- Atal Pension Yojana has pension options ranging from Rs 1,000 to Rs 5,000 per month.
- According to reports, starting at the age of 40, one has to pay Rs 1,164 per month for a pension of Rs 4,000.
- Total contribution in 20 years was Rs.2,79,360.
The biggest tension for private sector workers is what to do after retirement. Employees have pension, but those working in private companies, daily wage earners have no guardian in old age. Money stops coming in hand but spending does not stop. For such people, the central government has brought the Atal Pension Yojana.
This scheme works even if you start paying at the age of 40. Pay just Rs 1164 per month and after age 60 you will get Rs 4000 per month forever. Atal Pension Yojana:
Guaranteed by Govt., Pension from 1000 to 5000
PFRDA stands for Pension Fund Regulatory Authority and it is a very safe scheme. In this you have to decide in advance how much pension you want in old age. There are options from 1000 to 5000. If you claim more pension, your monthly installment will also be higher.
How much benefit if you start at 40?
According to the PIB report, if a man joins the scheme at the age of 40, he has to pay for the next 20 years. ie from 40 to 60. If you want a pension of Rs 4000 then you have to pay Rs 1164 per month. 13,968 per annum. If you pay this for 20 years, you pay a total of Rs 2,79,360. And after completing 60 years, you start getting Rs 4000 per month. That is Rs 48,000 per annum. You will get this money for life.
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Take a look at the entire calculation.
- Age to join the scheme – 40 years
- How many years to pay – 20 years
- Monthly Installment – Rs.1164 Annual Installment – Rs.13,968
- Total paid in 20 years – Rs 2,79,360
- Pension after 60 – Rs.4000 per month
- Annual Pension – Rs.48,000
- Fund to be received by the nominee – 6.8 lakh rupees
Both husband and wife benefit
This is the biggest thing in this plan. This pension is not just for you. When you reach the age of 60, you will start getting pension. God willing and if anything happens to you, the same pension continues to your wife or husband. The old age of both is secure. When will the nominee get Rs 6.8 lakh “MGNREGA Scheme Days Increased : Central Government's big decision for workers! 50 days additional employment under MGNREGA” href=” MGNREGA Scheme Days Increased : Central government's big decision for workers! 50 days additional employment under MGNREGA
It seems that after 60 years, 6.8 lakh rupees will be in hand, but it is not so. You don't get this money. Only when both the account holder and his spouse pass away, this 6.8 lakh fund is given to the nominees i.e. the children. First pension to you, then pension to your spouse and finally money to the children, in that order.
Who can contribute to this scheme?
There are only 3 conditions for this. You must be an Indian citizen. Your age should be between 18 to 40. And you must have an account in a bank or post office. How to open an account? It's very easy. Visit your nearest bank or post office. Ask for Atal Pension Yojana form there. Fill the form, write your details, bank account details and who the nominee is.
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Once the form is submitted, installment will automatically be deducted from your account every month. You don't have to go all out. Now this work is also done online. If you want to live happily in old age, you should prepare from now. Every month a small amount of money is set aside to create a big pension. If you are in your 40s, this is your last chance. So don't delay, visit your bank today and inquire.