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National Pension Scheme: If your wife does not have to depend on anyone for money in the future, then you can arrange for a regular income for her. You can open a New Pension System (NPS) account in your wife's name. The NPS account will give your wife a lump sum amount 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 advantage of an NPS account is that you can decide for yourself how much pension you want every month. Your wife will not have any shortage of money at the age of 60.
Open NPS account in your wife's name
You can open a New Pension System (National Pension Scheme) account in your wife's name. You have the option of depositing money every month or year as per your convenience. You can open an NPS account in your wife's name with just Rs 1,000. The NPS account matures at the age of 60. Under the new rules, if you wish, you can continue to run the NPS account till your wife turns 65.
A monthly investment of ₹5000 will create a fund of ₹1.14 crore
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. Out of this, she will get around Rs 45 lakh. Apart from this, she will start getting a pension of around Rs 45,000 every month. She will keep getting this pension for life.
How much amount will he get as lump sum and how much pension will he get?
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Total pension fund- Rs 1,11,98,471 can be withdrawn on maturity
Amount to buy annuity plan: Rs 44,79,388
Estimated Annuity Rate: 8%
Monthly pension- Rs 44,793
Fund managers manage the account
NPS is a 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, there is no guarantee of return on the money invested by you under this scheme. According to financial planners, NPS has given an average return of 10 to 11 percent annually since its inception.
