Atal Pension Yojana

The central government started the Atal Pension Yojana in May 2015. Earlier, there was no scheme like Atal Pension Yojana for the people working in the unorganised sector. Atal Pension Yojana is a very beneficial social security scheme for people working in the unorganised sector. Investing in Atal Pension Yojana gives you a regular income for post-retirement expenses. In this article, you will get a brief about atal pension yojana and how much pension can be expected from APY.

The sooner you join Atal Pension Yojana, the more benefit you will get. If a person joins Atal Pension Yojana at the age of 18, then he will have to invest Rs 210 every month.

About Atal Pension Yojana Scheme

The Atal Pension Yojana scheme was initiated by the Prime Minister of our nation Shri Narendra Modi. This scheme was started on 1st June 2015. Under the scheme, after 60 years of inheritors, an amount varying from Rs 1000 to Rs 5000 will be provided as a pension to the older people. Under Atal Pension Yojana, the pension amount will be decided based on the beneficiaries’ age and investment. Here, you will read about Atal Pension Yojana Scheme.

In Atal Pension Yojana 2022, you can be permitted to get more pensions every month by depositing a minor amount. Still, you can also benefit from it for your family in case of an untimely death. Today in this article, we will share information about atal pension yojana and how much pension can be expected from APY.

How much pension can be expected from APY?

The pension amount in the Atal Scheme depends on the investment made by you and your age. Under Atal Pension Yojana, you can get a minimum monthly pension of Rs 1,000 and a maximum of Rs 5,000. You will start getting an amount known as a pension from 60.

After retiring from investment in Atal Pension Yojana, you can be entitled to get a pension every month. The biggest feature of the Atal Pension Yojana is that if you die untimely, there is a provision to continue benefiting your family. On the death of the person investing in the Atal Pension Yojana, there is a provision of getting a pension to the children in his wife and wife’s death. To get a lifetime pension after retirement, you have to invest in the pension scheme only for a few years. Along with your investment, the government also contributes on its behalf to Atal Pension Yojana.

What is the benefit of APY?

The sooner you join the Atal Pension Yojana scheme, the more benefit you will get. If a person joins Atal Pension Yojana at 18, he will have to invest Rs 210 every month.

After your retirement, you will receive a monthly pension of Rs 5000 every month from 60.

Who cannot be included in APY?

People who come under the purview of income tax, are government employees, or are already taking advantage of schemes like EPF and EPS cannot become a part of Atal Pension Yojana.

The procedure to apply for Atal Pension Yojana

The below-mentioned steps must be observed to avail the usefulness of the scheme:

• All nationalised banks have the APY scheme. People can visit these banks to open an APY account.
• The opening account documents are open online on the bank websites as well. Individuals can download the application form.
• The application form is generally in English, Telugu, Tamil, Odia, Marathi, Kannada, Gujarati, and Bangla.
• The application form must be served out and introduced at the bank.
• A valid mobile number should be provided.
• An Aadhaar card photocopy must be submitted.

Salient features of the APY scheme

• The Government of India guarantees the minimum pension to the individual after his retirement.
• Atal Pension Yojana tax benefit is available on the investment made in this scheme, under section 80CCD.
• All bank account holders can enter this scheme.
• People who invest in this start getting a pension after attaining 60 years of age.
• Workers who do not get any pension uses can also apply for this scheme in the personal sector.
• There is an option to get a fixed pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, or Rs 5,000 after turning 60.
• After the account holder’s end during this scheme, their partner can withdraw the money deposited or complete its tenure.

Conclusion

Atal Pension Yojana is a good investment option provided by the government for the working people of the unorganised sector of India. This scheme was launched to provide financial protection to the people working in the unorganised sector of India.

The main objective of the Atal Pension Yojana can be summed up as follows: Provision of security and protection of citizens against illness, accidents, diseases, and so on. This scheme is mainly aimed at the unorganised sector in the country. You can get a specified pension running from Rs. 1000 to a maximum of Rs. 5000/month by funding through this scheme. The suitable age to join the Atal Pension Yojana is 18 and 40 years.