Pension Yojana: Big relief for everyone. If you’re looking for a safe investment for your life partner that will provide them with a guaranteed monthly income in the future, a central government scheme could be a good option. By enrolling your life partner in this scheme, they can receive a guaranteed pension of Rs 1,000 to Rs 5,000 per month after retirement.

The government is running this scheme under social security, designed to provide financial security to those working in the unorganized sector in old age. Let us now tell you about this scheme, in which adding your life partner’s name will generate a monthly income of Rs 5,000.

Atal Pension Yojana

You can add your life partner’s name to the Atal Pension Yojana (APY), run by the central government. The Atal Pension Yojana (APY) was launched in 2015. The scheme aims to provide a fixed monthly pension after the age of 60 to individuals who do not have access to a regular pension. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA). This central government-run scheme is a guaranteed pension plan, meaning the government itself guarantees a fixed pension.

How much investment is required to earn Rs 5000?

Investments in the Atal Pension Yojana depend on your age. According to the scheme, the younger you join, the lower the monthly contribution. If you are 18 years old, you will need to deposit Rs 210 per month. If you are 25 years old, you will need to contribute Rs 376 per month. At 30, you will need to contribute Rs 577 per month. If you are 40, you will need to contribute approximately Rs 1,454 per month. In return for these investments, you begin receiving a monthly pension of Rs 5,000 upon reaching the age of 60.

Who can invest in Atal Pension Yojana?

People between the ages of 18 and 40 can join the Atal Pension Yojana. Taxpayers are not eligible. This scheme is specifically for those who work in the unorganized sector or who do not have any pension benefits. Under this scheme, if an investor dies, the pension amount is passed on to their spouse. However, if both partners die, the entire investment is returned to the nominee.

How to add life partner’s name in Atal Pension Yojana?

Offline Application

  • To add the name of your life partner in Atal Pension Yojana, go to your bank or post office branch and fill the Atal Pension Yojana form.
  • After this, fill the name of the life partner and the details of the nominee in the form.
  • Now submit the required documents like Aadhar card, address proof and bank account details.
  • After this, select the pension plan of your choice.
  • After completion of this process, the bank will process your application and the fixed amount will be auto debited from your account every month.

Online Application

  1. To apply for this scheme online, first login to your bank’s net banking or mobile banking.
  2. After this go to the Social Security Scheme or APY section.
  3. Now fill the form and select the pension option and submit it.
  4. In this way, after completing the application through online medium, the pension related amount will be auto debited from your account every month.