Get 30K Pension Per Month

Planning retirement is extremely important and crucial these days to have a stable and independent financial future. However, due to increasing inflation every passing year, limited savings amounts in the bank account will not be enough to suffice the complete retirement tenure. Therefore, wise investments need to be made today to receive a decent amount, say 30k pension per month in the future.

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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.

Some investment options can ensure a 30k pension per month after retirement.

How to Get 30K Pension Per Month Through Investment?

One can get Rs. 30,000 pension amount per month or much more, easily if the investment is made systematically. Following are some of the crucial factors that help in determining how much amount an investor can receive as a pension amount after retirement:

The investing age: If the investment is started at an early age, even a small amount can be more beneficial than starting investments later.

Pension option: Your choices of investment play a major role in determining your future pension returns. On the one hand, where equity funds offer high returns and high-risk involvement, many government plans and schemes, on the other hand, offer guaranteed returns with no risk. For example, if an investor wants Rs. 30,000 pension per month, they need to invest approximately Rs. 5,000 per month for around 10 – 15 years.

Tax deductions: If an investor does not plan their investments properly, a huge amount of their savings can go into the income tax. Investments should be diversified so that minimum taxes are levied, and more profits are earned.

Investment Options to Get 30k Pension Per Month

Rs. 30,000 per month is not a huge amount, and an investor can easily earn it in the form of a pension if invested wisely. One can consider some investment options to secure a monthly pension of Rs. 30,000 after retirement.

  1. National Pension Scheme (NPS)

    National Pension Scheme or NPS is a PFRDA (Pension Fund Regulatory and Development Authority) government backed, voluntary retirement plan. Under the NPS scheme, investors can allocate a certain amount from their monthly income towards the NPS account during their employment period. At retirement age, the investor is eligible to withdraw up to 40% of the accumulated corpus, and the rest, 60%, needs to be reinvested in the annuity.

    Example

    Let us understand how to get a 30k pension per month if the investment is made in an NPS scheme through the following example:

    Mr. Rahul is 30 years old and wishes to contribute to his NPS scheme till the age of 60 years. Assuming that the expected rate of return on the investment is 10%:

    • The monthly amount of Rs. 7,000 needs to be invested for the next 30 years till 60 years of age.

    • The total invested amount will reach Rs. 25,20,000 after 30 years.

    • The total corpus will be around Rs. 1.59 crores.

    • It is known that under NPS, a minimum of 40% of the accumulated sum is invested in annuity. The annuity value is now around Rs. 63.82 lakhs approximately.

    • Expecting an annuity rate of 6%, an investor will receive a pension amount of Rs. 30,000 approximately per month from the NPS scheme.

  2. Unit Linked Insurance Plans

    If an investor wants both insurance and investment benefits, ULIPs or Unit Linked Insurance Plans are the plans they are searching for. This insurance plus investment plan helps in the creation of wealth as well as protects the family of the insured after their untimely demise. Therefore, it is undoubtedly gaining huge popularity these days and is considered one of the best sources of investment for moderate to high risk-taking investors.

    The investment amount in the ULIP is divided into 2 parts:

    • One part of the premium is to provide life insurance coverage.

    • The other part of the premium is used for debt and equity funds investments to reap financial benefits.

    The investor's financial goal should be taken into consideration before deciding the amount to be invested in the ULIP plan.

    There are many benefits under a ULIP plan, including easy fund switching, portfolio diversification, choosing funds per your own preference, etc.

    Example

    An investor needs to invest somewhere around Rs to get a 30k pension per month under a ULIP plan. 7,000 to Rs. 9,000 per month for a period of 10 years and stay in the plan for a total of 20 years. At the end of the tenure, a lump sum payout of Rs. 77 lakhs will be generated.

  3. Fixed Deposits

    An investment instrument offered by many banks and other financial institutions in India, Fixed Deposits offer a high rate of interest over a period that can vary from 7 days to 10 years. The Fixed Deposit has a fixed interest rate at the time of opening. As it is not market linked, the rate does not fluctuate as per the financial market fluctuations.

    It is extremely easy to buy a Fixed Deposit from any authorized bank or financial institution, and returns can be calculated in a hassle-free manner through the FD calculators.

    An investor can put in one-time lump sum money in their FD account for a period varying between 7 days to 10 years and earn decent returns at the end of the tenure.

    Example

    If Rs. 1 lakh is invested at the rate of 6.5% per annum in an FD for 10 years, the estimated return value on the investment will be approximately Rs. 90,000, making the maturity amount Rs. 1,90,000 approximately at the end.

Pension Plans with Guaranteed Returns

The main agenda of pension plans or retirement plans is to provide a fixed monthly income to investors even after the retirement age so that the retirement period can be enjoyed freely without any financial baggage. Pension plans help in:

  • Accumulating savings for a long term period.

  • Dealing with uncertain and unforeseen financial situations post retirement.

  • Offering financial cushion.

There are different categories of pension plans available in the market to cater to different requirements of the investor.

Each pension plan comes with its own benefits and returns. In order to attain best out of any pension plan, it is recommended to start investing at the right age.

In The End!

It is not very difficult for an individual to receive a 30k pension per month if the right investments are made at the right time. But unfortunately, people tend to delay planning about retirement, leading to a stressful life full of financial burdens. Knowing about the life uncertainty, a handful of pension amounts every month is necessary and should be taken with utmost seriousness.

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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^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.

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