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Pension scheme for NRIs in Gulf

Bahrain's Fakhro Insurance Services has announced that it will offer a pension scheme for Gulf NRIs.

india Updated: Jun 01, 2006 13:04 IST

Bahrain's Fakhro Insurance Services (FIS) has announced that it will offer a pension scheme for NRIs in the Gulf Cooperation Council (GCC) countries.

According to a press release, the company's 'Life Time Pension II' programme is a regular-premium, unit-linked retirement solution that offers flexible annuity options, ensuring customised choices to suit the need of the insurer on retirement.

With five different annuity options to choose from, insurers have the flexibility to select the best suitable way on how to receive their pension.

The choices include deferring the start date of annuity until the age of 75, or taking annuity from any other player in the insurance industry with the help of the Open Market Option, to assess the best offer available in the market.

Till now, there was no pension plan for NRIs in GCC countries.

The GCC countries, comprising Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates (UAE), Oman and Yemen, are home to around 3.5 million Indians.

FIS is a part of Abdulla Yousif Fakhro group of companies and was incorporated in January 2000 as a limited liability company.

It is registered with the ministry of commerce in Bahrain as insurance brokers for all classes of insurance and is a member of the Bahrain Insurance Association.

First Published: Jun 01, 2006 13:04 IST