The average life expectancy is on the rise and with people losing their active income post retirement or to be specific 60 years of age, it becomes extremely difficult to manage your day to day expenses if you do not have enough savings. This is where NPS or the National Pension System comes into the picture. NPS is a great tool to save for your retirement and secure your future financial needs. Since it operates on an all citizen model, everyone should see this as a viable investment option to save money and safeguarding one’s retirement life.

POPs registered in India:
ASPs registered under NPS:
Pension Funds registered under NPS:
Returns on NPS Scheme: …(read more)

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The National Pension Scheme (NPS) is a government-sponsored pension scheme for the citizens of India. It was launched in 2004 by the Pension Fund Regulatory and Development Authority (PFRDA) with an objective to provide financial security to individuals in their old age.

The scheme is open to all Indian citizens between the age group of 18 and 60 years, including NRIs. Under this scheme, individuals can contribute regularly to their pension account during their working years, which will eventually help them to build a retirement corpus.

The scheme offers a range of investment options to the subscribers, which are managed by professional fund managers appointed by the PFRDA. Subscribers have the option to choose between three investment options based on their risk appetite – equity, corporate bond, and government securities.

The NPS offers a tax benefit of up to Rs 1.5 lakh under Section 80C of the Income Tax Act, over and above the deduction of Rs 50,000 under Section 80CCD(1B). Additionally, the scheme offers partial withdrawal, which allows the subscribers to withdraw a part of their accumulated funds before retirement, subject to certain conditions.

After reaching the retirement age, the subscribers have the option to withdraw a lump sum amount or can opt for a monthly pension, called Annuity. The annuity will provide a fixed income stream for their lifetime and can also be extended to their spouse or nominee after their death.

The NPS is a cost-effective and transparent pension scheme that provides long-term financial security to the subscribers. It allows individuals to plan their retirement early and make regular contributions towards their pension account, which will help in building an adequate retirement corpus.

In conclusion, the National Pension Scheme is a great investment option for individuals who want to secure their financial future after retirement. With the tax benefits, flexible investment options and pension benefits, it is a reliable companion for your retirement. Therefore, individuals should consider investing in NPS to build a secure future for themselves and their loved ones.