These days most of the people are in private jobs. Where they do not get pension. In such a situation, if you do not plan for retirement now, then problems may increase later. In such a situation, if you get 5000 rupees every month in a pension scheme, then what is bad.
The best part is that you have to invest only Rs 210 every month. The name of this scheme is Atal Pension Yojana. Depending on your investment, you will get between Rs 1000 to Rs 5000 every month after retirement.
How To Get Rs 5,000 Pension
If you join this scheme at an early age, then after the age of 60, you will start getting a pension of Rs 5000 per month. It can be understood in this way that if you subscribe to APY at the age of 18, then by saving just seven rupees every day i.e. 210 rupees per month, you can get a pension of 5000 rupees at the age of 60.
At the same time, at the age of 40, at least Rs 1454 will have to be saved every day for APY. If you become a part of the scheme at the age of 18, you will have to deposit Rs 105840 (Rs 210 per month) in 42 years. Whereas on becoming a part of the scheme at the age of 40, 348960 (Rs 1454 month) will have to be deposited.
How to get out of atal pension yojana
On attainment of 60 years of age: You are entitled to 100% pension when you exit at the age of 60 years. In such a situation, you will start getting pension.
In case of death due to any cause: In case of death of the subscriber, his/her spouse and in case of death of both (subscriber and spouse), the pension corpus will be received by their nominee.
Before 60 years of age: It is not allowed to exit the scheme before the age of 60 years. However, it is allowed in exceptional circumstances like the death of the beneficiary or incurable disease.
Whatis Atal Pension Yojana
This is a guaranteed pension scheme. In this, a person can get a pension from Rs 1,000 to Rs 5,000 every month by opening an account. The Central Government contributes 50% of the subscriber’s contribution or Rs 1,000, whichever is less. Government co-contribution is for such people who are not covered by social security schemes and are not income tax payers.
APY can be availed by all Indian citizens between 18 and 40 years of age. The scheme is managed by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS).