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BusinessYou will start getting Rs 5,000 pension, if you will do this...

You will start getting Rs 5,000 pension, if you will do this planning at the age of 40, know the details of the government scheme

This is a good scheme for those who are 40 years old, which guarantees a pension of Rs 5,000 per month. The sooner you join this scheme, the more you will be in profit.

Atal Pension Yojana : Are you 40 years old and want to get Rs 5,000 pension every month?If yes, then you should look for a good investment option which will guarantee you a pension of such amount. Atal Pension Yojana ie APY is one such scheme. We are telling here how you can get a pension of Rs 5,000 per month through this scheme.

What is Atal Pension Yojana

What is Atal Pension Yojana : APY announced in the General Budget 2015-16 is a scheme of the Central Government, which ensures the security of income in old age and focuses on all the citizens of the unorganized sector. Through this, the government encourages people to save for their retirement.

The scheme is managed by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS).

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.

How to get Rs 5,000 pension

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 Rs 5000 monthly pension. It can be understood in such a way that if you subscribe to APY at the age of 18, then by saving just seven rupees every day i.e. Rs 210 per month, you can get a pension of 5000 rupees at the age of 60.

At the same time, at the age of 40, one has to save at least Rs 145.40 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.

Read Also | Interest on Saving Account These banks giving highest interest on savings account, check rate

How to get out of atal pension yojana

On attainment of 60 years of age: You are entitled to 100% pension on exit at the age of 60 years. In such a situation, you will start getting pension.

In case of death due to any reason: 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 his/her 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.

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