Get Your United Kingdom's Pensions to LIC's JEEVAN AKSHAY V11-QROPS

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.

M +91  9844519872

Email:  qropstoindia@gmail.com