NPS Annuity Calculator: Want to know your annuity amount to get Rs 80,000 monthly pension in all 5 NPS categories? Check list
NPS Annuity Calculator: At the retirement age of 60 years, they get the option to withdraw up to 60 per cent of their corpus and purchase annuity from the rest of 40 per cent money. The return from the annuity amount helps them get a monthly pension. If NPS subscribers want, they can purchase annuity from all of their 100 per cent retirement corpus.
NPS Retirement Planning: National Pension System (NPS) is a retirement scheme, where NPS subscribers make contributions to their accounts. At the retirement age of 60 years, they get the option to withdraw up to 60 per cent of their corpus and purchase annuity from the rest of 40 per cent money. The return from the annuity amount helps them get a monthly pension. If NPS subscribers want, they can purchase annuity from all of their 100 per cent retirement corpus. At 60, NPS subscribers have the options to select 5 types of NPS pensions. Based on the prevailing interest rate returns of current NPS annuity schemes, we will tell you the minimum annuity investment amount that can help you get at least Rs 80,000 monthly pension in all 5 NPS pension categories.
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5 types of NPS pensions
NPS offers 5 types of pensions to its NPS account holders- annuity for life without return on purchase (ROP), joint life annuity with ROP, joint life annuity without ROP, and family income with ROP.
NPS pension conditions
For calculation purpose, we will take the example of a 60-year-old private sector employee with his spouse age as 58. We are taking NSDL as the source and considering all NPS pension providers available on its website.
Minimum NPS annuity amount to get Rs 80,000 monthly pension
Given the prevailing rate of return that many pension companies are providing, the minimum amount to get Rs 80,000 monthly pension is Rs 1,37,00,000. The amount can help you get Rs 80,000 monthly pension in all 5 categories.
Annuity for life with ROP
In this type of NPS pension, the annuity amount ceases on the annuitant's death and the purchase price is returned to the nominee.
Annuity for life with ROP
On a Rs 1,35,000,00 (Rs 1.35 crore) investment in annuity, the best available NPS pension for this category account holders is Rs 80,909.74. The lowest pension is Rs 66,001.
Annuity for life without ROP pension
In this pension, the payment of annuity ceases on the annuitant's death and the purchase amount (ROP) is not returned to the nominee.
Annuity for life without ROP pension
Here on a Rs 1,35,000,00 investment in annuity, the best available NPS pension is Rs 1,06,081.00. The lowest pension is Rs 84,936.
Joint life annuity with ROP
In it, 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
In this category, the best available NPS monthly pension is Rs 80,517.00, while the least is Rs 64,371.
Joint life annuity without ROP
In this pension option, on the death of the annuitant, annuity is paid to the spouse during their lifetime. However, if the spouse predeceases the annuitant, the annuity payment will cease after the death of the annuitant.
Joint life annuity without ROP
The best NPS pension under this category is Rs 93,723.00, while the lowest is Rs 73,982.
Family income with ROP
Here, on the annuitant's death, the spouse gets the pension for lifetime. After the spouse's death, the annuity goes to the living dependent mother and father of the deceased annuitant. After the coverage of these family members, the annuity payment stops, and the full payment is 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 80,517.00, while the lowest is Rs 64,371.
Monthly NPS pension on Rs 1.35 cr annuity purchase
| Annuity Service Provider - Scheme Name | |||||
| (With ROP) ₹ | (With ROP) ₹ | (Without ROP) ₹ | (Without ROP) ₹ | (Without ROP) ₹ | |
| Shriram Life Insurance Co. Ltd. | |||||
| MAX Life Insurance Co. Ltd | |||||
| IndiaFirst Life Insurance Co. Ltd | |||||
| Aditya Birla Sun Life Insurance Co. Ltd | |||||
| HDFC Life Insurance Co. Ltd | |||||
| Life Insurance Corporation of India | |||||
| SBI Life Insurance Co. Ltd | |||||
| Star Union Dai-ichi Life Insurance Co. Ltd | |||||
| PNB Metlife India Insurance Co. Ltd | |||||
| Canara HSBC Life Insurance Co. Ltd. | |||||
| Bajaj Allianz Life Insurance Co. Ltd | |||||
| ICICI Prudential Life Insurance Co. Ltd | |||||
| Edelweiss Tokio Life Insurance Co. Ltd | |||||
| TATA AIA Insurance Co. Ltd |