As retirement age approaches, people begin to worry about retirement. Most of the savings for children education-marriage have already gone. So financial security is a big worry for adults. However, the squeamish people have fantastic plans for post-retirement income. There are several schemes available that provide regular income after retirement. National Pension Scheme is one of them.
This is a government-sponsored scheme where people can pay monthly installments during their working years and withdraw money regularly after retirement. National Pension Scheme is a government sponsored scheme designed in 2004 for government employees. Later in 2009 the said scheme was extended to all categories.
NPS is a pension-cum-investment scheme launched by the Government of India for Indian adults. This scheme is an effective long-term savings plan that provides safe and market-based and regulated income on a regular basis.
NPS Scheme: Rs. 20,000 How to get pensions?
If a person joins NPS at the age of 20 and starts contributing Rs 1,000 monthly, till the time of retirement he will have a total of Rs. 5.4 lakh will be built. If he gets an expected 10% return on his accumulated money, the total investment amount will be Rs.1.05 crore.
If the NPS subscriber converts 40% of the corpus into annuity, the value is Rs 42.28 lakh. will be Assuming an annuity rate of 10 per cent, the monthly pension would be Rs 21,140. Not only that, NPS subscribers will get around Rs 63.41 Lakhs in Lumsum amount!
As the monthly contribution amount increases, so does the post-retirement income. For example, if a person increases the monthly installment to Rs 2,500, after the age of 65 he will have about Rs 52,000 per month. He gets pension.
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NPS calculator: How to use it?
To use NPS calculator first go to its link https://www.npstrust.org.in/content/pension-calculator.
Then enter your date of birth
– Now enter the monthly installment you think and till what age you can pay it.
-Enter the return and pension you expect on your investment
– After doing all this the monthly pension you can get, the income value and the lump sum amount you can get will be displayed on the right side of your computer screen.
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Who can join NPS?
Anyone who wants to join NPS has to fulfill the eligibility conditions. Indian citizen, resident or non-resident Indian; Applicant must be between 18 and 70 years of age on the date of his/her application; And the applicant should follow the KYC norms prescribed by the scheme.
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