SBI Life Pension Plan: According to the information given on the website of SBI Life, ‘SBI Life – Smart Annuity Plus’ is an individual, non-linked, non-participating, general annuity product. According to the website, people in this scheme are entitled to regular guaranteed income and this will help them spend their time after retirement.
SBI Life Pension Plan : SBI Life – Smart Annuity Plus plan is a very special plan, which gives pension after a fixed interval of payment once. However, you will have to invest in this scheme. Let us see how much amount a person who has reached the retirement age of 60 needs to pay to receive Rs 1 lakh/month?
According to the information given on the website of SBI Life, ‘SBI Life – Smart Annuity Plus’ is an individual, non-linked, non-participating, general annuity product. According to the website, people in this scheme are entitled to regular guaranteed income and this will help them spend their time after retirement.
This annuity plan offers both deferred and immediate annuity options. The plan also has a joint life option. One can invest from the age of 30 with annuity options. Whereas, deferred annuity is available from the age of 45 years.
How to get Rs 1 lakh at the age of 60?
Life Annuity : The calculator shows that a 60-year-old person will have to pay Rs 1,55,92,516 to get Rs 1 lakh per month from the plan under this option.
Life Annuity with Return of Purchase Price : The calculator shows that a 60-year-old person will have to pay Rs 1,88,32,392 to get Rs 1 lakh per month from the plan under this option.
Life Annuity with Return of Balance Purchase Price : The calculator shows that a 60-year-old person will have to pay Rs 1,60,40,636 to get Rs 1 lakh per month from the plan under this option.
Life Annuity with Annual Simple Growth of 3% per annum : The calculator shows that a 60-year-old person will have to pay Rs 2,04,11,635 under this option.
Life Annuity with Annual Simple Growth of 5% per annum : The calculator shows that a 60-year-old person will have to pay Rs 2,35,61,751 under this option.
Life Annuity with a fixed term of 10 years : The calculator shows that a 60-year-old person will have to pay Rs 1,57,77,018 to get Rs 1 lakh per month from the plan under this option.
Life Annuity with a fixed term of 20 years : The calculator shows that a 60-year-old person will have to pay Rs 1,62,38,160 to get Rs 1 lakh per month from the plan under this option.
Life Annuity with Annual Compound Growth Rate of 3% per annum : The calculator shows that a 60-year-old person will have to pay Rs 2,20,83,180 under this option.
Life Annuity with Annual Compound Growth Rate of 5% per annum : The calculator shows that a 60-year-old person will have to pay Rs 2,90,27,676 under this option.
