A reader asks, “What are the current NPS Annuity Rates? How can I find the pension I will get for my corpus if I exit today?”
The NPS is a market-linked retirement product. The contributions are defined, but the benefits are not because the final corpus depends on market conditions. The NPS subscriber must buy an annuity from an insurer at exit with at least 40% of the corpus. The NPS regular has multiple options, discussed here:
- How to optimize NPS withdrawals after retirement
- NPS Systematic Lump Sum Withdrawal (SLW) Facility Explained.
- Also see: Why the NPS should allow the purchase of government bonds for pension.
In this article, we focus only on the annuity rates. Annuity rates are subject to change at least once a year. They depend on the age of the NPS subscriber and spouse and the corpus allocated for purchase. The annuity rates shown here are as of 30th March 2024. You can find the exact annuity rate for your circumstances via the NPS Annuity Quote Generator. Also, note that the rates may change from when you compute them to when you purchase!
Annuity Options available:
We shall only show the joint life annuity with and without ROP.
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Monthly annuity rates for a 60-year-old subscriber with a 58-year-old spouse and with a 50 Lakhs purchase price
| Annuity Service Provider | Joint Life Annuity (With ROP) ₹ | Joint Life Annuity (Without ROP) ₹ |
| Aditya Birla Sun Life Insurance Co. Ltd | 29,861 (7.17%) | 31,891 (7.65%) |
| Bajaj Allianz Life Insurance Co. Ltd | 29,386.10 (7.05%) | 27,559.94 (6.61%) |
| Canara HSBC Life Insurance Co. Ltd. | 26,846 (6.44%) | Not Applicable |
| Edelweiss Tokio Life Insurance Co. Ltd | 23,493 (5.64%) | 27,147 (6.52%) |
| HDFC Life Insurance Co. Ltd | 28,480 (6.84%) | 31,840 (7.64%) |
| ICICI Prudential Life Insurance Co. Ltd | 29,099 (6.98%) | 27,001 (6.48%) |
| IndiaFirst Life Insurance Co. Ltd | 29,081.63 (6.98%) | 29,545.83 (7.09%) |
| Kotak Mahindra Life Insurance Co. Ltd | 28,510 (6.84%) | 31,024 (7.45%) |
| Life Insurance Corporation of India | 28,834 (6.92%) | 32,954 (7.91%) |
| MAX Life Insurance Co. Ltd | 29,000 (6.96%) | 32,212 (7.73%) |
| PNB Metlife India Insurance Co. Ltd | 25,786.64 (6.19%) | 29,044.04 (6.97%) |
| SBI Life Insurance Co. Ltd | 28,500.0 (6.84%) | 30,900.0 (7.42%) |
| Shriram Life Insurance Co. Ltd. | 29,184.00 (7.00%) | 34,004.00 (8.16%) |
| Star Union Dai-ichi Life Insurance Co. Ltd | 26,169 (6.28%) | 30,925 (7.42%) |
| TATA AIA Insurance Co. Ltd | 28,898 (6.94%) | 27,937 (6.70%) |
Monthly annuity rates for a 60-year-old subscriber with a 58-year-old spouse and with 100 Lakhs purchase price
| Annuity Service Provider | Joint Life Annuity (With ROP) ₹ | Joint Life Annuity (Without ROP) ₹ |
| Aditya Birla Sun Life Insurance Co. Ltd | 59,777 (7.17%) | 63,844 (7.66%) |
| Bajaj Allianz Life Insurance Co. Ltd | 58,772.20 (7.05%) | 55,119.88 (6.61%) |
| Canara HSBC Life Insurance Co. Ltd. | 53,692 (6.44%) | Not Applicable |
| Edelweiss Tokio Life Insurance Co. Ltd | 46,986 (5.64%) | 54,293 (6.52%) |
| HDFC Life Insurance Co. Ltd | 56,960 (6.84%) | 63,680 (7.64%) |
| ICICI Prudential Life Insurance Co. Ltd | 58,197 (6.98%) | 54,001 (6.48%) |
| IndiaFirst Life Insurance Co. Ltd | 58,163.26 (6.98%) | 59,091.66 (7.09%) |
| Kotak Mahindra Life Insurance Co. Ltd | 57,021 (6.84%) | 62,047 (7.45%) |
| Life Insurance Corporation of India | 57,877 (6.95%) | 66,117 (7.93%) |
| MAX Life Insurance Co. Ltd | 58,000 (6.96%) | 64,424 (7.73%) |
| PNB Metlife India Insurance Co. Ltd | 51,573.28 (6.19%) | 58,088.07 (6.97%) |
| SBI Life Insurance Co. Ltd | 57,087.0 (6.85%) | 61,885.0 (7.43%) |
| Shriram Life Insurance Co. Ltd. | 58,772.00 (7.05%) | 68,411.00 (8.21%) |
| Star Union Dai-ichi Life Insurance Co. Ltd | 52,337 (6.28%) | 61,850 (7.42%) |
| TATA AIA Insurance Co. Ltd | 57,796 (6.94%) | 55,893 (6.71%) |
The regulator wants to come up with special rates for NPS subscribers soon. As mentioned above, this can easily be accomplished if NPS subscribers can buy government bonds.
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