July 31, 2019 9:25 am,
In this article we will understand what are the different retirement and pension insurance plans are available for NRIs in India. So, the insurance providers have a multitude of options for NRIs.
The insurance providers have pension plans that are:
HDFC Life insurance provides the option to transfer the accumulated pension pot in the UK under the QROPS plan.
QROPs will help to transfer pension pot to India and helps in providing steady income post-retirement. So, the plan also provides a growth opportunity in India.
NRI individuals can subscribe to the retirement plans using the online portal for the offering insurer. Hence, almost all the insurers have a dedicated NRI customer centre. So, the insurance companies, HDFC Life insurance, ICICI Prulife insurance, Max Life insurance, LIC, Kotak Life insurance have dedicated NRI centres.
Planning retirement is important with the need to maintain a preferable lifestyle post-retirement. Thus, the following factors are to be considered before buying the retirement or pension scheme.
Payment of premium is possible through NRE or NRO account of the policyholder. Besides, the insurance companies also offer other means of payment such as through SWIFT payments, ECS payments and Direct Debit payments etc.
Hence, the policy document is sent through email and can be sent to the postal address if requested.
Hence, a few of the plans provide options to save tax under Section 80CCC and applicable sections under Income tax act 1961.
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