#financial security

The sentence "money can't buy happiness" is one of my biggest pet peeves. No. It can't. However, it can buy security. Housing security, food security, health security. Having a secure living situation can lessen sadness. Less anxiety about where you're sleeping or where your next meal is coming from helps. Being able to afford your fucking meds helps.

Every parent wants to give their child a secure future. While education, healthcare, and savings remain top priorities, long-term financial planning is equally important. Introduced in the Union Budget 2024, NPS Vatsalya extends the National Pension System (NPS) to minors, allowing parents to begin building their child’s retirement corpus from an early age.

Unlike traditional savings options such as fixed deposits or gold, NPS Vatsalya is a market-linked retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Contributions are invested across equity, corporate debt, and government securities, helping create wealth over the long term. Once the child turns 18, the account seamlessly converts into a regular NPS Tier-I account.

Starting early offers a significant advantage. Even small annual contributions can grow substantially through the power of compounding over 18 years or more. Parents can open an account with a minimum contribution of ₹1,000 per year, with no upper investment limit. They can choose between Active Choice, where they decide the asset allocation, or Auto Choice, which automatically adjusts investments based on the child’s age.

The NPS Vatsalya scheme also offers flexibility. Partial withdrawals of up to 25% of contributions are permitted after three years for education, specified illnesses, or disability-related expenses. At age 18, if the accumulated corpus is below ₹8 lakh, the entire amount can be withdrawn. For larger amounts, a portion is used to purchase an annuity, ensuring long-term retirement income.

Parents investing under the Old Tax Regime can also claim tax deductions of up to ₹2 lakh annually under Sections 80C and 80CCD(1B), making the scheme tax-efficient.

Opening an NPS Vatsalya account requires the parent’s PAN and Aadhaar, proof of the child’s age, and guardian relationship documents. The account can be opened online (https://www.utipension.com/open-nps-account) or offline via a UTI Pension Fund Point of Presence (PoP).

By starting early, parents can give their children the lasting advantage of disciplined investing, long-term wealth creation, and greater financial security.

NPS under the corporate sector model (Corporate NPS) is a government-backed pension scheme designed to provide long-term financial security to employees while offering tax benefits to both employers and employees. Corporate NPS is more than just a retirement savings tool; by offering significant tax benefits under Sections 80C, 80CCD(1B), and 80CCD(2), it provides a win-win solution for both employers and employees.

गायक-अभिनेता दिलजीत दोसांझ ने अपने जीवन के शुरुआती संघर्षों के बारे में खुलासा किया है, जब वह जन्मदिन पार्टियों और शादियों में प्रदर्शन करते थे, उन्होंने कहा कि गरीबी में बड़े होने से उन्हें पैसे का महत्व सिखाया गया और उन्हें अपने रास्ते में आने वाले हर अवसर को स्वीकार करने के लिए प्रेरित किया गया। (यह भी पढ़ें: खालिस्तान समर्थक प्रदर्शनकारी के मंच पर हंगामा करने से दिलजीत दोसांझ का सैन…

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