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NRI Retirement Plans in India

Whether you are a resident Indian or NRI, planning for post-retirement life can be challenging. Most NRIs are contemplating investments in India to create a corpus for a tension-free retired life. The reason is that India is one of the fastest-growing economies in the world. ...Read More

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NRI Retirement Plans
Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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Why Choose NRI Retirement Plans?

Retirement plans are a preferred way to create a corpus to fulfil financial goals post-retirement. An NRI retirement plan also helps in maintaining the existing lifestyle by providing a regular income scheme. Besides this, there are several other compelling reasons to choose NRI Retirement Plans.

Tax Benefits

Tax Benefits

Most NRI retirement plans provide tax benefits in India and the country of residence. The best retirement plans for NRIs are an efficient way of creating a corpus while saving on taxes.

Multiple Investment Options

Multiple Investment Options

The NRI retirement plan is preferred owing to its diverse investment options. NRIs can invest in equities, bonds, mutual funds, etc, depending on the risk appetite and expected returns.

Flexible Contribution & Withdrawal Options

Flexible Contributions and Withdrawal Options

With flexible contribution and withdrawal options, the NRI retirement plan in India can be chosen to align with individual saving strategies and to accommodate changing retirement goals and financial circumstances.

Enables Remote Management

Enables Remote Management

The investment in the best retirement plan for NRI can be managed remotely and overseen from anywhere in the world.

Provides Mitigation of Exchange Risks

Provides for Mitigation of Exchange Risk

Some NRI retirement plans India, like mutual funds, offer currency hedging, which helps lock exchange rates and mitigate potential losses caused by exchange rate fluctuations.

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Best NRI Retirement Plans in India by HDFC Life

How to Choose the Right NRI Retirement Plan?

There is a great opportunity for NRI investors with a provision to diversify their portfolios depending on their risk appetite and expected returns. Creating a robust investment portfolio means an equal proportion of risk and returns. To choose the right NRI retirement plan, having an idea of the best retirement plans for NRI in India is crucial.

The various plans that align with the requirements of the NRI investors are given below:

ULIP Plans

Unit Linked Plans (ULIPs)

This NRI retirement plan has investment and insurance components. This best retirement plan for NRI is a great avenue for wealth creation in India while providing financial security for the investor’s family. 

Savings Plan

Savings Plan

This is one of the retirement plans for NRI with a saving component. It is ideal for NRIs averse to risk. The plan provides an assured return on maturity and also offers financial security for the family of the insured by way of insurance coverage.

Annuity Plans

Annuity Plans

Annuity plans are the best retirement plans in India for NRI who want their golden years to be stress-free. They can save money systematically for several years for financial security post-retirement. They can either opt for regular income, either monthly, quarterly, half-yearly, or yearly, or return of total premiums paid on death. 

Features of NRI Retirement Plans

NRI retirement plan is an excellent avenue for creating a corpus for a financially secure post-retirement life. There are several plans devised to suit the requirements and risk appetite of the investor. The NRI retirement plans India can be pension plans or annuity plans, depending on the financial goals and expected returns. Various retirement plans for NRI are given below:

Factors to Consider Before Investing in NRI Retirement in India

Investing in an NRI retirement plan is a great idea to make retired life financially secure and stress-free. With various pension and annuity plans devised for NRIs, choosing the retirement plans for NRI in India can be challenging.

 

Here are some of the factors that have to be considered before investing in the NRI retirement plans in India are:

1

The investor has to list out their financial obligations and retirement goals and choose the best retirement plan for NRI from the various plans available, possibly using a retirement calculator

...Read More

2

Each plan has a cap on the minimum and the maximum age to purchase the plan. Check the eligibility criteria stipulated by the insurance company.

...Read More

3

Investing in the best retirement plans for NRI in India requires regular premium payments. The investors have to assess their financial status and budget to adhere to the financial commitment required for the plan.

...Read More

4

Consider your financial goals and requirements and choose the payment option that suits you the best. 

...Read More

5

Understand the tax implications and choose the retirement plans in India for NRI that provide tax benefits and how they impact your overall tax strategy.

...Read More

6

Study the features of the NRI retirement plan, such as the lock-in period, contribution limits, withdrawal options, and portability.

...Read More

7

Evaluate the impact of exchange fluctuations and opt for the NRI retirement plans India that provide currency hedging options.

...Read More

Benefits of NRI Retirement Plans

One of the best retirement plans in India for NRI is the Annuity Plan. The benefits of the Annuity Plan are:

Stability with Annuity Plans

Stability with Annuity Plans

An annuity plan is the best option for people who are apprehensive about market volatility and potential investment losses. The plan offers guaranteed returns while providing a regular income stream. 

Flexible Income Options

Flexible Income Options for NRIs

NRI retirement plans can be structured to provide income for a specific period or a lifetime. This alleviates the fear of outliving the savings.

