The NPS account will give a lump sum amount to your wife at the age of 60. Apart from this, you will get the benefit of pension every month. This will be your wife’s regular income. The biggest benefit of the NPS account is that you can decide yourself how much pension you want every month. Your wife will not face any shortage of money at the age of 60.

Open NPS account in wife’s name

You can open a New Pension System (National Pension Scheme) account in the name of your wife. You have the option of depositing money every month or yearly as per your convenience. You can open an NPS account in the name of your wife with just Rs 1,000. The NPS account matures at the age of 60 years. Under the new rules, if you wish, you can continue running the NPS account till your wife turns 65 years old.

A fund of ₹1.14 crore will be created by investing ₹5000 monthly

Understand this with an example- Your wife is 30 years old and you invest Rs 5000 every month in her NPS account. If she gets 10 percent annual return on the investment, then at the age of 60, she will have a total of Rs 1.12 crore in her account. She will get around Rs 45 lakh out of this. Apart from this, she will start getting pension of around Rs 45,000 every month. She will keep getting this pension for life.

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How much will be the lump sum amount and how much pension

• Age- 30 years
• Total investment period- 30 years
• Monthly contribution- Rs 5,000
• Estimated return on investment- 10%
• Total pension fund- Rs 1,11,98,471 can be withdrawn on maturity
• Rs 44,79,388 Amount to buy annuity plan:
• Rs 67,19,083 Estimated annuity rate: 8%
• Monthly pension- Rs 44,793.

Fund managers do account management

NPS is the Social Security Scheme of the Central Government. The money you invest in this scheme is managed by professional fund managers. The Central Government gives this responsibility to these professional fund managers. In such a situation, your investment in NPS is completely safe. However, the return on the money you invest under this scheme is not guaranteed. According to financial planners, NPS has given an average return of 10 to 11 percent annually since its inception.

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The government is running Atal Pension Yojana in which any employee or worker associated with the unorganized sector can get pension. By investing Rs 210 in Atal Pension Yojana, you can get a pension of Rs 5,000 per month. That is, you can get a pension of Rs 60,000 annually for your entire life. Let us know the benefits of this government scheme.

You will get pension of Rs 60000 in just Rs 210

By depositing just Rs 210 every month, you can get a maximum pension of Rs 5,000 every month after retirement i.e. after 60 years. Guaranteed pension is available under the government run Atal Pension Yojana. According to the rules, if a maximum of Rs 5,000 is added for monthly pension at the age of 18 years, then you will have to pay Rs 210 every month. If you pay the same amount every three months, you will have to pay Rs 626 and if you pay every six months, you will have to pay Rs 1,239. To get a pension of Rs 1,000 per month, if you invest at the age of 18, you will have to pay Rs 42 monthly.

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Benefits of Atal Pension Yojana

The government brought the Atal Pension Scheme in the Budget 2015-16 keeping in mind the security of income in old age. The government encourages common people, especially those associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector also have to be protected from the risk of not having income after retirement. The scheme is run by the Pension Fund Regulatory and Development Authority (PFRDA).

Will get pension of Rs 60,000 annually

Under Atal Pension Yojana, customers get pension ranging from Rs 1,000 to Rs 5,000 every month. The Government of India guarantees the minimum pension benefit. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contributions are paid to people who are not covered under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension. You get more benefits if you join at a young age.

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