How To Get 2 Lakh Pension Per Month?

As you approach retirement, ensuring a financially secure future becomes a top priority. Securing Rs 2 lakh per month pension can boost your confidence to live a fulfilled life after retirement. This article will discuss investment strategies, government schemes, and financial planning techniques that can help you achieve this objective.

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Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

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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.

How To Earn 2 Lakh Monthly Pension?

There is no shortcut to achieving this feat. If you keep investing for a long period, you can retire with Rs 2 lakh monthly pension.

Here are some tips for you:

Start Early

It is never too early to start planning for retirement. The earlier you start, the more time you have to accumulate the desired corpus. Starting early gives you the benefit of compounding and also reduces the burden of saving a large amount in a shorter period.
Invest in Retirement Schemes

There are various government-run retirement schemes, such as the Employees' Provident Fund (EPF), National Pension System (NPS), and Public Provident Fund (PPF), which offer decent returns and tax benefits. You can opt for these schemes and start investing in them as early as possible to accumulate a substantial amount.
Utilize Tax Benefits

The government offers tax benefits for investments made toward retirement. Make use of these benefits to reduce your tax burden and maximize your savings.
Opt for Pension Annuity Plans

Pension annuity plans offer a fixed monthly pension after retirement. These annuity plans can be a good option for those who want a guaranteed income after retirement.
Plan Your Expenses

It is important to plan your expenses carefully and maintain a balanced lifestyle. Avoid unnecessary expenses and prioritize your savings to achieve your goal of a 20k pension monthly.

Investment Options to Get 2 Lakhs Pension per Month

Here are some investment options to consider for securing a high pension amount:

Investment Option	Description	Potential Monthly Pension
National Pension Scheme (NPS)	Government-sponsored pension scheme that offers two options: Tier-I and Tier-II accounts.	By making substantial contributions to your NPS account, you may be able to generate a monthly pension of 2 lakhs.
Fixed Deposits (FDs)	Fixed deposits offered by banks and financial institutions where you can invest a lump sum amount for a fixed tenure at a fixed interest rate.	By choosing a high-yield FD with longer tenure and reinvesting the interest.
Mutual Funds	Professionally managed investment vehicles that pool money from multiple investors to invest in a diversified portfolio of securities.	By investing in a well-diversified portfolio of mutual funds and opting for systematic withdrawal plans (SWP), you may be able to generate a monthly income.
Real Estate	Long-term investment option that can generate regular rental income.	By investing in properties that provide high rental yields and have the potential for appreciation over time.
Annuity Plans	Insurance-based pension plans that provide regular income after retirement.	By investing a significant amount in an annuity plan.
SIP	An investment method where you invest a fixed amount at regular intervals in typically monthly.	By investing in SIPs of investment funds with a target to accumulate a substantial corpus over time, you can generate a monthly pension.
ULIPs	Insurance-cum-investment plans that offer market-linked returns and life insurance coverage.	By investing in ULIPs with a suitable investment strategy and tenure, you may be able to accumulate enough wealth.
Pension Plans with Guaranteed Returns	Insurance or investment plans that offer guaranteed returns on your investment with a pension benefit.	By investing in pension plans with guaranteed returns, you may be able to secure a fixed monthly pension.

Best Pension Plans in India 2023

Here are some of the best pension plans in India available in the market:

Aditya Birla Sun Life Empower Pension Plan
Bajaj Allianz Life LongLife Goal
Bajaj Allianz Pension Guaranteed Pension Plan
HDFC Life Click 2 Retire
ICICI Pru Easy Retirement Plan
IndiaFirst Life Guaranteed Annuity Plan
Kotak Premier Pension Plan
LIC Jeevan Akshay 7 Pension Plan
LIC New Jeevan Shanti Pension Plan
Max Life Forever Young Pension Plan
Max Life Guaranteed Lifetime Income Pension Plan
Reliance Immediate Annuity Pension Plan
Reliance Smart Pension Plan
SBI Life Saral Retirement Saver
Tata AIA Life Guaranteed Monthly Income Plan

Use of Pension Calculator

With a pension calculator, you can get an idea of how much you need to save each month to reach your desired retirement income goal. By regularly reviewing your results and making adjustments to your savings plan, you can ensure that you are on track to achieve your retirement goal.

Wrapping It Up!

Achieving a monthly pension of 2 lakhs requires careful planning, disciplined saving, and smart investment choices. It is essential to start early and consistently contribute to a well-diversified investment portfolio that aligns with your risk tolerance and financial goals.

FAQ's

Is it possible to receive a pension of 2 lakhs per month?

Yes, it is possible to receive a pension of 2 lakhs per month, depending on various factors such as the employer, years of service, and retirement benefits. However, it would require a significant contribution to a pension plan or retirement scheme.
Can I combine multiple investment options to achieve a monthly pension of 2 lakhs?

Yes, combining multiple investment options can potentially help you achieve a monthly pension of 2 lakhs.
How can I calculate or estimate the amount of investment or savings required to generate a pension of 2 lakhs per month?

Using a pension calculator can help estimate the amount of investment or savings required to generate a pension of 2 lakhs per month.
What are some potential sources of income that can contribute to a pension of 2 lakhs per month?

Some potential sources of income that can contribute to a pension of 2 lakhs per month may include retirement savings from a pension plan, investments in real estate, stocks, bonds, mutual funds, or other high-yield investments, or a combination of multiple income sources.

†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.