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For non-resident Keralites, purchasing a pension plan in India can provide financial security during their retirement years. As such individuals may not have access to social security benefits in their country of residence, a pension plan can offer a steady stream of income to cover their expenses.
Additionally, linking the Pravasi pension plan to the Pravasi Welfare Fund can provide additional benefits such as medical insurance, housing loans, and education loans for their children. The Pravasi Welfare Fund was established by the Government of Kerala to provide financial support and assistance to non-resident Keralites.
By investing in a Pravasi pension plan and linking it to the Pravasi Welfare Fund, non-resident Keralites can ensure their financial security and also contribute to the welfare of their home state. It is a wise investment for those who wish to plan for their future while also supporting their community.
Let’s find out more about the characteristics, advantages, and application procedure of this special retirement plan.
Before diving deeper into the Pravasi Pension Scheme, let’s first know more about the Kerala Pravasi Welfare Board. This board is the result of a determined effort by the Kerala government to establish a welfare fund that would offer non-resident Keralites benefit programmes. To this end, the Kerala Non-Resident Keralites' Welfare Act, 2008 was a measure that the government introduced and enacted.
Since then, over 4 lakh non-resident Keralites (NRKs) have joined the Welfare Fund as members. After working abroad for at least two years, NRKs who have now moved permanently back to India are also eligible for participation in this Welfare Fund.
After the Kerala Non-Resident Welfare Act was implemented in 2008, the Pravasi pension system was established as a retirement plan. It is mainly intended for middle and low-income residents who leave Kerala in search of employment but plan to retire there. The programme intends to give Keralites security and stability after retirement.
Members of this plan must make monthly contributions in order to receive a pension when they reach the age of 60. Depending on the contribution, one can receive a minimum pension of Rs. 2,000 each month. Until retirement, members must make continual contributions to the plan - the account will be terminated if they don’t make any contributions for a year.
A few characteristics and advantages of the Kerala Pravasi Welfare Fund are listed below -
You must initially fall within the age range of 18 and 60 years in order to be eligible for the Pravasi pension. You must also fit into any of the following categories -
When filing an application for the Pravasi pension, you must also pay a registration fee of Rs. 200 to be eligible, as the processing of your application won’t be possible without the registration fee.
You are eligible to begin a Pravasi Pension sheme if you are between the ages of 55 and 60 years, but you must make contributions to the plan for at least five years before you can draw a pension.
For registration with the Pravasi Welfare Fund, the non-resident Keralites have to fill out the following application forms -
On the Kerala Pravasi Welfare Board's official website, qualified non-resident Keralites can enrol for the Pravasi pension plan online. By submitting your paperwork at a typical service centre in Kerala, you can also enrol for the programme offline. You will be guided through the process of registering online in the steps that follow.
Various scenarios allow for the claim of the Pravasi welfare scheme's benefits. The numerous circumstances listed below pertain to how you, as an eligible member, may request funds from the programme -
Regardless of your category, you have to pay a registration fee of Rs 200 to sign up for the programme. However, after you sign up for the programme, your organisation determines the monthly contribution.
Keralites who are not residents of India and those who have just returned from abroad must contribute a minimum of Rs 100 every month. However, employees who work abroad are required to make a minimum monthly payment of Rs 300.
Ans: If you qualify for the Pravasi pension scheme, you can enlist in the programme, make contributions for at least five years, and receive a monthly annuity of Rs 2,000 at reaching the age of 60.
Ans: Once a member of the Pravasi Welfare Fund reaches a retirement age of 60 years, the Pravasi Pension is paid straight into their bank account. If a non-resident Keralite makes consistent contributions to the Pravasi Kshemanidhi for five years, they are given a monthly pension.
Ans: Your application's status can be checked on the Pravasi Kerala online portal. To access your account, make sure to have the application or passport information handy.
Ans: At the Kerala Pravasi Welfare Board website, you can make your monthly payment electronically. As an alternative, you can make your donation in person at any bank.
Ans: The programme aims to assist non-resident Keralites in their retirement or at the conclusion of their employment abroad. It should be mentioned that Kerala residents who are currently covered by the State or Central Government Pension Scheme are not eligible for the programme.
Ans: A pension of at least Rs 2,000 per month is available to eligible members who have contributed for a minimum of five years in a row.
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