Tax Deferred Growth

Tax-Deferred Growth for Enhanced Investment Value

Additional benefits like tax-deferred growth are available in this plan. Individuals can build a retirement corpus without paying taxes till the payout starts. This enhances the value of investment over time, enabling building a significant corpus for retired life. 

Joint Life Options

Joint-Life Options

Joint-life options are also provided under the plan, allowing you to secure your spouse's retired life irrespective of any eventuality.

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Eligibility Criteria for NRI Retirement Plans

The eligibility criteria for investing in an NRI retirement plan are:

  • The applicant should be between 18 and 60 years old.
  • A valid PAN card is a compulsory requirement. In the absence of a PAN card, the applicant should submit a declaration in company format stating that he/she is not a tax resident of India.
  • The applicant should not have stayed in India for more than 182 days in the previous year.
  • The NRI should not have stayed in India for 365 days or more during the past 4 years preceding the previous year.

How to Apply for NRI Retirement Plans?

To apply for an NRI retirement plan, follow the steps given below:

  • Apply for a PAN Card before opening a bank account.
  • Open an NRE or NRO Account.
  • Complete the KYC documentation by providing an address proof and photo ID proof.
  • Choose the NRI retirement plan that suits your requirements.
  • Consider the tax laws in India and the country of residence and abide by the rules and regulations.

Tax Benefits for NRIs on Retirement Plans

The following are the tax benefits for NRIs on the NRI retirement plan.

 

  • A tax deduction benefit up to Rs. 150000/- under Section 80(C)# of the Income Tax Act 1961 on the premiums paid is available.
  • A tax exemption under Section 10(10D) # of the Income Tax Act is permitted for the premiums paid.
  • A benefit under DTAA, i.e., Double Taxation Avoidance Agreements (DTAA), is allowed for people who claim tax credits for taxes paid in India while filing income tax in their country of residence.
  • Tax deduction up to Rs. 150000/- under Section 80(C) of the Income Tax Act 1961 on the premiums paid.
  • Tax exemption under Section 10(D) on maturity pay-outs on life insurance policy claims is subject to conditions stipulated in the Income Tax Act.
  • A benefit under DTAA, i.e., Double Taxation Avoidance Agreements (DTAA) can be derived by the NRI investor while claiming tax credits for taxes paid in India while filing income tax in their country of residence.

 

FAQs on NRI Retirement Plans

1 What are NRI Retirement Plans?

NRI Retirement Plans are plans designed for NRIs to build a retirement corpus and secure their financial future. The various plans available are NPS, Mutual Funds, Pension Plans, Annuity Plans, etc.

2 Why should NRIs invest in retirement plans in India?

NRIs should invest in NRI retirement plans in India to build a retirement corpus and secure their financial future while providing financial security for their family. 

3 Who is eligible to purchase NRI retirement plans?

An individual who has not stayed in India for over 182 days in the previous year or for 365 days or more in the last four years preceding the previous year can purchase NRI retirement plans. The applicant should have a PAN card or a declaration in the company format that he/she is not a tax resident of India. To invest in the NRI retirement plans, the entry age stipulated is between 18 years and 60 years. 

4 What documents are required to apply for an NRI retirement plan?

The documents required to apply for the best retirement plan in India for NRI are a PAN Card or a declaration in Company format that he/she is not a tax resident of India, Address Proof, and a passport-size photograph.

5 How do I choose the best NRI retirement plan for my needs?

You will have to consider your financial obligations, retirement goals, and budget before choosing the best NRI retirement plan. Choose the plan depending on whether you need a steady stream of income for a specific period or lifetime or a lump sum amount on your death. 

6 Are there any tax benefits for NRIs investing in retirement plans in India?

NRIs investing in the best retirement plans for NRI in India can claim tax deductions up to Rs. 150000/- under Section 80C of the Income Tax Act on the premiums paid and tax exemption under Section 10(10D) on maturity payouts received.

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Disclaimer

1. Provided all due premiums have been paid and the policy is in force.

3. Provided all due premiums have been paid.

4. ROP – Return of Premiums. This applies to Income variant, whereby all base premiums are returned to policyholder on survival of Life Assured at maturity, provided all due premiums are paid during the premium payment term.

5. This feature is available in select products under the savings category. Please read the product brochure of your selected product to know the details.

6. In the case of Joint Life annuities the payout continues till either of the lives chosen in the policy is alive.

8. The age mentioned is the age as per the last birthday.

12. Available under Level Cover with Capital Guarantee and Decreasing Cover with Capital Guarantee plan options

17. Quantum of benefits is guaranteed irrespective of the experience.

# Tax benefits & exemptions are subject to conditions of the Income Tax Act, 1961 and its provisions. Tax Laws are subject to change from time to time. The customer is requested to seek tax advice from his Chartered Accountant or personal tax advisor with respect to his personal tax lsiabilities under the Income-tax law.

^ Available under Life & Life Plus plan options

ARN: MC/05/24/11727