Introduction
Non-Resident Keralites (NRIs) have contributed significantly to Kerala’s economy. To provide them financial support during retirement, the Kerala Pravasi Welfare Board offers a pension scheme. While the scheme ensures basic monthly support, it may not fully cover retirement needs.
This blog explains everything about the Kerala Pravasi Welfare Board Pension, including eligibility, benefits, and a better approach to plan for a secure retirement.
Eligibility for Kerala Pravasi Welfare Board Pension
| Requirement | Details |
|---|---|
| Who Can Apply | NRIs and returnees |
| Minimum Membership | 5 years |
| Pension Start Age | 60+ |
| Monthly Contribution | ₹100–₹500 |
Benefits of Pravasi Pension
- Monthly financial support after age 60
- Family assistance in some cases
- Access to welfare benefits like education and medical aid
Note: Most NRIs receive only ₹2,000–₹5,000 per month, which may not cover living expenses.
How to Apply
- Visit the official Kerala Pravasi Welfare Board portal
- Select the correct form (1A, 1B, or 2A)
- Fill personal and employment details
- Upload documents: passport, visa, address proof, photograph
- Pay the registration fee (₹200)
- Submit and save the acknowledgment/registration number
Limitations of the Pravasi Pension
| Limitation | Impact |
|---|---|
| Low pension amount | Only ₹2,000–₹5,000 monthly |
| No inflation protection | Reduced value over time |
| Minimal family coverage | Limited support for spouse/children |
| Only basic security | Not suitable for a comfortable retirement |
While helpful, the Pravasi Pension cannot provide financial independence, making it necessary to consider private pension plans.
Better Retirement Option – Bajaj Pension Plan
NRIs seeking financial security and a steady monthly income should consider Bajaj Guaranteed Pension Plans, which offer:
- Monthly pension: ₹25,000–₹75,000+
- Lifetime guaranteed income
- Spouse protection (joint life option)
- Return of investment to nominee
- Tax benefits under 80C & 10(10D)
Comparison Table: Pravasi Pension vs Bajaj Pension
| Feature | Pravasi Pension | Bajaj Pension Plan |
|---|---|---|
| Monthly Pension | ₹2,000–₹5,000 | ₹25,000–₹75,000+ |
| Lifetime Guarantee | No | Yes |
| Spouse/Family Cover | Limited | Yes |
| Return of Investment | No | Yes |
| Tax Benefits | Minimal | 80C + 10(10D) |
| Goal | Basic Support | Financial Freedom |
Conclusion
The Kerala Pravasi Welfare Board Pension provides basic retirement support, but it’s not enough for a comfortable life. NRIs are advised to combine it with private pension plans like Bajaj Guaranteed Pension for a secure and dignified retirement.
Wa: https://wa.me/918547125619
Visit: MyGoldenRetire.com
