Pension is one of the value additions Pravasi Chitty provides along with insurance (in the form of liability waiver). The pension is offered by Kerala Pravasi Welfare Board. KSFE will pay the monthly premium for the pension for prompt subscribers till the termination of the chitty. To avail this option, all you need to do is to join a chitty with a monthly subscription of Rs. 10000 or more. Subscribers aged between 18 and 60 years are eligible for the scheme. The monthly pension amount ranges between Rs. 2000/- and Rs. 4000/- as of now.
The monthly premium for the pension is Rs. 300 for expatriates (Rs. 100 for returned expatriates). KSFE will pay the premium for prompt customers till the end of the chitty. Kindly note that the subscriber has to pay the premium after the termination of the chitty till attaining the age of 60.
One person can avail the pension option only once. Either the pension option or the liability waiver facility will be available for a customer in a single chitty. However, a subscriber can choose the pension option in a chitty and the liability waiver facility in other chits.