Suppose an investor begins investing in the NPS at 30 years of age to receive Rs. 50,000 as pension amount per month post-retirement around 60 years of age. The amount he/she needs to invest per month will be approximately Rs. 12,500 to fetch a pension amount of Rs.
Beside this, which LIC policy is best for senior citizen?
| Pension Plans | Entry Age | Annual Premium Amount |
|---|---|---|
| PNB Metlife Monthly Imcome Plan-10 pay | 18 years-55 years | Rs.23,280 |
| Reliance Immediate Annuity Plan | 20 years-80 years | N/A |
| SBI Life Saral Pension Plan | 18 years-60 years or 65 years | Rs.7,500 |
| Shriram Immediate Annuity Plan | 40 years- 75 years | N/A |
Also know, how is LIC premium calculated?
The premium payment to be made for each policy will depend upon
| Monthly Premium | Rs.5,000 |
|---|---|
| Half-Yearly Premium | Rs.29,250 |
| Yearly Premium | Rs.58,500 |
How is monthly pension calculated?
The Formula
Average Salary * Pensionable Service / 70 where, Average Salary means the average of the Basic Salary + DA combined, drawn in the last 12 months, and. Pensionable Service means the number of years worked in the organized sector after 15th November, 1995.
What is the formula for pension calculation?
Effective from September 1, 2014, the contribution will be made as follows: 8.33% of Rs 15,000 = Rs 1250. Kasturirangan says, “The formula to calculate the EPS pension is as follows:
| Year of Service | Proportion of Wages at Exit |
|---|---|
| 9 | 8.33 |
How much pension will I get from LIC Jeevan Nidhi?
Key Features of LIC’s New Jeevan Nidhi Plan
| Plan type | Pension plan |
|---|---|
| Sum Assured | Minimum: Rs.1 lakh (regular premium) Maximum: No limit |
| Grace Period | 30 days (Yearly, Half-yearly and Quarterly modes) 15 days (Monthly mode) |
| Service Tax | 3.09% |
| Freelook Period | 15 days. A policy cannot be cancelled after 15 days till for three years |
Which policy gives maximum returns?
LIC Plans with Highest Return. LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits – Jeevan Amar, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years, and New Jeevan Anand Plan.
Do LIC agents get pension?
Group pension
Group pension is also available under Lic Agent Benefits.
How can I get 20000 pension monthly?
According to the HDFC pension calculator, for the pension of Rs 20,000 per month, you need to invest Rs 2424 per month. According to the HDFC pension calculator, for the pension of Rs 30,000 per month, you need to invest Rs 3637 per month.
How many years of service is required for full pension?
The minimum eligibility period for receipt of pension is 10 years. A Central Government servant retiring in accordance with the Pension Rules is entitled to receive pension on completion of at least 10 years of qualifying service.
Are pension plans worth it?
Benefits of long-term investing – since these schemes invest for the long-term, your investments can reap the benefits of long-term investing. Pension plans ensure that a good corpus is accumulated by the time you retire and create an annuity which can provide a steady flow of cash post your retirement.