Govt Pension- Big news for common people. After retirement, people often wonder how they will meet their expenses. While employed, they receive a salary, but after retirement, in old age, their sources of income diminish. Therefore, people want a sufficient monthly pension to cover their daily expenses.
Keeping this in mind, the central government launched the Atal Pension Yojana. Under this scheme, ordinary citizens deposit a fixed amount every month. After retirement, they can receive a monthly pension ranging from Rs 1,000 to Rs 5,000. Who can benefit from the Government of India’s Atal Pension Yojana? Learn about the eligibility criteria.
Who gets pension under Atal Pension Yojana?
The Atal Pension Yojana (APY) was launched in 2015. Its purpose is to provide financial support to those working in the unorganized sector who lack access to post-retirement benefits. To enroll, you must be between 18 and 40 years of age. Upon joining, you must deposit a fixed amount each month, based on your age and your chosen pension slab.
Upon reaching the age of 60, a monthly pension of Rs 1,000 to Rs 5,000 is available. If the policyholder dies, their spouse receives the pension, and if both are not eligible, the nominee receives the accumulated funds. If you are not already enrolled in any pension scheme, you can take advantage of this plan.
How can you apply?
Investing in the Atal Pension Yojana (APY) is very simple. First, you need to have a savings bank account. Next, you need to visit your bank and fill out the Atal Pension Yojana form. Verification is done using your Aadhaar card and mobile number, and the premium will be auto-deducted monthly through ECS. Select the pension slab you wish to apply for. The monthly installment will be determined accordingly. For example, if someone joins at the age of 20, they will only need to pay Rs 42 per month for a monthly pension of Rs 1,000. However, if they choose a pension slab of Rs 5,000, the premium will increase.