Lic’s
Jeevan Akshay V11 is the only “Qualifying recognized overseas pension
Scheme”(QROPS) available with LIC of India to get your UK pensions corpus from UK to India. It is an immediate Annuity scheme that can be
purchased by transferring overseas Pension fund). The plan provides for annuity payments of a stated amount
throughout the life time of the annuitant under various options for the
type & mode of annuities.
The Annuity Options are available under the plan are as follows:
1) Immediate Annuity for Life at a uniform rate.
2) Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive.
3) Annuity for life with return of purchase price on death of the annuitant.
4) Annuity payable for life increasing at a simple rate of 3% P.A
5) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7) Annuity
for life with a provision of 100% of the annuity payable to spouse
during his/her life time on death of annuitant. The purchase price will
be returned on the death of last survivor.
Client can choose any one of the above mentioned options.
Please Note: option once chosen cannot be altered.
Mode :
Annuity
may be paid either at monthly, quarterly, half yearly or yearly
intervals. Customer can opt any mode of payment of Annuity.
Features of the scheme:
a) Premium is to be paid in a Lump sum(QROPS Pension fund transferred).
b) Minimum purchase price with UK -QROPS should be Rs 100,000
c) No medical examination Required
d) There is no maximum limits for purchase price, annuity e.t.c .,
e) Entry age For QROPS Cases: Minimum 55 years completed & maximum 85 years completed.
f) Age proof mandatory
Note: If
purchase price is Rs 2.50 lakh or above, customer is eligible to
receive higher amount of annuity due to available incentives.
Other Important features:
Ø Paid up value: This policy does not acquire any paid-up value.
Ø Surrender value: This policy does not acquire any surrender value.
Ø Loan : No loan will be available under this policy
Annuity Rates
Amount
of annuity (Pension) payable at yearly intervals which can be purchased
for Rs. 1 lakh under different options is as under:
Age last
birthday |
Yearly annuity amount under option
| |||||||
( i )
|
( ii ) (15 years certain)
|
( iii )
|
( iv )
|
( v )
|
( vi )
|
(vii)
| ||
30
|
7190
|
7160
|
6890
|
5250
|
7080
|
6970
|
6860
| |
40
|
7510
|
7440
|
6930
|
5610
|
7310
|
7120
|
6890
| |
50
|
8140
|
7950
|
7000
|
6280
|
7760
|
7420
|
6930
| |
60
|
9350
|
8790
|
7110
|
7530
|
8640
|
8030
|
7010
| |
70
|
12080
|
9830
|
7260
|
10220
|
10560
|
9370
|
7130
| |
80
|
17880
|
10440
|
7480
|
15890
|
14600
|
12340
|
7290
| |
QROPS: QROPS stands for Qualifying Recognized Overseas pension Scheme
Any
Individual enrolled with a UK pension scheme who either now lives
overseas as an expatriate or is planning to leave UK over the next 12
months or any Indian who has returned to India can now transfer his /
her existing pension provisions into a Qualifying Recognized Overseas
Pensions Scheme (QROPS).
· In
order to receive QROPS status, the scheme must be recognized as a
pension scheme and should meet the rules of the jurisdiction that it is
situated.
· The
scheme must be recognized and meet the Her Majesty's Customs &
Revenue (HMRC) rules in the UK relating to how and when benefits can be
taken, along with defined reporting requirements prior to the member
becoming non UK tax resident.
· The qualifying scheme must be outside the UK.
· The
local Jurisdiction will set out how the QROPS is structured. However,
most QROPS are structured in a similar way to UK pensions, that is, a
pension administrator (pension provider) manages the pension fund on the
client’s behalf, and must be based outside UK.
· Any UK registered Pension schemes can be transferred to a QROPS, as long as the terms of the said schemes permit transfer and the receiving QROPS provider is willing to accept it.
· Any
NRI/PIO who has a UK registered pension scheme or any Indian who has
some accumulations into UK pension scheme can move their pension into a
QROPS.
Why should one think of Transferring pension fund from overseas to India ?
Because
one can take pension income in Indian currency. Emerging economies like
India tend to offer better returns/pensions than those offered by
developed economies.
WHY LIC ?
Life
insurance Corporation of India is a state owned Largest Insurance Group
and Investment Company. Government of India got 100% stake in the same.
It’s the only Insurance company in India, which is fully state owned
and 100% funded by Indian Government. It is estimated that LIC funds
close to 24.6% of the Indian Government’s expenses and LIC’s assets is
estimated of Rs 13.25 trillion. LIC is known for trust among the Indian
general people. The company got huge network of branches across the
country irrespective of urban rural locations. The highest settlement
and claim ratio every year is an instance for the trust the company
carries since last more than five decades.
NOTE: The
service to the customers in transferring their pension fund will be
given irrespective of the locations where ever they stay, like any part
of India or Abroad.
FOR STARTING UP OF THE PROCESS CONTACT :
Ravi Kumar
Financial Consultant
Life Insurance Corporation Of India
Civil Station East Branch (C.B-5-603),
Ground Floor, Oriental building, M G Road,
Bangalore: 560001.
Civil Station East Branch (C.B-5-603),
Ground Floor, Oriental building, M G Road,
Bangalore: 560001.
M +91 9844519872
Email: qropstoindia@gmail.com
