Pravasi Pension Scheme (PPS) is a social security scheme for Non-Resident Keralites (NRKs) launched by the Kerala State Government in April 2018. The scheme aims to help NRKs who returned to Kerala after working abroad, including their families.
Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation
Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000
Get the best returns & make the most of your Golden years
Read on to know more about the different aspects of the Pravasi Pension Scheme.
Pravasi Pension Scheme (PPS) is a post-retirement best pension plan for Non-Resident Keralites (NRKs) who wish to settle in the state after returning from a foreign country. Kerala Pravasi Welfare Board manages this scheme and is funded by the Pravasi Welfare Fund (Pravasi Kshemanidhi).
The NRKs can avail of the monthly pension and other welfare benefits on enrolment with this scheme.
Pravasi Welfare Fund or Pravasi Kshemanidhi is a social security fund for the welfare of NRKs, envisaged under the Keralites’ Welfare Act, 2008 by the State Government of Kerala. The fund aims to reach out to all eligible members and provide financial relief as well as other benefits.
Some of the major schemes offered under the Pravasi Welfare Fund (Pravasi Kshemanidhi) are as follows:
Kerala Pravasi Pension Scheme
Kerala Pravasi Family Pension Plan
Kerala Pravasi Financial Assistance for Marriage
Kerala Pension Plans for Invalids
Kerala Pravasi Medical Aid Scheme
Financial Assistance to Dependents of a Departed Participant
Let us learn the key features of the Pravasi Pension Scheme from the table mentioned below:
|Launched by||Pinarayi Vijayan, Chief Minister of Kerala|
|Introduced on||21 April 2018|
|Scheme u/ Act||Keralites’ Welfare Act, 2008|
|Managed by||Kerala Pravasi Welfare Board|
|Funded by||Pravasi Kshemanidhi/ Pravasi Welfare Fund, Kerala|
|Beneficiaries||Non-Resident Keralites (NRKs) and their families|
|Monthly Contribution by Beneficiaries||
|Additional pension benefits for more than 5 years of contributions||
The terms and conditions to become eligible to get a monthly pension provided by the Pravasi Kshemanidhi are as follows:
|S. No.||Eligibility Criteria|
|1.||Non-Resident Keralites (NRKs) who are working abroad|
|2.||NRKs who permanently returned to settle in Kerala after working abroad for at least 2 years|
|3.||NRKs who came back to settle elsewhere in India (outside Kerala) after working for 2 years or more in a foreign country|
|All the applicants to the Pravasi Pension Scheme must be enrolled with Pravasi Welfare Fund|
Kerala Pravasi Welfare Board does not offer this scheme to NRKs who are employed with Central or State Governments.
The NRKs must submit the following application forms to register with the Pravasi Welfare Fund:
|List of Documents||Details|
|Form 1A: NRKs||Filed by Non-Resident Keralite (NRK) working in a foreign country|
|Form 1B||Filled by NRKs repatriated from abroad and settled in Kerala|
|Form 2A||Filled by Non-Resident Keralites settled in India but outside Kerala|
Following is a step-to-step guide you can follow to register online under Pravasi Pension Scheme:
Step 1: Visit the official website of the Kerala Pravasi Welfare Board
Step 2: Click on a ‘Services’ option
Step 3: Visit the menu of Online Registration and press on the tab ‘Online Apply’ tab
Step 4: This will forward you to the application form page of the Pravasi Pension Scheme
Step 5: Choose the type of registration according to your group i.e., Form 2A, 1A, and 1B
Step 6: Enter your name, gender, age, address, and other basic details
Step 7: Upload the self-attested documents with your photo and a digital signature
Step 8: Submit the digital copies of your valid Visa Passport
Step 9: Pay the applicable monthly fee required to register with Pravasi Kshemanidhi/ Pravasi Welfare Fund
Step 10: Click on ‘Submit’. Note your application number shown on the screen.
Your registration process will get successful after document verification. You will get your Member ID for Pravasi Welfare Fund within 15 working days of registration.
Let us learn the features of the major schemes provided under Kerala Pravasi Welfare Board Schemes.
The key features of the Pravasi Family Pension Scheme are as follows:
|Beneficiaries||Family of deceased NRK (member of Pravasi Kshemanidhi):
|Monthly Pension Assured||50% of monthly pension entitled to the NRK|
|Monetary Support if NRK passes away abroad||Sum of Rs. 50,000 to the dependent family|
|Monetary Support if NRK settled in Kerala passes away||Sum of Rs. 30,000 to the dependent family|
The important features to note under Financial Assistance Programme for Medical Treatment by the Pravasi Welfare Fund are as follows:
|Beneficiaries||NRKs suffering from a critical ailment|
|Financial Support||Up to Rs. 50,000 per individual during membership in Pravasi Welfare Fund/ Pravasi Kshemanidhi|
|No Monetary Support, if||If the NRK receives financial assistance from the Central or State Government|
Let us learn the key points of the plan to provide financial assistance for marriage.
The key features of the Pravasi Welfare Fund’s programme to provide financial assistance for Invalids are:
Following are the features to get financial Assistance to the Dependants of the deceased NRK member of the Pravasi Kshemanidhi:
The major features of the Pravasi Welfare Fund’s plan to provide financial assistance for maternity benefits are as follows:
To get access to grants for higher education under the scheme offered by the Pravasi Welfare Fund, the main features are as follows:
|Financial Assistance Provided for||
The major criteria to avail house loan facility under the Pravasi Kshemanidhi scheme is as follows:
|Loan Facility for House Loan||Credit provided for:
Kerala Pravasi Pension Scheme is widely appreciated in the NRI community. The scheme has helped individuals who have returned to Kerala to live a dignified life. It has become a major success in addressing the issues of financial insecurity and social isolation faced by many returning NRIs.
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
21 Sep 2023Planning for a secure and comfortable retirement is a financial
04 Sep 2023The Mahila Samman Savings Certificate (MSSC) or Mahila Samman
28 Aug 2023Single-Premium Pension Plan is a type of pension plan in which
12 Jul 2023Inflation is an economic process that affects various aspects of
11 Jul 2023Contribution refers to the funds deposited by individuals or