Pension Scheme: Today’s world is full of hard work and struggle. Every person is constantly working to improve their present, but a question about the future lingers in almost everyone’s mind. How will expenses be met when age increases and the ability to work decreases? Where will the money come from for medicines, household expenses, and daily needs? This concern troubles people working in the unorganized sector the most.
It is worth noting that laborers, drivers, street vendors, and domestic workers often lack regular income and social security. Planning for retirement is not easy for them. Understanding this problem, the Government of India launched the Atal Pension Yojana (APY) so that the common man can be financially secure.
Read Here: HSBTE Rechecking Result 2026 Declared for Diploma Students : Updated Marks Available at hsbte.org.in
Read Here: UP B.Ed JEE 2026 Notification Out : Registration Starts from 10 February at bujhansi.ac.in
What is the Atal Pension Yojana?
The Atal Pension Yojana is a government pension scheme aimed at providing a fixed monthly income to people in their old age. Individuals enrolled in this scheme receive a fixed pension every month after the age of 60. The pension amount can range from Rs 1,000 to Rs 5,000, which the individual can choose according to their convenience and needs. The special feature of this scheme is that the pension received is completely secure and is not affected by market fluctuations.
Who is this scheme for?
This scheme is designed for people who work in the unorganized sector and do not have a fixed source of income after retirement. To join the Atal Pension Yojana, a person must be an Indian citizen. The age should be between 18 and 40 years, and having a bank account is mandatory. This scheme is specifically designed for those who do not fall under the income tax bracket.
How is the investment amount determined?
The monthly amount to be deposited in the Atal Pension Yojana depends on the individual’s age and the chosen pension amount. Those who join the scheme at a younger age have to invest a smaller amount. For example, joining at age 18 requires a very small monthly contribution for a pension of ₹1,000, while achieving the same pension at age 40 requires a much larger contribution. This is why joining the scheme as early as possible is more beneficial. Investments can be made on a monthly or quarterly basis.
Read Here: KTM 390 Adventure R vs Royal Enfield Himalayan 450 – Performance Touring and Off Road Compared
Read Here: Samsung Galaxy Z Flip Up to 36% Off on Amazon with Bank Offers—See New Price!
Benefits after age 60
Once a person reaches the age of 60, they start receiving the chosen pension amount every month. This pension continues for life. If the pensioner dies, their spouse receives the pension. After the death of both, the nominee receives the entire accumulated amount from the scheme. Investing in this scheme also provides tax benefits under Section 80CCD of the Income Tax Act.
Application process for the Atal Pension Yojana
Applying for this scheme is very easy. Interested individuals need to visit their nearest bank branch and complete the necessary KYC (Know Your Customer) process. After that, they need to fill out the Atal Pension Yojana form and choose their desired pension amount. Once the process is complete, the fixed amount will be automatically deducted from their bank account, and the investment will begin.
Related Stories
Auto
Business
Gadgets
Education
Education
Auto
Gadgets
Business
Education
Auto