The incident took place last night when Ranjit Singh and his wife Manu were on their way to Banke Ka Pura village on motorcycle.
When they reached near Malanpur, nearly six armed dacoits intercepted them and thrashed Ranjit following which he got unconscious, they said.
However, when Manu tried to protect her husband, they shot at her killing her on the spot and fled with jewellery worth Rs 4 lakh, police said.
On receipt of information, Ranjit's family members and police reached the spot and shifted him to a hospital from where he was referred to Gwalior for further treatment.
A hunt has been launched to trace the robbers, police added.