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Retirement tenure is a new phase where one gives up their hectic lifestyle and enjoys a laid-back and relaxed style of living. One can indulge in varying hobbies and new interests during this tenure. Most of us desire to enjoy and lead an equal, if not enhanced, living standard once we retire. You require solid monetary backing to ensure a good living standard where you can enjoy life without responsibility, stress and worry during retirement.
Planning for retirement is crucial for all Indian citizens and NRIs (non-resident Indians). As an NRI, one needs to make several retirement and investment decisions compared to others. Formulating a retirement plan is challenging for NRIs, but one can do it smartly with research and planning. Therefore, to lead and enjoy a carefree retirement tenure, an NRI should select the appropriate pension plan for NRI that abides by their financial requirements.
Pension Plans for NRI
Pension plans offer dual benefits of investment and insurance coverage to their buyers. You can invest a fixed sum of money regularly towards a pension plan over a long tenure to ensure a stable and secure future. This fixed sum of money would accumulate a large section of money for your retirement tenure.
Now the question arises, can NRIs avail the benefits of a pension plan for NRI in India?
Indians have migrated to foreign lands for better opportunities since long ago. But, most such individuals plan to return to India as a stable retirement plan. Thus, a retirement plan for NRI in India is of tremendous significance. Multiple questions like the following back any pension plan in India for NRI:
- Why do they wish to invest in an Indian pension plan?
- What investments would they require to secure a comfortable life during their retirement years?
Several insurance companies provide a wide range of retirement plans for NRIs that fulfil their requirements. On the other hand, an NRI must consider several criteria while choosing among the available retirement plans in India. Some measures NRIs should consider while choosing a pension plan includes age, desire, financial objectives, responsibilities, etc.
How to Go About Retirement Planning in India as an NRI?
Several financial decisions and research is required to choose a suitable pension plan for NRI. While planning on what sum you should put away and what investments you should make, consider the below-listed financial decisions:
- Life Expectancy - The average expectancy of Indian lives is on the rise. Long life means one must plan better and more carefully to ensure a comfortable life for years. At this stage, ask yourself: Will your retirement contributions let you maintain your current lifestyle?
- Exchange Rate - Being an NRI, you can own existing pension funds or savings in a foreign currency. Fortunately, you can have them exchanged for INR. Typically, the exchange rates are favorable for an NRI. Furthermore, often there are provisions where you can transfer a foreign retirement fund to an Indian retirement annuity in INR.
- Expenses - You can count your current lifestyle while preparing for a retirement plan. But remember, there are always newer expenses that might add on during your retirement years. As one ages, there are chances of medical expenses increasing. Remember to plan for such costs.
- Inflation - Inflation is a part of our lives and is here to stay. A developing economy like India is likely to experience higher inflation rates than ever. While planning for your retirement years, ensure to account for inflated prices of services and goods in the future.
Look for Investment Choices in India for your Retirement Plan
Being an NRI, there can always be unsatisfying pension plans in a foreign land. Or you might desire to diversify and expand your investment portfolio. No matter the reason, you can consider looking for the right investment plans in India. Resultantly, you can enjoy tax* benefits while maximising your insurance. You can visit our website and explore the several options that can fit your retirement plans. You can have a good investment plan booked with merely a few clicks.
Conclusion
If you are looking for a retirement plan for NRI in India, you will be overwhelmed with the options available. Once you decide on the basics like when, where, and hows of your retirement plan, you can look for a suitable investment plan.
The sooner you begin planning and saving for retirement, the better. A careful plan is crucial for a balanced investment portfolio. You can visit our website for the most suitable pension and investment options. But before you make a pick, understand well and evaluate your retirement needs and necessities.
L&C/Advt/2022/Dec/3339
