The Best Plans for Protection, Investment, and Retirement from LIC India for NRIs

Living in a foreign country (NRI - Non-Resident Indian) can be both exciting and challenging. Proper financial planning is crucial to ensure a secure future for you and your family back home. This includes establishing adequate protection, making wise investment choices, and planning for a comfortable retirement. In this article, we will discuss the best plans from Life Insurance Corporation of India (LIC India) that cater to the needs of NRIs.

Protection Plans

When it comes to protection plans, it is essential to establish a life cover that meets your liabilities and responsibilities towards your family. If something were to happen to you, there should be enough money to support your family. This includes covering the costs of their education, marriages, and healthcare. Here are some of the top protection plans from LIC India:

LIC Table 932 and 933: These are among the most recommended plans for NRIs. They provide comprehensive life cover, ensuring that in the event of an unfortunate event, your family is financially secure. Term Insurance: This is another great option to consider based on your specific needs. Term insurance offers coverage without any investment component, focusing solely on protection.

Investment Plans

Investment is crucial to build wealth and ensure financial security for the future. Alongside life cover, NRIs should consider plans that offer both protection and returns.

Here are two standout investment plans from LIC India:

LIC Jeevan Labh Table 936: This plan provides excellent returns on your investment while offering life cover. It is one of the best options for NRIs looking for a balanced investment portfolio. LIC Jeevan Umang Table 945: This table offers solid returns along with a comprehensive life cover. It is ideal for those who are looking for a combination of protection and investment.

Retirement Plans

For retirement planning, it is essential to have a holistic approach. This includes not only saving for retirement but also ensuring a sustainable income during your golden years. Here are two plans that are highly recommended by financial experts:

LIC Table 914 and 915: These plans are designed to ensure you have a sufficient corpus by the time you retire. Multiple policies can be taken starting at 55 or 60 years to provide a steady stream of income every year, tax-free. LIC Jeevan Amar and New Pension Plus: A combination of these plans can provide comprehensive coverage. Jeevan Amar is based on the Human Life Value concept, providing protection against premature death. New Pension Plus is a market-linked investment plan that not only considers future pension requirements but also factors in inflation.

The corpus created at the end of the maturity period of the New Pension Plus policy can be converted into an annuity, providing a life-long pension. The Return of 100 purchase price option provides further financial security to the family members left behind.

Additional Considerations

It is important to have a separate health insurance policy as a family floater plan. This covers the entire family and provides essential medical coverage. While the above plans cover the financial aspects, a health insurance policy ensures the well-being of your loved ones.

By carefully considering these protection, investment, and retirement plans from LIC India, NRIs can ensure a secure and comfortable future for themselves and their families.