Monthly pension can be availed under SBI’s Annuity Deposit Scheme. There is no limit for maximum investment in this. Loan benefit is also available.
Pension Plan: Pension plans play an important role in a person’s life. Through this, financial stability is guaranteed after retirement. Through this, the money deposited currently is available in old age. This makes it easier to live the Golden Age and not have to rely on children for one’s wishes. Different types of plans and schemes are available under which regular pension can be availed. One of these schemes is SBI Life’s Annuity Deposit Scheme.
About the scheme
Under this scheme, the income i.e. pension amount depends on investment. Under this, the investor gets income in the form of EMI every month in return for lump sum investment. Policyholders can invest as per their convenience. Later, both the principal and interest are returned in the form of monthly annuity. Through this, pension is available throughout life.
Features of the scheme
There are different types of annuity deposits. Under Periodic Annuity, investors get regulated income. You can opt for annual or monthly annuity payouts. Any person in India can avail the benefit of this scheme. Opening of joint account is also allowed. This can be invested for 3/5/7/10 years. Term deposit rate is also effective on this. There is no limit for maximum investment. Loan benefit is also available. Term deposits of 5-10 years get the highest interest, general citizens get 6.25% and senior citizens get 7.25%.
Here is the calculation
If a person starts investing at the age of 18 and deposits Rs 500 every month. So he gets 5.4% return on investment. On attaining the age of 60, one gets a pension of Rs 1,432 every month. The more you invest, the pension amount will increase.
(Disclaimer: The purpose of this article is to share general information only. MP Breaking News does not recommend investing in any plan or scheme.)
