The Atal Pension Yojana was started for those working in the unorganized sectors, but any Indian citizen of 18 to 40 years can invest in it and can avail the pension.
The Atal Pension Yojana (APY) was started in the year 2015 for people working in unorganized sectors, but any Indian citizen of 18 to 40 years can avail pension by investing in this scheme, Those who have an account with a bank or post office. In this scheme, depositors start getting pension after 60 years.
The amount of pension in the Atal scheme depends on the investment you have made and your age. Under this scheme, you can get a monthly pension of at least Rs 1,000, Rs 2000, Rs 3000, Rs 4000 and more than Rs 5,000. If you want to register for this pension scheme, then you must have a savings account, an Aadhaar number and a mobile number.
Retirement benefit
The sooner you join the Atal Pension Yojana, the more benefit you will get. If a person joins the Atal Pension Yojana at the age of 18, then after the age of 60, he has to deposit Rs 210 per month for a monthly pension of Rs 5000.
That is, by depositing 7 rupees every day in this scheme, you can get a pension of 5000 rupees per month. In this scheme, for a monthly pension of 1000 rupees every month, only 42 rupees have to be deposited per month. At the same time, Rs 84 will have to be deposited for Rs 2000 pension, Rs 126 for 3000 rupees and Rs 168 for monthly pension of Rs 4000.
Tax benefit
Those investing in the Atal Pension Scheme get a tax benefit of up to Rs 1.5 lakh under the Income Tax Act 80C. From this, the taxable income of the subscribers is reduced. Apart from this, there is an additional tax benefit of up to Rs 50,000 in special cases. In this way deduction of up to 2 lakh rupees is available in this scheme.
Death benefits of APY
If the subscriber of the scheme dies then his wife becomes a nominee by default and the wife gets all the benefits of the scheme. The wife also gets the same pension as the subscriber. In the event of the wife not surviving, the nominee who has been nominated by the subscriber gets the benefit of the corpus fixed for it. That is, the nominee gets a fixed pension.
