Best Retirement Plans for NRIs

Best Retirement Plans for NRIs
Best Retirement Plans for NRIs

Lets have a look at the best retirement plans for NRIs those who wish to settle a peaceful and happy life after retirement in India. As an NRI, you have unique retirement planning needs. Here are some of the best retirement plans for NRIs:

Retirement planAgePolicy term/ annuity optionsTax benefits
SBI Life – Retire Smart30 – 70 years10, 15 – 35 yearsU/S 80C & 10(10D)
LIC Jeevan Akshay30 – 65 yearsLife annuity & 5, 10, 15, 20 years and thereafterN/A
Aviva Wealth Builder Plan5 – 50 years 13, 15 & 17 yearsAvailable
Bajaj Allianz Life Pension Guarantee Plan37 – 80 yearsLife annuity & 5, 10, 15, 20 yearsAvailable
LIC Jeevan Nidhi Plan20 – 60 yearsLife annuity & 5, 10, 15, 20 years and thereafterU/S 80CCC 
National Pension Scheme for NRIs18 – 60 yearsUp to 1.5 lakh

Key features of best retirement plans for NRIs

SBI Life Retire Smart Plan | One of the best retirement plans for NRIs

  • SBI pension plan offers guaranteed additional increases to the corpus.
  • Guaranteed additions accrue at 10% of the annual premium from the 15 years till the end of the term. 
  • Besides, a terminal addition at 1.5% of the fund value is paid on the vesting date.
  • On the death of the policyholder during the tenure of the SBI Life Retire Smart Plan, the nominee will get higher fund value including terminal additions or 105% of the premium to be paid until death. 

Also Read: SBI Life Insurance for NRIs: Features & Benefits

LIC Jeevan Akshay | One of the best retirement plans for NRIs

  • LIC Jeevan Akshay plan offers annuity payments of a specific amount throughout the lifetime. 
  •  The minimum purchase price is Rs. 1 lakh and Rs. 1.5 lakh for online sale. 
  • Also offers an increment in the annuity at the rate of 3% per annum. 
  • Payment of 50% and 100% of annuity to the spouse and return of purchase in case of unfortunate demise of the policyholder.

Aviva wealth builder plan | One of the best retirement plans for NRIs  

  • Best suited for policyholders to achieve their financial goals like a dream house, child’s education and wedding, etc.
  • Offers protection to your family when you are not around.
  • Your premium amount gets doubled at maturity.

Bajaj Allianz Life Pension Guarantee Plan | One of the best retirement plans for NRIs

  • The first annuity is paid in the 1st, 3rd, 6th months, or 1 year after policy inception based on the payment method you choose. 
  • It has annuity options like an annuity for the lifetime of the purchase price in case of death of the policyholder and an annuity for a specific period of 5, 10, 15, and 20 years till lifetime. 
  • Alternatively, the spouse will get coverage along with 50% of annuity in case of death of the annuitant. 

LIC Jeevan Nidhi Plan | One of the best retirement plans for NRIs

  • One of the most popular pension plans for NRIs, LIC Jeevan Nidhi comes with five different types of plans to choose from. 
  • In the first 5 years of the policy, guaranteed additions at 5% of the sum assured for each completed policy year is added to the corpus. 
  • In case of death of the policyholder during the first 5 years of the term, the basic sum assured + Guaranteed Additions is released in a lump sum or annuity. You can also get it partly in lump sum and partly in the annuity. 
  • In case of death after 5 years, basic sum assured + accrued Guaranteed additions + vested reversionary and final additional bonus is paid either in lump sum or annuity, or partly in a lump sum and partly in the annuity.

National Pension Scheme for NRIs | One of the best retirement plans for NRIs

  • NPS allows NRIs to put their money in the Government initiated New Pension Scheme. 
  • The minimum subscription under the NPS is Rs. 6,000 on yearly basis. 
  • 50% of the investment money is allocated to equities. 
  • The National Pension Scheme matures when you turn 60 years.  

Also Read: NPS for NRI 2021: Indian National Pension Scheme

Investment Tips And Tricks Anyone Can Use

Are you thinking about putting your money into real estate? Do you have friends or family who have made money in this way? It is easy to make good money by investing in real estate. All you need is a little knowledge. Apply these tips, and get started right now.

Make sure that you create a game plan for what you desire to accomplish. Figure out how much time the process will take and if it will be worth your while. When you have developed a plan, meet with the necessary parties to discuss the deal that you want to achieve.

Find an online forum for real estate investors and sign up before you dive into the real estate market. Also, reading the blogs of the established professionals in the real estate business can be of great help. By doing this, you will learn important things to help you with your strategy. You can even contact the expert directly.

Make sure to research prospective neighborhoods prior to investing. Neighborhoods that are desirable will have a lot of value at all times, and neighborhoods that are depressed won’t pay off so well. Often, the location is worth more than the property.

Be wary of any prospective tenant who tries to negotiate the rent. While he or she may just be a savvy businessperson, they could also be in a financial bind. Ask a few more questions and be careful about signing a contract with them. You may find yourself constantly fighting to get your monthly payment on time.

Location is the major factor that will impact your real estate choices. A decaying building on great land is often a better buy than a solid home in a bad neighborhood. Think about the potential of the place and the location, and make the most out of the investment.

Don’t go too far into your personal finances for your investments. Understand that when you invest in real estate, your money may not be readily available. This is a state of affairs that could go on for a number of years. Make sure that your day to day life does not get choked up from this.

Always consider the market if you are looking to buy property to turn around and resell it. It can be risky to invest in a market that is flooded with available properties. You don’t want to be stuck with something that you have to sell at little or no profit. Understand that you may have to wait to get the best price so make sure you can do that.

Always seek out the pro’s before you leap. Try to remember that you never want to make an offer on an investment property without speaking to someone with extensive knowledge of the industry. Talk to an appraiser or real estate agent. The more knowledge you have, the better choices you can make.

Know a little about the neighborhood you are buying in. If you are just looking to buy cheap properties, you may in fact lose money if you purchase a building in a rundown area. Find out as much as you can about the neighborhood before you put any money into a building there, and you may avoid losses.

Don’t neglect that tax benefits of real estate investment. Set up your real estate investments in appropriate LLC or S-corp legal entities. Do so very early in getting involved in real estate investing. You do this early to maximize your long-term benefits and because the longer you wait the more complicated it gets to do so.

Real estate can be profitable, and you have a better idea how that happens now. Use what you’ve just learned to your advantage. Make smart choices about the properties you choose. Gradually, you will become confident with your abilities. After that, you’ll have time to enjoy your success.

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  • Best Retirement Plans for NRIs

    Lets have a look at the best retirement plans for NRIs those who wish to settle a peaceful and happy life after retirement in India. As an NRI, you have unique retirement planning needs. Here are some of the best retirement plans for NRIs: Retirement plan Age Policy term/ annuity options Tax benefits SBI Life …

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