Everyone saves some of their income and wants to invest it somewhere that is not only safe but also gives good returns. Apart from this, some people keep their old age in mind while investing and look for schemes where they receive a lump sum amount or pension every month after retirement. In this matter, the government’s Atal Pension Yojna is quite popular. This can be measured from the fact that its subscriber base has reached Rs 7 Crore.
Get the job done for less than a cup of tea
To enjoy your old age after retirement without any financial problems, the government’s Atal Pension Scheme is popular, why not, after all the government itself guarantees a pension that is guaranteed on its investment. If you are young, you can save a small amount of money each month to make yourself financially wealthy in your later years. It is estimated that by saving less than the price of a cup of tea every day, you can guarantee yourself a pension of 5,000 rupees every month.
Invest in a guaranteed pension with an APY plan
The government-run Atal Pension Yojana can fulfill the dream of enjoying a comfortable retirement. It is a pension scheme and the government itself guarantees the pension. You can invest in this scheme by saving a small amount every day and depending on your investment, you can get a pension ranging from Rs 1,000 to Rs 5,000. The investment age limit for the scheme is fixed at 18 to 40 years.
This way you can get a pension of Rs 5,000 every month
To receive a pension under this scheme, one needs to invest for at least 20 years. This means that if you start investing when you are 40, you will start receiving pension benefits as soon as you turn 60. To understand the calculation of pension, assuming your age is 18 years, then you deposit Rs 210 every month i.e. you only need to deposit Rs 7 in the scheme every day, then you can get a pension of Rs 5,000 every month after the age of 60 gold. However, if you want a pension of Rs 1,000, then at this age you only need to save Rs 42 per month.
By joining the Atal Pension Yojana, both husband and wife can get pension of up to Rs 10,000 per month. And if the husband dies before the age of 60, the wife will receive the pension. Upon the death of the husband and wife, the nominator will receive the entire amount back.
More than 70 million people have joined the program
Atal Pension Yojana is very popular as a retirement scheme. The scheme was launched in 2015-16 and its popularity can be estimated by looking at the number of members joining the scheme. To date, more than 70 million people have joined the APY program. In the first six months of financial year 2024-25, the Atal Pension Yojana added 5.6 million subscribers.
You also get the benefit of tax exemption
By investing in an APY plan, you not only get a guaranteed pension but also many other benefits. By investing in this, you can save up to Rs 1.5 Lakh in taxes. This tax benefit is provided under Section 80C of Income Tax. Talking about the eligibility to open an account in this scheme, any Indian citizen between the age of 18 and 40 years can invest in this scheme. To open an account, he must have a valid bank account linked to the Aadhar card. In addition to this, applicants should also have a mobile phone number. Should not already be a beneficiary of Atal Pension.
