Best Pension Plans for Non Resident Indians in India
For Non-resident Indians planning to settle down in India, it becomes mandatory to plan their retirement in advance. In doing this, they have to bear in mind the future value of money, calculate their approximate expenditure and plan their lifestyle. Pension plans are a good option for them to start planning their retirement. In this article the features of few good pension plans are discussed.
SBI pension plans:-
SBI start smart:
- This is a onetime premium payment plan.
- It is a unit linked plan that offers specified returns on an annual basis.
- This pension plan also has an option of choosing multiple low cost pension plans at once.
- The policy provides the entire sum that is payable to the nominee of the policy on the death of the policy holder.
SBI Lifelong pension plus:
- The plan provides an option where a Non Resident Indian can choose between a plan that provides only pension and a plan that provides an extra cover along with the plan.
- The policy also promises certain amount as a percentage of the premium every year.
- There is also an option to choose other insurance covers (covers against accident) along with this plan.
Aviva Pension Schemes:-
Aviva Secure pension:
- This plan provides certain sum of amount over the premiums for the first few years of the plan.
- The minimum sum assured starts from Rs 1 lakh and there is no maximum limit on the sum assured.
Citi bank retirement plans:-
3g Manu life:
- The plan has few special features apart from regular features of pension plan.
- It provides a coupon on annual basis after the 10th year of the policy.
- The policy also offers an option for other insurance covers like critical care, disability etc.
- Pru Save limited pay:
- The plan has an option where an NRI can choose to hold the amount accrued for about 5 to 10 years after the premium payment term.
- The NRI can also choose the annuity payback turn from a wide range of options in years.
- There is also a loan facility for medical purposes and the loan is free from interest rate.
Life Insurance Corporation:-
Jeevan Nidhi:
- The plan is very popular for its annuity options.
- NRIs can choose the payment of annuity from 5 different options of the plan.
- This plan offers a guaranteed sum on the assured amount for the first few years of the premium payment term and later on certain sum as bonus obtained by the participation of premiums in the company’s profit.
- New Jeevan Suraksha 1:
- The plan with special features such as joint life, a percentage hike of 3% on the annuity, grace period etc can pull NRI.
- There are other insurance covers available along with this plan but it is purely optional.
Jeevan Akshay VI:
- This is a onetime payment, annuity purchase policy.
- An NRI pays a lump sum amount at once and he can choose to get annuities for the rest of life anytime.
- The annuities are payable on monthly, quarterly, half yearly or even on annual basis.
Pension plans provided by various companies in India have become investment options to Non Resident Indians. With few of these policies being participating ones and with use of internet for simple procedures towards purchase of these policies, today we have more and more number of Non Resident Indians are choosing these policies. It is however advisable to compare the pension plans and choose the one that best fits individual needs. Since the features of these policies are prone to changes, consulting an investment advisor is recommended.
Contributed By: B C Shetty & Co |
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Established in 1985 by Mr.Chandra Shekar Shetty, operating from 3 branches, B.C.Shetty & Co. is a firm dedicated to serving their clients with utmost transperancy by offering qualitative professional service. | |
thanks & regards
My age is 54 year suppose after 60 years if my monthly income need twenty thousands rupee so how much I have to invest.