If you get some amount in the form of pension every month after retirement, you can get a lot of support from it.
APY Scheme: Many schemes are being run by the central government. One of them is Atal Pension Yojana. With this scheme, you get a lump sum pension every month after retirement. So it can be of great benefit to you.
Suppose you invest Rs 210 per month in this pension scheme, you get a pension of Rs 5 thousand per month after retirement. Most importantly, the sooner you start investing in this scheme, the more you will benefit.
The scheme was started in 2015
Atal Pension Yojana was launched by the Central Government in 2015-16 to provide the best investment options to the common citizens. It is started by looking at regular income after retirement.
The main advantage of this scheme is that citizens who cannot avail any form of government pension. By investing in it you can determine your income. The increasing number of subscribers of this scheme is estimated to be attracting citizens due to its benefits.
There will be no money tension in old age
Pension is the biggest support in old age and for that investment in Atal Pension Yojana is a profitable deal. You can deposit a small amount in it every month and in old age Rs. 1000 to Rs. Avail monthly pension upto 5000. It has given an age limit of 18 to 40 years for investment. Recently, the number of customers investing in this scheme has also crossed the five crore mark.
Know the benefits of this scheme
- If you join this scheme at the age of 18, you are getting a pension of Rs 5,000 every month after the age of 60 with a deposit of Rs 210 every month.
- For a pension of Rs 1000 you will have to deposit Rs 42, Rs 2000 Rs 84, Rs 3000 Rs 126 and for Rs 4000 pension you will have to deposit Rs 168 every month.
- The sooner one starts investing in this scheme, the more beneficial it will be. You can increase or decrease the amount of investment in this according to your own calculations.
- The biggest feature of this scheme is that it benefits the investor’s family even after his death.
- Under Income Tax Act 80C, a tax benefit of up to Rs 1.5 lakh is provided on investment in this pension scheme.
Required Qualifications
- Applicant should be a citizen of India.
- Applicant’s age should be between 18 to 40 years.
- Also applicant should have bank account linked with Aadhaar card.
- Applicant should have mobile no.
- He should not have been a beneficiary of Atal Pension earlier.
- The minimum contribution period is 20 years.
