How to Get 15k Pension Per Month

Planning for a secure and fulfilling retirement is among the most significant financial milestones. A consistent monthly pension, such as Rs. 15,000, can help you sustain your lifestyle and comfortably cover essential expenses. By adopting strategic financial planning through disciplined investments and life insurance savings plans, you can seamlessly achieve this goal. Thoughtful preparation ensures both wealth accumulation and financial protection for your loved ones.

Strategies and planning to achieve Rs. 15,000 pension per month

Achieving a Rs. 15,000 monthly pension requires a combination of smart financial planning, disciplined savings, and the right insurance products. Life insurance savings plans are ideal for this purpose because they not only provide financial protection but also help you accumulate wealth over time.

How life insurance helps you secure your retirement goals:

• Dual benefits: 

Life insurance savings plans offer the best of both worlds — protection and investment. While they secure your family in case of an unforeseen event, they also help you steadily grow your wealth for retirement. Over the years, these savings can be converted into a dependable income stream post-retirement.

• Guaranteed returns: 

Many savings plans offer guaranteed payouts, giving you a predictable and worry-free income during your retirement years. This means you can plan your post-retirement expenses confidently without depending on market fluctuations. It’s like receiving a monthly paycheck even after you’ve stopped working.

• Tax benefits: 

Life insurance plans also come with attractive tax advantages. You can save taxes under Section 80C on the premiums you pay, and the maturity or death benefits are exempt under Section 10(10D). This makes them a smart, tax-efficient way to build your retirement corpus while protecting your loved ones.

Actionable steps to achieve Rs. 15,000 pension

• Start investing early to benefit from compounding.
• Choose plans with regular premium payments to build a corpus steadily.
• Use tools like the Human Life Value calculator to determine the amount you need to invest.

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Securing a steady pension requires exploring the right investment plans and insurance options. 

Most preferred options for achieving Rs. 15,000 monthly pension:

• Life insurance savings plans: 

Life insurance savings plans offer the dual advantage of life cover and assured returns, helping you build a stable retirement corpus. These plans ensure guaranteed payouts at maturity, which can be converted into monthly income. They also provide peace of mind knowing your family’s financial future is protected, even after retirement.

• Pension annuities: 

Pension annuities convert your accumulated savings into a steady post-retirement income, ensuring you never run out of money. You can choose between immediate annuities that start paying right after investment or deferred annuities that begin after a few years. Both options ensure long-term financial independence and help you maintain your lifestyle comfortably.
 

• Unit Linked Insurance Plans (ULIPs): 

ULIPs are excellent for individuals aiming for higher retirement returns through market participation. They combine investment and insurance benefits, allowing you to invest in equity, debt, or balanced funds based on your goals. Over time, ULIPs help you create a strong corpus to generate a ₹15,000 monthly pension while offering life protection.

• Fixed deposits and mutual funds: 

Combining fixed deposits with mutual funds with your insurance plans gives your portfolio both stability and growth potential. Fixed deposits offer guaranteed interest and safety, while mutual funds can generate higher, market-linked returns. Together, they provide a balanced and diversified income stream to help you achieve your Rs. 15,000 monthly pension target confidently.
 

Why these options work

• Security: 

Guaranteed payouts ensure financial stability.
 

• Ease: 

Simple premium payments and flexible tenure options make planning hassle-free.
 

• Returns: 

High-yield plans help you achieve your Rs. 15,000 pension goal.

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The key to building a robust retirement corpus lies in long-term investments and consistent premium payments. Whether you choose monthly, quarterly, or annual payments, consistency is crucial to achieving your Rs. 15,000 pension goal.

Why tenure and frequency matter

• Compounding benefits: 

Long-term investments maximise the power of compounding, allowing your money to grow exponentially.
 

• Flexibility: 

Choose a payment frequency that aligns with your income flow and financial goals.
 

• Wealth accumulation: 

Regular contributions over years build a substantial corpus for retirement.

Example of investment tenure

If you start investing Rs. 3,000 monthly at the age of 30, you can accumulate a corpus of Rs. 50 lakh by the time you retire at 60, assuming a 7% annual return.

Start planning for retirement today. You can explore life insurance plans with savings components like ULIPs, endowment plans to grow your wealth. Get quote!

Calculating the premium required for a Rs. 15,000 monthly pension involves assessing your future financial needs, inflation, and desired lifestyle. The Human Life Value calculator is a handy tool for this purpose.

Steps to calculate your premium:

• Estimate your monthly expenses and retirement age.
• Factor in inflation and life expectancy.
• Use the calculator to determine the corpus needed and the premium required to achieve it.

Example of premium calculation

To secure Rs. 15,000 monthly pension for 20 years post-retirement, you may need a corpus of Rs. 21 lakh. This can be achieved by investing Rs. 3,000 monthly for 25 years, assuming a 6% annual return.

What are the tax benefits on pension plans?

Tax efficiency is a major advantage of life insurance savings plans. By investing in these plans, you can not only secure your retirement but also optimise your tax savings.

Key tax benefits:

• Section 80C: 

You can claim deductions of up to Rs. 1.5 lakh every financial year on the premiums you pay towards your life insurance or pension plan. This helps lower your taxable income while you continue to grow your retirement savings — a smart way to plan for the future while saving today.
 

• Section 10(10D): 

The maturity or death covers you receive from life insurance savings plans are completely tax-free under Section 10(10D). This means you get the full value of your returns without any tax deductions, allowing you to enjoy your retirement income without worrying about extra liabilities.
 

• Annuities: 

While the pension income you receive from annuities may be taxable, the principal amount you invested to purchase the annuity remains tax-exempt. So, even though you pay some tax on payouts, your initial investment continues to work for you, ensuring long-term financial comfort and security.

Why tax benefits matter

• Reduce your taxable income while building wealth.
• Keep more of your hard-earned money for retirement.

Tools for planning retirement effectively

If your goal is retirement planning for 15,000 or you are exploring how to earn 15,000 monthly pension, using the right calculators can simplify your journey. These tools help you balance protection, growth, and steady income for a stress-free retirement.

• Life insurance calculator: 

Helps you estimate the coverage required to safeguard your family’s future while keeping your retirement goals intact. Use the life insurance calculator ensures your retirement savings are preserved for your golden years.
 

• Term insurance calculator: 

Allows you to calculate premiums for your desired coverage using the term insurance calculator. This tool provides affordable protection, so your family’s security doesn’t impact your retirement corpus.
 

• ULIP calculator: 

Projects investment growth and insurance benefits together using the ULIP calculator. Ideal for those aiming at retirement planning for 7,000, as it balances wealth creation with risk protection.

• Annuity calculator: 

Calculates fixed lifelong income based on your investment using the annuity calculator. It is highly useful if you want to plan how to earn 7,000 monthly pension with guaranteed payouts.
 

• NPS calculator: 

Estimates the retirement corpus and future income from the National Pension System using the NPS calculator, helping you plan steady long-term savings.
 

• Postal life insurance calculator: 

Provides maturity and premium details for safe, low-risk savings, making the Postal Life Insurance calculator suitable for conservative retirement planners.
 

Conclusion

Securing a Rs. 15,000 monthly pension is a realistic and achievable goal with the right financial planning. Bajaj Finance Insurance Mall offers a range of life insurance savings plans, pension annuities, and investment options to help you build a secure future. From guaranteed payouts to tax-efficient returns, these plans are designed to provide financial stability and peace of mind during your retirement years.

Start planning today and enjoy the benefits of disciplined saving, compounding, and expert guidance.

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