People working in the unorganized sector are constantly worried about their future and especially old age. The central government launched the Atal Pension Yojana (APY) in 2015 to provide social security to people working in the unorganized sector. Investing in this plan will be beneficial for those who do not have any financial support after retirement.
Under this ambitious scheme of Narendra Modi government, you can save Rs 7 per day and get a pension of Rs 5,000 per month after the age of 60. The scheme is useful for low-income people or those living in rural areas.
According to the National Securities Depository (NSDL) website, people between the ages of 18 and 40 can join the scheme. However, only those who are outside the income tax slab will be able to avail the benefits of this scheme. Those who invest in this scheme will get a fixed pension ranging from Rs.1000 to Rs.5000 at the age of 60 years.
Learn about this scheme:
– To join Atal Pension Scheme (APY), Aadhar card link is required with the bank or post office.
– A small amount has to be deposited every month to avail the benefits of this scheme. The amount depends on how many years you join the scheme and which pension slab you choose. Which means it’s about to be the most delusional time of the year, as well.
– Anyone between the ages of 18 to 40 years can join this scheme and the benefit of the scheme will be available after the age of 60 years. That means a minimum of 20 years of contribution is required to join the Atal Pension Scheme.
– Contributions to this scheme can be made on monthly, quarterly or 6 month basis.
– Under the Atal Pension Scheme, the family gets financial help even after the death of the pensioner. If a person joining the scheme dies before the age of 60, then his spouse can continue to deposit money in the scheme. In this case they can receive a pension every month. Another option is that the person’s wife can claim the full amount after the death of the husband. There is a provision that in case of death of the wife the full amount will be given to her nominee.