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What pension will I get from NPS if I exit today?


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!

Annuity Options available:

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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