Atal Pension Yojana: Almost all the people working in the country are worried about their retirement. Many people are most worried about how they will manage their expenses after retirement because they do not have a stable source of income. In such a situation, retirement schemes are very useful.
There are many private and government schemes for this. One of these is Atal Pension Yojana (APY), which is an excellent scheme. In this scheme, both husband and wife can get a pension of up to ₹ 10,000 per month.
The government started this scheme keeping in mind the people of the unorganized sector. The objective of this scheme was that people of low-income groups could also avail the benefit of a pension in old age. By joining this scheme, both you and your spouse can get a lifetime pension.
How to get a pension of ₹ 10,000 for husband and wife
Atal Pension Yojana provides a monthly pension ranging from ₹ 1,000 to ₹ 5,000 after the age of 60 years. If both husband and wife open separate accounts in it, then both will get a total pension of ₹ 10,000 by ₹ 5,000 each, which will become a strong financial support for their old age.
Eligibility and Contribution to Joining the Scheme
To join this scheme, your age should be between 18 to 40 years. The younger you apply for this scheme, the lesser the monthly premium you will have to pay. This premium will be auto-debited directly from your bank account.
Pension and Monthly Contribution
To avail of the scheme, if a person joins at the age of 30 and wants a monthly pension of ₹5,000, he will have to pay ₹577 per month. If a person joins this scheme at the age of 35, he will have to make a monthly payment of around ₹902.
This ensures that your future financial needs are met, no matter at what age you join the scheme.
Benefits and Features of Atal Pension Yojana
Atal Pension Yojana is not just a pension scheme, but a guarantee of a secure future. It is a government scheme, so the security of your investment and the pension you receive is completely ensured. After the age of 60, you get a fixed monthly pension, which eliminates the worry of income after retirement. If you start at a young age, you have to make very small monthly contributions. If the subscriber dies before or after 60 years, his spouse or nominee gets a fixed amount. Contributions made to the Atal Pension Yojana can get tax benefits under Section 80CCD (1B) of the Income Tax Act.
How to apply for the Atal Pension Yojana
You can apply for this scheme at your nearest bank or post office. The necessary documents for application are as follows:
- Aadhaar Card
- Mobile Number
- Bank Account
This facility is also available online in many banks, making the application process even more convenient. Therefore, it is very important for both husband and wife to get involved in it so that they do not have to be dependent on anyone in their old age and can live a respectable life.