The government offers a range of schemes for your convenience, and one such initiative is the Atal Pension Scheme.
After 8 years in operation, it’s a valuable option for ensuring financial security during your retirement years.
With this scheme, you have the flexibility to tailor your pension plan to your preferences. By contributing just Rs 210 per month, you can secure a monthly pension of Rs 5,000 post-retirement.
Origins of Atal Pension Yojana
Atal Pension Yojana was launched in the fiscal year 2015-16 with the primary goal of providing a stable income stream for retired individuals.
Administered by the Pension Fund Regulatory and Development Authority (PFRDA), this program aims to support service professionals during their post-work life.
Eligibility and Benefits
This scheme is open to all citizens aged 18 to 40. However, starting from October 1, 2022, only non-income tax-paying individuals can apply for APY.
Under this plan, contributors are guaranteed a monthly pension ranging from Rs 1,000 to Rs 5,000 once they reach 60, based on their contributions.
In the event of the subscriber’s passing, the same pension amount is provided to their spouse.
Simplified Contribution
With Atal Pension Yojana, you can ensure your financial well-being during retirement without hefty investments.
making regular monthly contributions, you can receive a monthly pension of Rs 1,000 to Rs 5,000.
As per current regulations, if you aim for the maximum monthly pension of Rs 5,000, you’ll need to contribute just Rs 210 each month, or Rs 626 quarterly, and Rs 1,239 semi-annually.
For a monthly pension of Rs 1,000, contributors who start at age 18 would only need to pay Rs 42 per month
