Dear Amit Sharma,
First and foremost, the product that you have conceptualized,
1) How did you arrive at the conceptualization? Was it because you saw some lacunae during your working tenure at your company and wanted to improvise on it? If yes, then your company has the right to the patent and you can be named as the inventor
2) How much time have you devoted to the conceptualization of the product? Did some of the time that was devoted fell within the working hours? If yes, then your company will have the right to the patent
3) How did you devise the product? Did you not use any of the company's resources like internet or any software? If the answer is no, then you have a right over the patent
Secondly, there are two things that you have asked and I will try to answer them one by one
1) If you want to dedicate it to your organization without thinking of any monetary benefits, its entirely your choice. I cannot guarantee a promotion or any benefits on your company's behalf if you did the patent through them. Its solely the company's outlook. Further, it would depend on your negotiation skills with your company as to how much benefit can you extract from them in lieu of the patent rights that you hand over to them.
2) Yes, you can ask your wife to get it patented in her name only if as per your statements the patent has no relation whatsoever to your company but the problem that might arise later are:
a) How will you utilize your patent because as per Patents Act, 2005 every two years you have to show working of your patent once its stands granted. This is in place so as to enhance the commercial value of the patent bringing in prosperity to the inventor, patentee, the country and the end users. Many people cannot market their patent because they cannot show any demo run and it becomes a problem for them to market. Marketing to the government will fetch you a paltry sum in most of the cases. Further, even if you give it to the company, and your company is not related to the patent, then it will patent the product and just sit on it, the patent will have no value. Ultimately a patent troll will be created.
b) Go for a good IPR Advocate and disclose the invention to him who will help you patent and also help you market your product so that the benefit that you are actually looking for is realized. But please do remember not to disclose the invention to anyone except your advocate before filing it.
c) Last but not the least, do you have enough money to get it patented. On a fast track basis, the government fees for filing, request for exam, request for publication will be somewhere around 19,000 INR + Advocate's Fees for drafting the complete specification + Attending to Exam Reports + Attending Hearings + Procurement of Letters Patent + others which I will divulge to you once you make up your mind
I hope the above helps