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Pension Plans for NRIs Residing in the UAE

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Pension schemes are essential financial arrangements specifically designed to provide individuals with a stable income during their retirement years. These schemes involve regular contributions made by employees and are often matched by employers, which leads to the creation of a dedicated fund that grows over time.

The primary objective of pension schemes is to ensure financial security and independence for retirees, allowing them to lead a quality life even after retirement. By encouraging long-term savings and investments, pension schemes play a vital role in helping individuals plan for a comfortable retirement.

Top Pension Plans for NRIs

Check out the table below for some of the best retirement plans for NRI -

Name Of the Plan Minimum and Maximum Age Annuity Options/ Policy Term  Annuity to Spouse
LIC Jeevan Akshay 30 and 65 Years Lifetime Annuity and 5, 10, 15, and 20 Years and Subsequently 50% and 100%
National Pension Scheme 18-60 Years - -
LIC Jeevan Nidhi Plan 20-60 Years Lifetime Annuity and 5, 10, 15, and 20 Years and Subsequently 50%
Bajaj Allianz Life Pension Guarantee Plan 37-80 Years Lifetime Annuity and 5, 10, 15, and 20 Years 50% and 100%
Tata AIA Guaranteed Return life insurance Plan 8-60 Years PT: 5-65 Years For Whole Life Policy

Let’s now learn about these plans in detail -

LIC Jeevan Akshay

The Jeevan Akshay is an immediate annuity plan that is available at a minimum purchase of Rs. 1,00,000 and 1,50,000 for online sales. The minimum entry age for this policy is 30 years, whereas the maximum age at entry is 85 years. There are multiple annuity payment options across 5, 10, 15, and 20 years.

National Pension Scheme

The National Pension Scheme (NPS) is a voluntary long-term retirement savings initiative by the Indian Government. Launched in 2004, NPS aims to provide financial security post-retirement. It's open to all citizens aged 18-65, offering two tiers: Tier-I for long-term savings with withdrawal limitations, and Tier-II for added flexibility.

Subscribers can choose from various investment options, including equity and debt, managed by Pension Fund Managers. The scheme provides tax benefits under Sections 80C and 80CCD of the Income Tax Act. NPS encourages disciplined savings, ensuring a secure future for individuals.

LIC Jeevan Nidhi Plan

The LIC Jeevan Nidhi plan is a deferred annuity (Pension) with a profit plan. Upon the policyholder's survival beyond the policy term, the accumulated amount, comprising the sum assured, guaranteed additions, and bonuses, is employed to create a pension (annuity) that benefits the policyholder. Additionally, the plan offers a risk cover throughout the deferment period.

The minimum entry age to avail of the plan is 18 years (completed), whereas the maximum entry age is 65 years.

Bajaj Allianz Life Pension Guarantee Plan

This is a deferred annuity option where you have the option to select a limited or regular premium option for 5-10 years or choose a single premium. The company allows you to pay your premiums yearly, semi-annually, quarterly, or monthly. The pension plan guarantees regular income throughout your life with the flexibility of your chosen payout option.

Tata AIA Guaranteed Return Life Insurance Plan

This is an individual, non-participating, non-linked, life insurance savings plan that guarantees income to fulfill your financial goals. You get life cover from the day your policy gets activated. In terms of the payout option, the company allows you to opt either for regular income for your whole life or a lump sum payout.

Notably, with this pension plan, you can even get a loan against your purchased policy.

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