Atal Pension Yojana: Are you 40 years old and want a monthly pension guarantee of Rs 5,000? If so, you might consider an investment strategy that offers a guaranteed pension. The Atal Pension Yojana (APY) is the name of one such programme. Here’s how you can make a little initial deposit and receive a guaranteed pension of up to Rs 5,000 per month.
Empowering the Unorganised Sector
The Central Government’s Atal Pension Yojana is a programme designed to offer income security in old age and was included in the Budget 2015–16. It was developed with all the inhabitants of the unorganised sector in mind. The government is attempting to motivate citizens to save aside money for their retirement. This plan was developed to address the post-retirement income issues faced by workers in the unorganised sector. The Pension Fund Regulatory and Development Authority (PFRDA) oversees the Atal Pension Yojana.
How Much You Need to Invest for Monthly Pension?
According to the existing regulations, you will have to pay Rs 210 per month, or Rs 7 per day, if a maximum of Rs 5,000 is added to the plan for monthly pension at the age of 18 years. You must pay Rs. 626 if you pay the same amount every three months, and Rs. 1,239 if you pay the same amount every six months. If you invest when you are 18 years old, you will need to spend Rs 42 per month in order to receive a pension of Rs 1,000 each month.
How the Timing of Atal Pension Yojana Affects Your Contribution?
For example, if you sign up for a 5,000 rupee pension at age 35, you would have to pay 5,323 rupees every six months for 25 years. Your total investment in this case would be Rs 2.66 lakh, and you would receive a Rs 5,000 monthly pension. However, if you sign up while you’re only 18 years old, your total investment will only be Rs. 1.04 lakh. Therefore, you will need to contribute an additional Rs. 1.60 lakh for a single pension.
Atal Pension Yojana’s Promise of Financial Security for All
Every segment of society is to be covered by pensions as part of the Atal Pension Yojana’s goal. After making a regular monthly payment to your account, you would be eligible to receive a monthly pension of between Rs 1,000 and Rs 5,000 under the plan. After the age of 60, the government would guarantee a lifetime income of Rs 5000 per month, or Rs 60,000 annually, for an investment of just Rs 1239 every six months.
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