How To Get a Monthly Pension of Rs 10,000?

Retirement is an inevitable stage of life, and planning for it is crucial to ensure financial stability and a comfortable lifestyle. A monthly pension of Rs 10,000 can go a long way in providing a steady source of income during retirement.

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Disclaimer: ##Rs 60,000 are the monthly pension amounts at the assumed rate of return of 8% p.a. and 4% p.a. for unit linked insurance plans. This is an illustrative example and the returns are not guaranteed & dependent on the policy term and premium term availed along with the other variable factors. The market linked return of 60K per month is for an 18 year old investing 6k per month for 20 years in a whole life policy having policy term 82 years in which Systematic partial withdrawals start at the age of 65 years at 5% rate of withdrawal per year. The investment risk in the policy is borne by the policyholder. All Plans listed here are of insurance companies’ funds. *Tax benefits and savings are subject to changes in tax laws. All Plans listed here are of insurance companies’ funds. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

This article will delve into different investment options and government-backed schemes that can help you get Rs 10,000 pension per month.

Pension Plans

A pension plan like annuity or guaranteed income plan is designed to build a corpus that provides a regular income after retirement. These plans offer guaranteed returns and help build a corpus for retirement. By investing in a pension plan, one can get Rs 10,000 pension per month or depending on the amount invested.

An annuity plan is an insurance product that provides a fixed income for a specific period or for life. This plan is a great option for those who want to receive a regular income after retirement.

In an immediate annuity plan, an individual invests a lump sum amount and receives a fixed income for life. Guaranteed pension plans provide a guaranteed return and offer a lump sum amount at maturity, which can be used to secure a regular income.
National Pension System (NPS)

The National Pension System (NPS) is a governmental pension scheme that allows individuals to invest in various financial products such as equities, debt, and government securities. The NPS offers tax benefits, and individuals can choose their pension fund manager.

One can accumulate a significant corpus by contributing regularly to NPS, which can get you a Rs 10,000 pension per month. In the NPS, a part of the contribution is invested in equity, while the remaining part goes to debt instruments.

Asset allocation is based on the investor's age and risk profile. The equity component in the NPS helps generate higher returns, while the debt component provides stability to the portfolio.

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Mutual Funds

Investing in mutual funds is another way to build a corpus for retirement. Mutual funds are professionally managed investment schemes that pool money from multiple investors. Collected funds are then distributed between various financial instruments such as equities, debt, and other money market instruments.

Investors can choose from different types of mutual funds, such as equity, debt, and hybrid funds, based on their risk profile. Investing in mutual funds through a systematic investment plan (SIP) generates wealth through compounding that can further help in securing a Rs 10,000 pension per month.

A SIP is a method of investing a fixed amount at regular intervals in a mutual fund scheme. Through compounding, investors can generate high returns in a long term.
Post Office Monthly Income Scheme (POMIS)

The Post Office Monthly Income Scheme (POMIS) is a government-backed investment scheme that offers a fixed monthly income to investors. The scheme has a tenure of five years and provides an interest rate of 7.4% (as of 1 April 2023).

By investing in POMIS, one can secure a monthly pension of Rs 10,000 depending on the amount invested. The scheme can be a great option for risk-averse investors who want to secure a regular income.

All investors must note that the interest generated through POMIS is taxable as per current IT regulations.
Senior Citizen Savings Scheme (SCSS)

The Senior Citizen Savings Scheme (SCSS) is a government-backed policy for individuals above the age of 60. The scheme offers a fixed interest rate of 8.20% p.a. (for 1 April to 30 June 2023) and has a tenure of five years.

As per the Union Budget 2023, one can invest up to Rs 30 lakhs in the scheme. The SCSS can be a great option for senior citizens who want to secure a regular income during retirement.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)

The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-backed pension scheme for senior citizens. The scheme offers a guaranteed return of 7.4% per annum for 10 years. Investing in PMVVY is a great way to secure a monthly pension of Rs 10,000 for risk-averse investors.

The scheme can be purchased from the Life Insurance Corporation of India (LIC) and is only available to senior citizens.
Employee Provident Fund (EPF)

The Employee Provident Fund (EPF) is a retirement benefits scheme available to all salaried employees. The scheme is backed by the government and provides a steady source of income after retirement.

Regular contributions to the EPF can help you build a significant corpus and get Rs 10,000 as monthly pension later. It is a great way to secure a steady source of income after retirement. The scheme offers tax benefits and a guaranteed returns to all its investors.

Final Words

Securing a Rs 10,000 pension per month for retirement is crucial to ensure financial stability and a comfortable lifestyle. There are different investment options and government-backed schemes available to help build a corpus and provide a steady source of income for retirement.

However, it is essential to assess one's risk profile and investment goals before investing in any of the above schemes.

FAQ's

Is it possible to get a monthly pension of Rs 10,000 without making any investments?

No, it is not possible to get a monthly pension of Rs 10,000 without making any investments. You need to invest your money in different investment plans and government-backed schemes to accumulate a corpus that can provide a steady source of income during retirement.
What is the minimum amount required to invest in the National Pension System (NPS)?

The minimum amount required to invest in the National Pension System (NPS) is Rs 500. Besides, you need to make a minimum contribution of Rs 1,000 per year to keep the account active.
Can I withdraw my money from the Senior Citizens Savings Scheme (SCSS) before the maturity period?

Yes, you can withdraw your money from the Senior Citizens Savings Scheme (SCSS) before the maturity period, but you will have to pay a penalty. If you withdraw your money before one year, you will have to pay a penalty of 1.5% of the deposit amount. If you withdraw your money after one year but before two years, you will have to pay a penalty of 1% of the deposit amount.
What is the maximum investment limit for the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

The maximum investment limit for the Pradhan Mantri Vaya Vandana Yojana (PMVVY) is Rs 15 lakhs. By investing in the PMVVY, you can secure a monthly pension of Rs 10,000, depending on the amount invested.
Can I contribute more than the mandatory amount in the Employee Provident Fund (EPF)?

Yes, you can contribute more than the mandatory amount in the Employee Provident Fund (EPF). However, the employer is not obligated to match the additional contribution. Also, the interest rate for the additional contribution may be lower than the mandatory contribution.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.