Atal Pension Yojana: Everyone dreams of not facing any financial crisis in old age. For this, people engage in various types of work. Some join insurance companies, and many also save money in banks. However, we are going to tell you about a scheme that guarantees a pension every month after 60 years.
You must have heard of the Atal Pension Yojana. The Atal Pension Yojana fulfils the dream of a pension in old age. Under the Atal Pension Yojana, individuals can opt for a pension ranging from Rs 1,000 to a maximum of Rs 5,000 per month. The most important aspect is that, in this scheme, both the husband and wife can also open a joint account. To understand how the Atal Pension Yojana works, refer to the article below.
Important things related to Atal Pension Yojana
You can make your dream a reality by joining the Atal Pension Yojana. To enter, your minimum age must be 18 years, and your maximum age is 40 years. The most essential requirement is that the person joining the scheme must be an Indian citizen. For this, it is necessary to have a savings account. Individuals who pay income tax from October 1, 2022, are eligible to join this scheme.
If you are associated with EPF or any other scheme, then you will not get the benefit of Atal Pension. If you join the scheme at the age of 18 and invest Rs 42 per month, you will receive a pension of Rs 1,000 per month after the age of 60. If you invest Rs 210 per month, you will receive a pension of Rs 5,000 per month after the age of 60.
Benefits and security of the scheme
For your information, please note that if a member dies, their spouse will continue to receive the pension benefit. There is a provision for withdrawal of money from the scheme in case of the death of both husband and wife due to any reason or in case of a serious illness. The pension amount can be changed in April every year.
Additionally, money is automatically deducted from the bank account, ensuring a seamless payment process. This scheme is a boon for young people between 18 and 30 years old, as they can avail of the benefits of a good pension by investing less.
