SBI Life Pension Plan: How to get Rs 50,000 to Rs 1 lakh per month with Smart Annuity Plus
SBI Life – Smart Annuity Plus Plan provides individuals with an option to pay once and achieve financial independence by receiving a pension at pre-determined intervals. However, getting adequate monthly income from this scheme comes at a cost. Let’s see how much amount a person, who has reached the retirement age of 60 years, will need to pay to get Rs 1 lakh/month and Rs 50,000/month under various options provided in this scheme.
But first, let’s understand this scheme in brief.
According to information on SBI Life’s website, ‘SBI Life – Smart Annuity Plus’ is an individual, non-linked, non-participating, general annuity product. The website says that the scheme can help individuals “achieve a stress-free retirement with regular guaranteed income”.
This annuity plan offers both deferred and immediate annuity options. The scheme also has joint life options. Individuals can subscribe to immediate annuity from the age of 30 by choosing a range of annuity options. A deferred annuity is available from the age of 45.
SBI Life website provides a calculator on its website to help individuals get an idea of how much money they will have to pay to get their desired monthly, quarterly, half-yearly or annual annuity. The following is what the calculator shows for Rs 1 lakh/month under immediate annuity purchased at age 60.
Life annuity: The calculator shows a 60-year-old person will need to pay Rs 1,55,92,516 to get Rs 1 lakh/month from the scheme under this option.
Life annuity with return of purchase price: The calculator shows a 60-year-old person will need to pay Rs 1,88,32,392 to get Rs 1 lakh/month from the scheme under this option.
Life annuity with return of balance purchase price: The calculator shows a 60-year-old person
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