Atal Pension Yojana: We need some regular source of income to cover daily expenses. So experts say it is better to invest in a retirement scheme where you can get guaranteed returns in the form of a regular monthly pension. One of the central government schemes for retirement planning is Atal Pension Yojana. It provides guaranteed monthly pension. This scheme is specifically designed for workers in the unorganized sector.
It is well known that income decreases with age. Especially after retirement, there is a situation of having to worry about the monthly expenses. We need some regular source of income to cover the day to day expenses in this phase of not being able to get up. So experts say it is better to invest in a retirement scheme where you can get guaranteed returns in the form of a regular monthly pension. One of the central government schemes for retirement planning is Atal Pension Yojana. It provides guaranteed monthly pension. This scheme is specifically designed for workers in the unorganized sector. So how to get fixed monthly pension from Atal Pension Yojana? Let’s find out in detail.
Named after former Prime Minister Atal Bihari Vajpayee, the pension scheme provides social security to workers in the unorganized sector. APY is available to all bank customers. Any Indian citizen between the age of 18-40 years can avail APY benefit. After subscribing, the investor can get Rs.60 per month from the age of 60 depending on the investment. 1,000 per month and Rs. 5000 will receive a fixed minimum pension. Subscriber gets monthly pension under APY. After that the pension corpus of the subscriber received by his spouse at the age of 60 years after their death is returned to the nominee of the subscriber. Minimum pension benefits are guaranteed by the Government of India
APY Eligibility
- Any citizen between the age of 18-40 years can apply for APY.
Aadhaar basic KYC document is required for APY. It is recommended to get Aadhaar and mobile numbers from the subscribers for the convenience of this scheme. If not available at the time of registration, Aadhaar details can be submitted at a later stage as well.
Exit from APY is like this
A subscriber can opt out of the scheme after 60 years. However, in exceptional cases such as the death of the beneficiary or a terminal illness can also exit before the age of 60. In case of death of subscriber, spouse gets pension. In case of death of both the subscriber and the spouse, the pension is given to the nominee. How if a person starts contributing to APY at the age of 25 years they will get monthly pension according to their contribution till the age of 60 years.
Pension benefits are as follows
- In APY Rs. 1,000 to get a pension of Rs. 76, Rs. 226 quarterly or Rs. 449 should be semi-annually.
- For a monthly pension of Rs.2 your monthly payment is Rs. 151, Rs. 450 quarterly or Rs. 891 should be semi-annually.
- Rs. 3,000 to get a pension of Rs. 226, Rs. 674 quarterly or Rs. 1,334 semi-annually.
- Rs. 4,000 to get a pension of Rs. 301, Rs. 897 quarterly or Rs. 1,776 should be semi-annually.
- Rs. 5,000 to get a pension of Rs. 376, Rs. 1,121 quarterly or Rs. 2,219 should be semi-annually.
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