Atal Pension Yojana: Many schemes are being run by the Central Government for the citizens of the country. In which, along with benefits, they are also getting many types of facilities. For those who are weak due to the economic condition of the government! Have come up with a plan called! Atal Pension Yojana under which you can save some money from your hard earned money. You can avail the benefits of this Atal Pension Yojana (APY) anytime! But there are many people who have not yet received the benefits of these schemes. Due to not knowing anything about them, we remain deprived of them.
Atal Pension Yojana is a type of subsidiary scheme. This means you invest some income into it and save time! According to this, you can avail benefits in the form of pension every month. Till now, more than 7 crore beneficiaries have joined this scheme and have received full benefits. That’s when this scheme was started! At that time, initially 79 lakh people were connected to Atal Pension Yojana (APY).
This scheme is also supported by the NPS scheme.
By joining this scheme, you will get a pension ranging from Rs 1000 to Rs 5000.
People between 18 to 40 years of age can invest in this.
In this you will have to invest regularly every month
What is Atal Pension Yojana?
This Atal Pension Scheme was started by the Central Government on 9 May 2015. The government had only one objective that any weak and financially helpless person could join this scheme and get benefits in the form of pension every month. Today people from every region of the country are taking advantage of this Atal Pension Yojana (APY). If you invest some money in this, then after the age of 60 years you will get a pension ranging from Rs 1000 to Rs 5000 every month.
Who can invest in APY?
If you have also made up your mind to invest in this Atal Pension Scheme, then let us tell you that only people between 18 years to 40 years of age can invest in this scheme. At the same time, the government has also changed some rules of the scheme in 2022. Let us tell you that the special thing about this scheme is that both husband and wife can take benefits in it. To avail the benefits of this Atal Pension Yojana (APY), you will need bank passbook along with some other documents.
Benefits and Features of APY
Guaranteed Monthly Pension: One of the key benefits of APY is the provision of guaranteed monthly pension. Depending on the contribution made by the investor, the scheme offers a pension amount ranging from Rs 1000 to Rs 5000 per month. This ensures regular income flow and removes the worry of managing expenses in old age.
Flexibility in contribution levels: APY allows investors to choose their contribution level as per their financial capabilities. The monthly contribution amount is determined based on the desired pension amount and the age of the investor at the time of enrolment. With options ranging from Rs 42 to Rs 210 per month, individuals can choose the contribution that suits their income and future needs.
Government contribution: To encourage individuals to join the APY, the government provides a co-contribution. Under this scheme, if the investor fulfills certain eligibility criteria, the government will co-contribute 50% of the total contribution or Rs 1000 per year, whichever is lower. This ensures that even people with modest incomes can build an adequate pension fund over time.
Fixed Tenure and Exit Criteria: APY has a fixed tenure, which starts at the age of 18 and ends at the age of 60. On reaching the age of 60, investors become eligible to receive their pension. However, in case of unfortunate demise before the age of 60 years, the accumulated amount is transferred to the nominee. This feature ensures that the invested amount is not lost and the investor’s family remains financially secure.
How to enroll in Atal Pension Yojana?
Enrollment in Atal Pension Yojana is a simple and hassle-free process. Follow these steps to secure your future with APY:
Visit your bank: Contact your bank and express your interest in joining APY. Most banks have provisions for APY enrollment, and bank officials will guide you in the process. You can also inquire about the scheme details, contribution level and expected pension amount.
Complete the Enrollment Form: Fill the APY Enrollment Form provided by the Bank. Make sure that all the required information is filled correctly including your correct contact details and nominee information. Double check the form to avoid any errors or discrepancies.
Provide your bank account details: To facilitate the contribution and pension disbursement process, provide your bank account details. It is advisable to have an active and functional bank account, thereby ensuring smooth transactions during the APY period.
Choose your contribution amount: Depending on your desired pension amount and age, choose the monthly contribution that you can easily afford. Remember to consider your financial obligations and income stability when determining contribution levels.
Submit the form and make the first contribution: Once your form is complete, submit it to the bank along with the required documents. Make the initial contribution specified by the bank to activate your APY account. Keep a copy of the form and transaction receipt for future reference.
Why choose Atal Pension Yojana?
APY stands out as a reliable and trustworthy pension scheme for several reasons:
Government Backed: APY is a government backed scheme, ensuring the highest level of reliability and security. With government involvement, investors can be confident that their contributions and pensions are safe.
Affordable and Customizable: APY offers flexible contribution levels, making it accessible to individuals across different income groups. The plan’s affordability and customization options ensure that everyone can plan for a comfortable retirement.
Government co-contribution: Government co-contribution makes APY even more attractive. By providing financial assistance, the government encourages individuals to actively participate and secure their future.
Transparent and Regulated: The entire APY system operates with transparency and adherence to the rules set by the government. All contributions and processes are closely monitored to reduce the chances of financial irregularities or mismanagement.
How to get pension up to Rs 5000 every month in Atal Pension Yojana?
The age to invest in this Atal Pension Yojana (APY) should be 18 years. You have to invest a minimum of Rs 210 every month at the age of 18 years. At the same time, if a 40 year old person wants a pension of Rs 5000, then he will have to invest Rs 1454 every month. In this way, you will get a pension of Rs 5000 per month at the age of 60 through this Atal Pension Yojana.