By Admin 
Today every person is working hard, but one question remains in everyone’s mind that what will happen after retirement, when the earning power reduces, how will the expenses be managed, where will the money for medicines, home and daily needs come from. Especially for people working in the unorganized sector like laborers, drivers, street vendors, domestic workers, it becomes even more difficult for them to plan for retirement. To address this concern of such people, the Government of India has started a reliable scheme, named Atal Pension Yojana (APY). This scheme guarantees you a fixed pension every month in old age, so that you can live your life with dignity.
What is Atal Pension Yojana?
Atal Pension Yojana is a government pension scheme, in which by investing a little, you can get a pension of Rs 1,000 to Rs 5,000 every month after the age of 60 years. The biggest feature of this scheme is that the pension received in it is completely guaranteed, that is, there is no risk of market fluctuations.
Who can take advantage of this scheme?
There are some easy conditions to join Atal Pension Yojana. If you are an Indian citizen, your age should be between 18 to 40 years, you should have a bank account, this scheme is especially for those people who do not come in the income tax slab.
How much will have to be invested?
The amount invested in Atal Pension Yojana depends on your age and the pension chosen. If you are 18 years old. So for Rs 1,000 pension you will have to invest around Rs 42 per month and for Rs 5,000 pension you will have to invest around Rs 210 per month. If your age is 40 years, then you will have to invest around Rs 291 per month for Rs 1,000 pension and Rs 1,454 per month for Rs 5,000 pension, that is, the sooner you join the scheme, the less money you will have to pay every month. You can also contribute on a monthly or quarterly basis.
What benefit will I get after 60 years?
After completing 60 years of age, you will get a fixed pension every month. The pension amount will be between Rs 1,000 to Rs 5,000. This pension will be available throughout life. If the pension holder dies, the pension benefit goes to the spouse, after the death of both, the nominee gets the deposited amount back. By investing in Atal Pension Yojana, you also get the benefit of tax exemption under Section 80CCD of the Income Tax Act.
How to apply for Atal Pension Yojana?
To apply for Atal Pension Yojana, go to your nearest bank branch. Get the KYC process completed there. Fill the Atal Pension Yojana form. Choose the pension amount of your choice. The premium will be auto-debited from the bank account. After this your investment will start.
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