Atal Pension Yojna: Are you also worried about not having regular income after retirement? If you are in the unorganized sector where you are not going to get pension after retirement, then there is no need to worry.
By depositing just Rs 210 every month, you can get a maximum pension of Rs 5,000 every month after retirement i.e. after 60 years. The name of this government scheme is Atal Pension Yojana in which guaranteed pension is given every month. In this you can invest based on your investment ability and the pension you will get after retirement.
What is Atal Pension Yojana?
The government has brought Atal Pension Yojana in the Budget 2015-16 keeping in view the security of income in old age. Through this scheme, the government is encouraging the common people, especially those associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector also have to be protected from the risk of not having income after retirement. This scheme is being run by Pension Fund Regulatory and Development Authority (PFRDA).
Will get pension of Rs 5,000 every month
Under Atal Pension Yojana, customers get pension ranging from Rs 1,000 to Rs 5,000 every month. The Government of India guarantees the minimum pension benefit. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contributions are paid to people who are not covered under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension.
Atal Pension Yojana is for all citizens of India between the age of 18 to 40 years.
You will have to pay Rs 210 every month
According to the current rules, if at the age of 18 years a maximum of Rs 5,000 is added to the scheme for monthly pension, then you will have to pay Rs 210 and Rs 7 every month. If you pay the same amount every three months, you will have to pay Rs 626 and if you pay every six months, you will have to pay Rs 1,239. To get a pension of Rs 1,000 per month, if you invest at the age of 18, you will have to pay Rs 42 per month.
You will get more benefits if you join at a young age.
Suppose if you join for a pension of Rs 5,000 at the age of 35, then you will have to deposit Rs 5,323 every 6 months for 25 years. In such a situation, your total investment will be Rs 2.66 lakh, on which you will get a monthly pension of Rs 5 thousand. Whereas if you join at the age of 18, your total investment will be only Rs 1.04 lakh. That means, for a single pension, you will have to invest about Rs 1.60 lakh more.
