Atal Pension Yojana: A government scheme called Atal Pension Yojana aims to give people financial security in their old age. It was introduced in the 2015–16 fiscal year and provides a fixed monthly pension that can range from Rs. 1000 to Rs. 5000, depending on the individual’s investment. The government guarantees the programme, which has a 20-year minimum investment duration.
How Does Atal Pension Yojana Work?
The Atal Pension Yojana is a great choice if you’re between the age of 18 to 40 and want a guaranteed income after you turn 60. From the age of 25, you can guarantee a pension of Rs 5000 per month in your old age by investing as little as Rs 13 every day (about Rs 376 each month). Under this arrangement, the pension payment can be doubled to Rs 10,000 per month for both husband and wife.
Benefits for Couples and Nominees
The fact that the Atal Pension Yojana enables both spouses to sign up for the programme and so raises the household’s pension amount is one of its many noteworthy benefits. If one spouse passes away, the pension benefit is still paid to the surviving spouse. Moreover, in the event of the demise of both spouses, the subscribers’ nominee shall get the entire corpus.
How to Enroll in Atal Pension Yojana?
People who want to take advantage of the Atal Pension Yojana need to have both a bank account and a mobile number. You can apply for the programme at any bank. With more than 5 crore participants nationwide, this programme has given many people and families financial stability and a respectable old age.