Atal Pension Yojana can be a life saviour during the old age. Through this government pension scheme, you can get a good amount, upto Rs 5,000 as pension. To get that amount, you have to invest some money from now.
This scheme is a social security scheme run by the central government, aimed at providing financial security in old age to those working in the unorganized sector. The government launched this scheme in 2015 and it is administered by the Pension Fund Regulatory and Development Authority (PFRDA). The Atal Pension Yojana was launched for those who do not receive any regular pension benefit. Investing in this scheme provides a fixed monthly pension amount after reaching the age of 60. Importantly, this is a guaranteed pension scheme, meaning the central government itself guarantees the amount set under this scheme.
Individuals between the ages of 18 and 40 can join the Atal Pension Yojana. This scheme is only for those employed in the unorganized sector or who do not have access to any pension facility. Note that taxpayers cannot avail of this scheme. If the person enrolled in the scheme dies, the pension amount is passed on to their spouse. However, if both spouses die, the entire deposit is returned to the nominee.
How much do you need to invest to earn a ₹5,000 monthly pension?
The investment amount in this plan depends on your age. The younger you join, the lower your monthly investment ₹210 per month will have to be deposited on joining at the age of 18 years. At the age of 25, a contribution of ₹376 per month will have to be made. At the age of 30, ₹577 per month will have to be deposited. At the age of 40, a contribution of around ₹1,454 per month will have to be made. In return for these contributions, the person starts receiving a pension of ₹5,000 per month on attaining the age of 60 years.
How to add a spouse’s name online?
- Login to your bank’s net banking or mobile banking.
- Go to “Social Security Scheme” or “APY” section.
- Fill in the required details, select the pension amount and submit the form.
- As soon as the process is completed, the fixed amount will automatically be deducted from the account every month.
