The objective of PLIF scheme is to encourage and enable overseas Indian workers by giving co-contribution to (a) save for their return and resettlement, (b) save for their old age (c) obtain a low cost Life Insurance cover against natural death during the period of coverage.
The savings of PLIF subscribers in National Pension System (NPS)- shall remain invested in a PFRDA regulated pension fund and shall be returned to them when they reach the age of 60 years in the form of pension as per PFRDA rules. The Lump sum Return and Resettlement withdrawals as well as pension benefits through NPS- shall be paid into the bank account of each individual PLIF subscriber. The workers would also be given life insurance cover against natural death during the period of coverage. The co-contribution by Government available under the PLIF scheme for a period of five years or till the return of workers to India, whichever is earlier, are:
co-contribution of Rs.1000 per annum in line with platform for all PLIF subscribers who save between Rs.1000 and Rs.12000 per year in NPS-;
;
and the same shall remain invested with a PFRDA regulated pension fund. The PLIF subscriber can withdraw pension corpus as per the guidelines prescribed by the PFRDA.