Atal Pension Yojana: Regular income in old age is a necessity for everyone, but a large section of the country’s population is neither covered by any government pension scheme nor can they afford a private pension. Keeping this problem in mind, the central government launched the Atal Pension Yojana. This scheme is specifically designed for workers in the unorganized sector and low-income groups, so that they can receive a fixed and reliable pension in their old age.
What is the Atal Pension Yojana?
The Atal Pension Yojana is a government-backed pension scheme in which the investor receives a fixed monthly pension after the age of 60. The special feature of this scheme is that it is not affected by market fluctuations, and the pension amount is predetermined.
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What is the maximum pension?
Under this scheme, a guaranteed pension of up to Rs 5000 per month can be received. Investors have the option to choose from a pension of Rs 1000, 2000, 3000, 4000, or 5000 per month, according to their needs. The monthly or quarterly contribution is determined based on the chosen pension amount.
Who can join this scheme?
To join the Atal Pension Yojana, a person’s age should be between 18 and 40 years. The younger a person is when they join the scheme, the lower the monthly contribution. After completing the contribution period, the pension starts at the age of 60.
Pension and security for the family
This scheme provides security not only to the account holder but also to the family. If the account holder dies, the pension continues to be paid to their spouse. After the death of both, the entire accumulated amount is returned to the nominee. In this way, this scheme also provides financial support to the family.
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How to open an account?
An Atal Pension Yojana account can be opened through a bank or post office. The contribution amount is automatically debited from the account, so the investor doesn’t have to worry about making separate payments.
Why is this scheme special?
The Atal Pension Yojana is fully supported by the government, so there is no risk involved. The investor receives the exact pension amount that is promised. This scheme is considered a reliable option for those who want to secure their future pension with a low investment.