Modi government wants to ensure old age income in the country. For this, it is the effort of the government that every citizen of the country should join the Atal Pension Yojana (APY). The central government has set a target of adding about one crore people to the Atal Pension Yojana during the financial year 2021-22. If you are worried about your old age, then you can secure your future through ‘Atal Pension Yojana’, by investing very little in this pension scheme, you can arrange a fixed amount every month after the age of 60, So far 3 crore people have joined this government pension scheme.
Atal Pension Yojana Benefits
The objective of the central government is to bring every section under the purview of Atal Pension Yojana (APY). The government has set a target of connecting about one crore people to the Atal Pension Yojana during the financial year 2021-22. According to the Pension Fund Regulatory and Development Authority (PFRDA) data, the number of people joining the Atal Pension Yojana grew at an annual rate of 32.13 per cent and at present T 3.13 crore people have joined the scheme.
If your age is less than 40 years then you can also join ‘Atal Pension Yojana’. In Atal Pension Yojana, about 78% people have chosen the maximum pension scheme of Rs 1,000. 44% of the beneficiaries of this scheme are women. Atal Pension Yojana (APY), is a pension scheme for the citizens of India focused on workers in the unorganized sector. Under APY, a guaranteed minimum pension of Rs 1,000/- or 2,000/- or 3000/- or 4000 or 5000/- per month at the age of 60 years will be guaranteed depending on the contribution by the subscribers. Any citizen of India can join the APY scheme. Any person in the age group of 18 to 40 years can open an account in Atal Pension Yojana (APY). The most important thing about this scheme is that the sooner you start investing in it, the more funds will be deposited. Accordingly, the pension amount will also be received.
Criteria fixed for Atal Pension Yojana
The age of the customer should be between 18 to 40 years.
He should have a savings bank account in the post office/savings bank.
The prospective applicant may provide the Aadhar and Mobile number to the Bank during registration to facilitate the receipt of periodic updates to the APY Account. However, Aadhar card is not mandatory for enrollment.
Pension requirement
- A pension provides a monthly income to people when they are not earning.
- Earning potential declines with age
- Rise of the Nuclear Family – Escape of the Earning Member
- increase in cost of living
- increase in longevity
- Fixed monthly income ensures a dignified life in old age.
- The specialty of the scheme is that on the death of the pensioner, the pension is given to his/her spouse.
Investment in atal pension yojana
Under this scheme, you get regular income for expenses after the age of 60 years. To get pension under the scheme, one has to invest for at least 20 years. A fixed amount has to be invested every month till the age of 60 years. According to the scheme, a minimum monthly pension of Rs 1,000 and a maximum of Rs 5,000 can be received.
To invest in Atal Pension Yojana, if an 18-year-old youth joins the Atal Pension Yojana and he wants a pension of Rs 5000 after 60 years, then he will have to deposit Rs 210 in this scheme every month. There is more benefit from this scheme than joining at a young age. It can be understood as such. If one joins this scheme at the age of 18 years and invests Rs 210 every month, then the annual contribution will be Rs 2520. In 42 years this contribution will become Rs 105840. After this, from the age of 60, you will start getting a pension of Rs 5000 per month. (file photo)
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