Know Your NPS Pension Amount: What will be your monthly income on Rs 1.50 crore annuity investment?
Retirement Planning: It is a market-linked scheme where the NPS subscriber can choose equity exposure from 25 per cent to 75 per cent. The starting investment age is 18 years, while one can invest till 75 years of age. At 60 years of age, they can withdraw up to 60 per cent lump sum returns, while they need to purchase annuity from the rest of the 40 per cent.
NPS Monthly Pension: National Pension System (NPS) is a retirement scheme where private and public sector employees, self-employed, and other individuals can contribute monthly or at least once in a financial year. It is a market-linked scheme where the NPS subscriber can choose equity exposure from 25 per cent to 75 per cent. The starting investment age is 18 years, while one can invest till 75 years of age. At 60 years of age, they can withdraw up to 60 per cent lump sum returns, while they need to purchase annuity from the rest of the 40 per cent. Here, we will tell you what will be your pension amount if purchase annuity with Rs 1.50 crore. (Note: For calculation, we have taken all insurance companies that offer annuity policies to NPS policyholders.)
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Types of NPS pension
There are 5 types of pensions that NPS offers- annuity for life without return on purchase (ROP), joint life annuity with ROP, joint life annuity without ROP, family income with ROP.
NPS pension conditions
The calculation is for a private employer who is 60 years old with their spouse age at 58. The annuity investment amount is Rs 1.50 crore.
Annuity for life with ROP
In this type of NPS pension, on the annuitant's death, the annuity amount ceases and the purchase price is returned to the nominee.
Annuity for life with ROP
The best available NPS pension under this category is Rs 88,587.31.
Annuity for Life without ROP
In such type of pension, on the annuitant's death, the payment of the annuity ceases and the purchase amount (ROP) is not returned to the nominee.
Annuity for Life without ROP
For this category, the best monthly pension available at present is Rs 1,16,147.00.
Joint life annuity with ROP
Here on the annuitant's death, the annuity is paid to the spouse during their lifetime, and the purchase price is returned to the nominee after the death of the spouse.
Joint life annuity with ROP
For this category, the best available NPS monthly pension at present is Rs 88,157.00.
Joint life annuity without ROP
In this type of NPS pension, on the death on the annuitant, annuity is paid to the spouse during their lifetime. If the spouse predeceases the annuitant, the payment of the annuity will cease after the death of the annuitant.
Joint life annuity without ROP
The best available NPS pension under this category is Rs 1,02,617.00.
Family income with ROP
In this type of NPS pension, on the annuitant's death, the spouse will get pension for lifetime. After the spouse's death, the annuity payment will go to the living dependent mother and father of the deceased annuitant. After the coverage of these family members, the annuity payment will stop, and the full payment will be returned to the surviving children or legal heirs of the annuitant.
Family income with ROP
The best available NPS pension under this category is Rs 88,157.00.
Know you monthly NPS pension
| (With ROP) ₹ | (Without ROP) ₹ | ||||
| Aditya Birla Sun Life Insurance Co. Ltd | |||||
| Bajaj Allianz Life Insurance Co. Ltd | |||||
| Canara HSBC Life Insurance Co. Ltd. | |||||
| Edelweiss Tokio Life Insurance Co. Ltd | |||||
| HDFC Life Insurance Co. Ltd | |||||
| ICICI Prudential Life Insurance Co. Ltd | |||||
| IndiaFirst Life Insurance Co. Ltd | |||||
| Kotak Mahindra Life Insurance Co. Ltd | |||||
| Life Insurance Corporation of India | |||||
| MAX Life Insurance Co. Ltd | |||||
| PNB Metlife India Insurance Co. Ltd | |||||
| SBI Life Insurance Co. Ltd | |||||
| Shriram Life Insurance Co. Ltd. | |||||
| Star Union Dai-ichi Life Insurance Co. Ltd | |||||
| TATA AIA Insurance Co. Ltd |