Atal Pension Yojana: In our youth, we often don’t worry about tomorrow, but as we age, worries about retirement and regular income begin to creep in. If you also want to avoid begging in your old age, the Central Government’s Atal Pension Yojana (APY) could be the best option for you.

Launched on May 9, 2015, in the name of former Prime Minister Atal Bihari Vajpayee, this scheme is proving to be a boon for those in the unorganized sector. With a modest investment, you can secure a pension worth thousands of rupees.

How to get pension of Rs 10,000?

Under the Atal Pension Yojana, a maximum pension of Rs 5,000 per month is available to an individual. However, if you are married, you can double this benefit. If both husband and wife open separate accounts under this scheme and choose a pension slab of Rs 5,000, the household will receive a total pension of Rs 10,000 (5,000 + 5,000) per month after age 60. This amount can be a significant support for household expenses in old age.

Who can apply?

1. Any Indian citizen whose age is between 18 to 40 years .

2. You must have a savings bank account or post office account.

3. You should not be an income tax payer.

How much investment will be required?

The speciality of this scheme is that the younger you join, the lower your installment will be. For example, if you are 18 years old and want a pension of Rs 5,000, you need to deposit just Rs 210 every month. At the same time, if your age is 40 years , then you will have to pay Rs 1,454 every month for a pension of Rs 5,000 .

How to Apply for Atal Pension Yojana?

You can apply for this scheme by visiting your bank (offline) or using net banking (online). Here’s how to apply online:

Login to Net Banking: First of all login to your bank’s net banking or mobile app.

Select Social Security Schemes: Go to the ‘Investment’ or ‘Social Security Schemes’ option in the menu and click on ‘Atal Pension Yojana’ .

Fill in the details: Enter your Aadhaar number, nominee name and mobile number.

Select Pension Slab: Choose the pension slab you want from Rs 1000, 2000, 3000, 4000 or 5000.

Auto-Debit: The bank will ask you to choose the frequency of premium payment (monthly/quarterly/half-yearly). Select it.

Submit: After verifying all the information, submit the form. Your premium will begin being deducted from your account, and you will receive a PRAN (Permanent Retirement Account Number) .

Benefits are benefits

Guaranteed Pension: Pension is guaranteed by the government.

Nominee Protection: If the pension holder dies after age 60, the pension will be passed on to their spouse. Upon the death of both, the corpus will be returned to the nominee (children).