If you’re planning to secure your spouse’s future or create a steady income stream for her, you can start a monthly pension of ₹35,000 in her name through smart financial planning. Here’s a complete guide on how to do it legally and effectively.
1. Open a Separate Bank Account in Her Name
Start by opening a Savings Account or Joint Account in your wife’s name. This will be useful for investments, receiving monthly income, and tax benefits.
2. Use the Power of Monthly Income Plans (MIPs)
You can invest in the following instruments that generate steady income:
✅ Senior Citizen Savings Scheme (SCSS) – (Only if she is 60+ or retired)
- 8.2% interest (as of current rates)
- Quarterly payout
- ₹30 lakh max investment
- Safe & government-backed
✅ Post Office Monthly Income Scheme (POMIS)
- 7.4% interest
- ₹9 lakh individual limit (₹15 lakh jointly)
- Monthly interest income
✅ Mutual Fund Monthly Income Plans (MIPs)
- Hybrid funds with debt & equity
- Not guaranteed but higher returns possible
- Choose SWP (Systematic Withdrawal Plan) for monthly income
✅ RBI Floating Rate Savings Bonds
- 7.7% (current rate)
- Interest paid every 6 months
- Tenure: 7 years
✅ Immediate Annuity Plans from LIC or Private Insurers
- You pay a lump sum (e.g., ₹50 lakh)
- Get ₹35,000/month for life or joint life
- No market risk
3. Tax Benefits & Considerations
- If you gift money to your wife for investing, clubbing provisions under Section 64 may apply (income will be added to your file).
- To avoid this, let your wife invest out of her own earnings or gifts received from others, or consider joint investments with income split.
- Use tax-free options like PPF, dividend income, or SWP from mutual funds (with capital gains exemption up to ₹1 lakh/year).
4. Sample Investment Plan for ₹35,000/month Pension
| Instrument | Investment (Approx) | Expected Monthly Return |
|---|---|---|
| SCSS + POMIS | ₹20,00,000 | ₹11,000 |
| Mutual Fund SWP | ₹20,00,000 | ₹14,000 |
| Annuity Plan | ₹15,00,000 | ₹10,000 |
| Total | ₹55,00,000 | ₹35,000/month |
Note: Figures are approximate and depend on prevailing rates and fund performance.
5. Open in Her Name for Long-Term Security
- This ensures her financial independence
- Builds a retirement fund
- Helps in tax planning
- Protects her from future uncertainty
✅ Conclusion
With the right mix of safe and growth-oriented investments, you can start a regular monthly pension of ₹35,000 or more in your wife’s name. It’s a wise move toward building a financially secure future for your loved one.