Atal Pension Yojna Scheme Details: We all work to meet our needs, even though we become older and retire, our needs do not. To address this, we build a retirement fund. There are several retirement schemes provided by both government and private banks. Today, we will discuss one such programme that has the potential to yield Rs 60,000 with a monthly investment of only Rs 210.
The scheme is called Atal Pension Yojna and was started by the Central Government in 2015. This scheme is dedicated to the nation’s young, women, farmers, and elderly. If you start saving money now, you will be able to receive a pension at the age of 60 for the rest of your life under this unique Central Government system.
Atal Pension Yojna Scheme Details
The scheme offers monthly pensions ranging from Rs 1000 to Rs 5,000. You may be surprised to find that you just need to spend Rs 42 to begin receiving a monthly annuity of Rs 1000 when you retire. It is a pension system for unorganised sector workers that is open to all Indian nationals. This pension system allows you to get a pension ranging from Rs 1,000 to Rs 5,000 when you reach the age of 60, which means an annual pension of up to Rs 60,000.
Atal Pension Yojna Calculator
If you invest Rs 42 at the age of 18, you would receive a monthly pension of Rs 1,000. Similarly, an investment of Rs 84 results in a monthly pension of Rs 2,000, whilst a commitment of Rs 210 would provide a monthly income of up to Rs 5,000. Please bear in mind that your monthly contribution is based on your age. If you apply for the plan at the age of 40, you would have to pay Rs 1,454 per month to receive a Rs 5,000 pension. So, the earlier you start, the investment amount remains lower.
Atal Pension Yojna Chart
Here’s the chart of Atal Pension Yojna for better clarity:
Atal Pension Yojna Benefits
1)- The Pension Fund Regulatory and Development Authority (PFRDA) administers APY as part of the National Pension System’s overall administrative and institutional framework, so our corpus is safe.
2)- A subscriber would get a minimum guaranteed pension of Rs 1000 to Rs 5000 per month starting at the age of 60, depending on their installments, which would vary depending on their age when they joined the APY.
3)- If someone starts investing in this programme at the age of 30 and dies before the age of 60, their pension will be passed to their spouse. In the case that both of them die, their nominee will receive the whole sum.
Atal Pension Yojna Age limit
To apply for the Atal Pension Scheme, you must be between the ages of 18 and 40. Applications are not accepted after the age of 40. Applicants need to have a bank account. Enrolling using your Aadhaar number and phone number ensures that you receive all account information.
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