SBI Life Pension Plan: One unique plan, SBI Life’s Smart Annuity Plus, pays out pensions after a single, predetermined payment interval. You will need to make an investment in this system, though. Let’s examine the amount that a person who has attained retirement age of sixty must pay in order to obtain one lakh rupees each month.
How to get Rs 1 lakh at the age of 60?
Life Annuity: According to the calculator, a 60-year-old will need to spend Rs 1,55,92,516 in order to receive Rs 1 lakh from the plan each month under this particular choice.
Life Annuity with Return of Purchase Price: According to the calculator, a 60-year-old will need to spend Rs 1,88,32,392 in order to receive Rs 1 lakh from the plan under this particular choice each month.
Life Annuity with Return of Balance Purchase Price: According to the calculator, a 60-year-old will need to spend Rs 1,60,40,636 in order to receive Rs 1 lakh from the plan under this particular choice each month.
Life Annuity with Annual Simple Growth of 3% per annum: According to the calculator, a 60-year-old would be required to pay Rs 2,04,11,635 for this choice.
Life Annuity with Annual Simple Growth of 5% per annum: According to the calculator, a 60-year-old who chooses this option will have to pay Rs 2,35,61,751
Life Annuity with a fixed term of 10 years: According to the calculator, a 60-year-old who wants to get Rs 1 lakh per month from the plan under this option will need to pay Rs 1,57,77,018.
Life Annuity with a fixed term of 20 years: According to the calculator, a 60-year-old will need to spend Rs 1,62,38,160 in order to receive Rs 1 lakh from the plan per month for this choice.
Life Annuity with Annual Compound Growth Rate of 3% per annum: According to the calculator, this option will cost Rs 2,20,83,180 for a person 60 years of age.
Life Annuity with Annual Compound Growth Rate of 5% per annum: According to the calculator, this option will cost a 60-year-old Rs 2,90,27,676.
Guaranteed Income for Post-Retirement Life
SBI Life’s website describes “SBI Life – Smart Annuity Plus” as a general annuity product that is individual, non-linked, and non-participating. The website claims that participants in this programme are eligible for a consistent, guaranteed income, which would assist them in planning their post-retirement activities. Both immediate and delayed annuity choices are available with this annuity plan. Moreover, the plan offers a joint life option. Annuity options are available for investing as early as age thirty. On the other hand, deferred annuity is accessible starting at age 45.
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