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NPS for Housewife

NPS is the most popular pension scheme in India. National Pension System for housewife ensures that your spouse has a stable income and tax-free income.

  • Apr 29, 2022
  • 5,615 Views

Securing our old age is an important part of our lives that we start thinking about early on as we embark on our work journey. It helps in providing financial security and stability to us during our retirement years. Retirement plans help us to live with dignity and without compromising our standards, and pension schemes provide an opportunity to invest and accumulate enough savings and get a lump sum amount as regular, monthly, or annual income post-retirement. One of the most popular retirement plans that we have in India is the National Pension Scheme, also known as NPS.

In this article, we will discuss why retirement plans like NPS for housewife are important, how to open an NPS account for housewife, and how the NPS for wife plays a crucial role post your demise.

What is the National Pension scheme?

The National Pension Scheme, now popularly known as the National Pension System or NPS is a pension system that any citizen of the Indian subcontinent can opt for and is open to all residents of India. It is controlled by the Pension Fund Regulatory and Development Authority of India (PFRDA). The money that the subscribers/investors contribute is further invested in market-linked financial instruments like debts and equities. The final amount of the NPS depends on the performance of these assets.

Generally, NPS has an applicable interest rate ranging between 12% to 14% on contributions made. Anyone who is in the age group of 18-60 years and is an Indian citizen can open an NPS account. So if you are looking to open an NPS account for your wife, doing it at the earliest is best for your post-retirement goals.

The NPS scheme for housewife will not only help you get a dual income in your presence but will also earn an income for your wife in your absence in addition to other benefits that she is entitled to post your demise. Also, the NPS allows a partial withdrawal of up to 25% of the total accumulated fund. This will help you in using the NPS funds for emergency purposes too.

NPS for housewife

Anyone can opt for an NPS given that they fulfill the eligibility criteria. Also, the NPS scheme for housewife has its own benefits:

Transparency

Being controlled by a government body, the NPS is a transparent scheme with a cost-effective financial infrastructure. In NPS, the contributors can get updates on the value of investment daily.

Ease of access and use

Anyone who is eligible to open an NPS account has to visit the nodal officer of their area, open an NPS account and receive a PRAN (Permanent Retirement Account Number).

Portability

The PRAN number that is allocated while opening an NPS account is unique and is portable. So if you change a city or an office you can easily get your PRAN transferred and keep saving in the same account.

Regulated by Government Body

The NPS scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and you can check all the required details easily.

Trustworthy/ low risk

Being a government-regulated scheme, the chances of loss is minimal. Thus, it is a secure option. You can therefore rely on an NPS account to serve her financial needs in your absence.

Tax benefits of NPS for housewives:

  • Returns earned on NPS are exempted from tax.
  • With recent amendments and new regulations, the maturity earned on the NPS scheme for housewives is completely tax-free.

If you want your wife to have an independent life when you are no more, then having an NPS account for your wife is a great way to make her financially self-dependent in her old years!

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

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