Hi @vivek25
Deduction of Rs. 50,000 u/s 80CCD(1B) is independent from the threshold limit of INR 1.5 Lakh [for section 80C + Section 80CCC + Section 80CCD(1)].
Individuals who are aged between 18 – 60 years as on the date of submission of his/her application are eligible for investment in NPS. Resident Individuals can open Tier I NPS account and claim the amount invested as a deduction including self-employed taxpayers.
Hope this helps. 