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Invest in NPS it is best retirement plan, check details

By Lokmat English Desk | Published: April 22, 2022 2:48 PM

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What if you get the same amount of salary as you get during your job, the same as your post-retirement pension? Aging will be fun too. But how is this possible? All you have to do is open an account in NPS.
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NPS (National Pension System) is a long-term investment plan. This scheme has been started keeping in mind to get regular income even after retirement. This is a contributory pension scheme run by the government.
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The National Pension Scheme (NPS) was launched in January 2004. Previously, only government employees could invest in the scheme. But in 2009 it was opened to all classes of people. This means that everyone can avail of the benefits of this scheme.
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You can open this account in your own name or in the name of your spouse. The scheme provides lump sum cash and monthly pension facility after the age of 60 years. Any Indian citizen between the ages of 18 and 70 can invest in NPS.
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A monthly or annual investment facility is available in the NPS account. You can start investing from 1,000 per month. Which you can run till the age of 70. An NPS investment requires a 40 percent annuity purchase.
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Private job holders can also avail of additional tax relief along with a retirement plan by opening an NPS account. Accounts can be opened by central employees, state government employees, private sector employees, and ordinary citizens. You can open an online (NPS) account at home.
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Any Indian citizen between the ages of 18 to 70 can open an account. You can open an NPS account in any bank. After maturity, investors can withdraw up to 60 percent of their NPS. That is, after the age of 60, a person accounts for 60% of the total amount deposited in NPS.
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For example, if you are 30 years old and you have invested Rs 5,000 per month in an NPS account and have been investing for 30 years. That means up to 60 years of age. If you get a 10% return on that investment, you will be credited to your NPS account at the age of 60.
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Suppose you are now 35 years old, then you have to invest for the next 25 years till the age of 60 years. In this case, if you invest Rs 15,000 per month in NPS, you will get a pension of more than Rs 50,000 per month after 25 years from today.
Tags: NPS
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