The Atal Pension Yojana aims to provide a lifetime pension to individuals working in the unorganized sector after retirement. Launched on May 9, 2015, the scheme guarantees a pension.
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This scheme requires a small investment and can be applied for between the ages of 18 and 40. After the age of 60, a guaranteed pension of ₹1,000 to ₹5,000 per month is guaranteed.
Contributions to the Atal Pension Yojana (APY) vary depending on age. You can invest in this scheme on a monthly, quarterly, or half-yearly basis. Upon the pensioner’s death, the surviving spouse receives the pension amount, and the nominee receives the return of the contributions.
Tax benefits are also offered under this plan. Tax deductions are available under Section 80CCD of the Income Tax Act.
At the age of 18, you can contribute around ₹42 monthly for a ₹1,000 pension, and around ₹210 for a ₹5,000 pension.
If you apply for this scheme at the age of 40, then you will have to contribute ₹291 monthly for a pension of ₹1,000 and ₹1,454 monthly for a pension of ₹5,000.
