The new pension plan “NPS “is introduced for pensioners in order to satisfy their necessities. There was an age relaxation from 55 -60 yrs.

In the past NPS is applicable only for the government employees but now it was applicable to all the citizens who are 55yrs .The candidates who are near for their retirement are showing a lot interest to join this plan. So, the age relaxation was done up to 60yrs by NPS. So by this plan many people are benefited.

The candidates from 18yrs of age can join this plan by investing Rs.500 in the pension account. Minimum is Rs.500 & maximum is up to the wish. Investing in the pension plan from the earlier age itself brings a large amount in return by the time of retirement. This helps one to stand on their own feet.

Up to 70 yrs the savings can be done under this plan. Savings can be done even by 60yrs old man for a period of another 10yrs.

As this is a retirement plan the savings are not withdrawn unless in case of any emergency & at the age of 60 yrs it is possible to take the money from the account & also 60% of the amount from the total savings can be taken. The remaining amount is to be invested in Insurance companies or other societies which offer annuity plan. If possible the total savings can be transferred to the annuity plans. In case if the amount is to be taken from the savings before 60yrs of age, only 20% is given & the rest is transferred to the annuity plan where pension is given on the remaining 80% of savings.