National Pension Scheme: If you want your wife to be completely self-reliant in the future and free from financial worries, then you can arrange for her regular income from now on. National Pension System (NPS) can be a great option for her. Through this scheme, you can ensure a lump sum of more than ₹ 1 crore for your wife at the age of 60 and a pension of up to ₹ 44,793 every month. The biggest advantage of NPS is that you can decide for yourself how much pension you want after retirement.

Open wife's NPS account

You can open a New Pension System (National Pension Scheme) account in the name of your wife. There is an option to deposit money every month or annually as per convenience. You can open an NPS account in the name of your wife with even Rs 1,000. The NPS account matures at the age of 60. Under the new rules, if you want, you can continue running the NPS account till your wife turns 65.

The investment will create a fund of ₹1 crore.

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

How much pension, see the calculation

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30 years Monthly contribution- ₹5,000 Estimated return on investment- 10% Total pension fund- ₹1,11,98,471 can be withdrawn on maturity.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

Social Security Scheme

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.

Additional tax exemption benefit

National Pension System (NPS) also offers tax exemption benefits such as tax exemption up to Rs 2 lakh and tax exemption on withdrawal of 60% of the amount. NPS is a scheme in which after the limit of Rs 1.5 lakh is exhausted, tax exemption is also available on an additional investment of Rs 50 thousand. Due to this extra exemption, you can save a total tax of up to Rs 2 lakh every year in NPS.

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