Home |Life Insurance | In SBI Life retire smart scheme, an agent told me that monthly pension will be 0.8%. That is 9.6% per annum. Is it on higher-end? What are the normal rates?

In SBI Life retire smart scheme, an agent told me that monthly pension will be 0.8%. That is 9.6% per annum. Is it on higher-end? What are the normal rates?

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Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on December 18,2021

Dear 

You are given wrong information .

No one would and can give return of  9.6% .

Please understand SBI Life Retire smart is only process of accumulation of money . This accumulation would buy you an annuity .

Annuity rate would depend on the prevailing interest rates . If interest rate is 6% then your annuity would be approx 5% . 

Currently , you are getting an annuity of 5-6% depending upon type of annuity .

Thanking you 

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