Atal Pension Yojana: Just pay Rs 210, get Rs 5000 monthly

The central government has implemented many types of convenient pension schemes for the people. Are you 40 years old and want to get a pension of Rs 5000 per month? So, here is the best offer for you. Atal Pension Yojana: Just pay Rs 210, get Rs 5000 monthly.

Atal Pension Yojana (APY) is a suitable plan for those who invest a fixed amount and expect a guaranteed pension every month. So, here is the information on how to get guaranteed pension amount up to Rs 5000 per month with less investment.

Atal Pension Scheme details:

The Central government has announced the Atal Pension Scheme in the Budget 2015-16, which is a scheme to provide financial support to old age and workers in the unorganized sector. Thus, the central government is encouraging employees to save money for retirement.

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On the other hand, this scheme is an incentive for the workers working in the unorganized sector to spend their retirement life comfortably by saving voluntarily. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS).

Beneficiaries under the Atal Pension Scheme are guaranteed a minimum pension of Rs 1000 to Rs 5000 per month. The benefit of this minimum pension is guaranteed by the Central government. The Center pays 50 percent of the subscriber’s contribution or Rs 1000 per annum whichever is less.

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The contribution of the Center is also available to subscribers who are not covered by any recognized social security scheme and who do not pay tax. Atal Pension Scheme is available to all Indian citizens between 18 to 40 years of age.

How to get Rs 5000 pension from Atal Pension Yojana:

During the initial investment under this scheme, a small monthly payment is required. Anyone who joins this scheme at the age of 18 can pay Rs 210 monthly and get guaranteed pension of Rs 5000 per month in future.

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Investors under this scheme in 40 years can get a pension of Rs 5000 by paying Rs 1454 per month till the age of 60.
It also provides a monthly pension of Rs 5000 after retirement. If they are not able to pay 1454 rupees per month then they have other option under this scheme. That means a 40 year old can get a monthly pension of Rs 1000 by paying Rs 291 per month. Also, one can get a pension of Rs 2000 per month by paying Rs 582.

If you want to get a pension of Rs 3000 per month, you have to pay Rs 873 till the age of 60. Similarly, if you pay Rs 1164 per month, you can get a pension of Rs 4000 per month. Beneficiaries can opt out of Atal Pension Scheme after reaching 60 years with 100% pension benefits. Thus the pension amount will start coming.

In case of death of subscriber and in such case spouse and death of both (subscriber and spouse), the pension fund will be given to the nominee. No withdrawal or termination of the scheme is allowed under this scheme before the age of 60 years. The plan can be canceled only in certain circumstances including death of the subscriber, illness.