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:
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!
AnnuityOptions available:
Joint Life Annuity without ROP – The subscriber will get an annuity for life. After this, the spouse will get the annuity for life.
We shall only show the joint life annuity with and without ROP.
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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Dr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over ten years of experience publishing news analysis, research and financial product development. Connect with him via Twitter(X), Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
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