What is Atal Pension Yojana? How to avail the benefits of this scheme


Atal Pension Yojana (APY) is a very beneficial social security scheme for people working in the unorganized sector. By investing in APY, you get a regular income for spending after retirement.

Atal Pension Yojana (APY) is a pension scheme for the citizens of India that focuses on the unorganized sector workers. Under APY , a minimum pension of Rs 1,000 / – or 2,000 / – or 3000 / – or 4000 or 5000 / – per month at the age of 60 will be guaranteed on the basis of contribution by customers. Any citizen of India can join APY scheme. Simply, you have to have a bank account to participate in this scheme. Also, to open an account for this scheme, it is also mandatory to be linked to the Aadhaar card.

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What is Atal Pension Yojana

Atal Pension Yojana is a pension scheme, which was started in 2015 keeping in mind the low income group. It is operated by PFRDA. Any Indian citizen between the age of 18-40 years can join this scheme. For this, the person should have a savings account in any bank or post office. Under the scheme, the subscriber gets a pension of Rs 1,000 to Rs 5,000 after reaching the age of 60 years. For this, blind donations have to be made according to different ages. For example, if you join a pension scheme at the age of 21 for Rs 5000, then Rs 210 per month. Monthly contribution increases with age.

Benefits of Atal Pension Yojana (APY)

After retiring from investing in the Atal Pension Yojana (APY), you may be entitled to a pension every month. The biggest feature of the APY scheme is that there is a provision to continue benefiting your family if you die prematurely. In the event of death of the person investing in the Atal Pension Yojana (APY), there is a provision for getting pension to the children in case of death of his wife and wife. After retirement, you have to invest in APY for a few years only to get a lifetime pension. Along with your investment, the government also contributes on its behalf in the Atal Pension Yojana (APY).

For example, to get a pension of Rs 1,000 per month, an investor may have to deposit Rs 42 to Rs 291 per month depending on his age. However, if the person paying the installment dies due to any reason, his nominee will get a lump sum of Rs 1,70,000. Similarly, if you want to get a pension of Rs 2,000 per month, then you have to pay installments ranging from Rs 84 to Rs 582 every month, depending on your age. If during this time the person and his wife die due to some reason, their nominated child will get a lump sum of Rs 3,40,000. Similarly, for a pension of Rs 5000 per month, you may have to deposit Rs 210 to Rs 1,454 each month. If the person and his wife die during this period, the child named by them will get a lump sum of Rs 8,50,000.

Who can take advantage of Atal Pension Yojana

The Atal Pension Yojana launched by the Modi government is for the weaker section of the society so that after 60 years, they do not have to face economic troubles. This is the reason that this scheme can connect all those between the ages of 18 to 40, who are its real characters. Because it is absolutely necessary to invest at least 20 years in this scheme, except in the last circumstances. The special thing is that in order to join the Atal Pension Yojana, you have to have a savings account and Aadhaar card in any bank.

What is the age limit in APY?

The people for the Atal Pension Yojana (APY) are divided into 6 parts. To take advantage of the Atal Pension Yojana (APY), you must be between 18 and 40 years old. To get pension under APY, you have to invest for at least 20 years. Those people who are outside the income tax slab can get the benefit of the Atal Pension Yojana. Also, EPF and EPS are not availing the scheme in advance.


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