A Bahrain-based insurance company plans to offer a pension scheme for non-resident Indians in Gulf Cooperation Council (GCC) countries.

The Life Time Pension II programme developed by Fakhro Insurance Services (FIS) is a regular-premium retirement solution that will offer flexible annuity options, ensuring customised choices to suit the need of the insurer on retirement.

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

Until now, there were no pension plans for NRIs in GCC countries, said FIS general manager Adrian Pinto.

"Locals are given some security under the GOSI plan, making it important for NRIs to have a pension plan with a good provider who will invest their contributions in various bonds/equities to get maximum pension benefits," he was quoted as saying by the Gulf Daily News.

"Its retirement solutions allow the flexibility of customers withdrawing a certain lump sum if faced with an emergency," he said.

(The Economic Times)