Looking to invest for future or retire with a saving income in your motherland – India? Well, the good news is, several companies are coming up with top class policies for non resident Indians so that they get healthy returns and a really good level of security after they reach retirement age. These plans include retirement saving plans, pension plans, child education plans and of course, the all important health insurance plans.
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In fact there are some top insurance companies in India which have pension plans that offer a pretty regular stream of income for NRI retirement. These aren’t really life insurance plans but payments you make in installments or lump sum payments which you make after a given period of time. These are known as annuities.
What are annuities? A lot of people confuse them with Life Insurance cover, when in reality they couldn’t be more different. These, unlike life insurance cover do not offer the guarantee of payment or income throughout your life. These are basically bought so that you can generate income after you retire or take voluntary retirement so that you can have a really good, comfortable life.
If you retire from your work life with a large superannuation benefit, then you need to know where to invest all that money so that you have in your hands a really good pension plan. You do want to have a comfortable source of income after you retire, don’t you? These payments you make will be made on a yearly basis and you won’t have trouble paying them at all.
A life annuity is basically something which will guarantee you a specified amount of money as long as you life. After that, this money which you have invested will go to your nominee. For a specified period, your nominee will get the fixed amount of money regularly, as had previously been decided.
There is also something known as the annuity certain plan, wherein the annuity amount is paid for a certain number of years and then stopped. This period could precede your lifetime. Sometimes, you can choose to go in for deferred annuities and have the annuity amount deducted from your taxable income and the best part is interest won’t be charged right away. However, the proceeds will be taxable.
NRI’s do proper pension planning!
For NRIs, there is great news because there are banks & insurance agents like www.NriInvestIndia.com out there which have offered the option of paying in currencies other than rupees like investing with dollars, especially if you are an NRI residing in the Middle East or America. With these non rupee plans, you can take advantage of policies of education for children, critical protecting and the like.
You can also take advantage of whole life plans which are rupee plans which offer you great returns and security. What is more, your investment is divided between government commodities and equities to give you just the right mix so that you have a good profit. You will end up benefiting a whole lot from insurance and will get a good return in the long term too.
These days you can buy pension plans online from India, through mail order business without coming/going to India, you can complete all the formalities associated with buying insurance. You can also choose to take care of matters by post. Just ensure that all your details are verified by the Indian embassy in your country of residence before you send them in. Along with that, you need to get the first page of your passport certified by the embassy people as well and you need to send that in. That’s not much of a hassle when you think of the amazing life you can have, is it?