Age (Minimum-Maximum)

Annuity Options/Policy Term (PT)

Annuity to Spouse

Tax Benefits

Tata AIA Guaranteed Return Life Insurance Plan

8-60 years

PT - 5-65 years

For Whole Life Policy

Under sections 80CC and 10(10D)

Bajaj Allianz Life Pension  Guarantee Plan

37-80 years

Lifetime annuity and 5, 10, 15, and 20 years

50% and 100%

Available

LIC Jeevan Nidhi Plan

20-60 years

Lifetime Annuity and 5, 10, 15, and 20 years and subsequently

50%

Under section 80CCC

National Pension Scheme

18-60 years

-

-

Available up to 2 Lakhs

LIC Jeevan Akshay

30-65 years

Lifetime Annuity and 5, 10, 15, and 20 years and subsequently

50% and 100%

NA

Disclaimer- Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  1. Tata AIA Guaranteed Return Life Insurance Plan

    This plan offered by Tata AIA Life Insurance helps you accumulating funds that you might need in your post-retirement years. It helps maintain your lifestyle, standard of living. To achieve your life milestones such as buying a house, car, child’s education, and marriage. The plan has the flexibility to choose from 3 different plan options that include regular income, endowment, and whole life income. You can also cover your spouse under this plan. 

  2. Bajaj Allianz Life Pension Guaranteed Plan 

    Bajaj Allianz Pension plan provides you an option to choose the payout as per your preference - 1 month, 3 months, 6 months, and yearly. The plan offers various benefits such as coverage provided to the spouse along with 50 percent of annuity provided to the spouse in case of the annuitant's death. 100% of the annuity is provided to the partner in case of annuitant's death and premium price return along with 100% of the annuity to the partner in case of demise of the last person surviving.

  3. LIC Jeevan Nidhi Plan 

    The plan comes with 5 different plan options. You can select a lifetime annuity or a period of 5/10/15, and 20 years regardless of the survival time. Return of purchase price is also available under this plan in event of assured's death along with a payment of 5 percent annuity to the spouse. You can also get an increment of 3% on annuity annually.

  4. LIC Jeevan Akshay

    A lump-sum payment plan in which the minimum purchase price is Rs 1 lakh and Rs. 1.5 lakh for online sales. LIC Jeevan Akshay is a lifetime annuity plan that offers a wide variety of annuity payment options for 5/10/15/20 years. In addition to this, it also provides a 3% annual increment till you are surviving.

  5. National Pension Scheme 

    In this, there are no upper and lower limits to the number of contributions made in a year. The assured is free to regulate the amounts and frequency of contribution. So, there are two types of accounts under this scheme:

    • Tier 1 - If you retire before 60 years of age, you are eligible to receive 20 percent as cash that is free of any tax. The remaining amount i.e., 80 percent is then invested in an annuity. Additionally, if you retire after 60 years of age, then a minimum of 40 percent can be annualized and you can withdraw the balance as a lump sum.
    • Tier 2 - Tier 1 account holders are only eligible for the tier 2 option. In this, you can deposit and withdraw your money whenever you want to. You can choose from various types of investments under this plan such as corporate bonds, equities, and Government bonds. All these options help you to create a good investment strategy for the long run.

Wrapping It Up!

Pension plans are not a choice, but they have become a requirement these days, especially for NRIs who want to spend the second half of living in their motherland. If you are working currently and wish to retire after 15 years, then you should think of having a pension plan that might help you to be financially independent in the long run. Various insurers offer pension plans for NRIs in India and have a very hassle-free and smooth online process. Before buying, it is always advisable to compare these plans and choose wisely as per your financial requirements and liabilities.

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