Pension Scheme: After retirement, as age advances and working becomes difficult, and sources of income decrease, the biggest problem is managing daily expenses. This concern is especially prevalent for those working in unorganized sectors such as daily wage labor, driving, or street vending. For such individuals, the Government of India operates the Atal Pension Yojana (APY). This scheme provides a fixed monthly pension after the age of 60, ensuring that people do not face any financial difficulties.
What is the Atal Pension Yojana?
The Atal Pension Yojana is a secure savings scheme of the government, where you deposit small amounts during your working years. In return, the government provides you with a guaranteed monthly pension in your old age. Under this scheme, you can choose a monthly pension ranging from ₹1,000 to ₹5,000, according to your needs. The pension received under this scheme is not affected by market fluctuations.
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Who can benefit from the scheme?
To avail of the Atal Pension Scheme, the applicant must be a citizen of India. The applicant’s age should be between 18 and 40 years. A savings account in a bank or post office is mandatory to open an account under this scheme. This scheme is available to those who are not income taxpayers.
How much investment is required?
The monthly installment in the APY scheme depends on the age at which you join the scheme. The younger you start, the less you will have to deposit. For example, if you join the scheme at the age of 18, you need to invest ₹42 to receive a pension of ₹1,000. To receive a pension of ₹5,000, you would need to invest ₹210. If you want to receive a pension of ₹1,000 per month at the age of 40, you will need to invest approximately ₹291, and to receive a monthly pension of ₹5,000, you will need to invest ₹1,454. This amount can be deposited on a monthly, quarterly, or half-yearly basis.
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Benefits after 60 years of age
According to the information, several benefits are available under this scheme after reaching the age of 60, such as receiving a pension for life. If the pension holder dies, the spouse starts receiving the pension amount. If both husband and wife die, the nominee receives the benefits of the scheme. Under the APY scheme, investors receive tax benefits under Section 80CCD.
How to apply for the Atal Pension Yojana?
To avail of the scheme, visit your bank or post office branch.
Then fill out the Atal Pension Yojana form.
Link your Aadhaar card and mobile number.
Now choose your preferred pension amount.
Activate the auto-debit facility so that the installments are automatically deducted from your account.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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