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Atal Pension Scheme: A Plan for All-Atal Pension Yojana (APY), is an effective alternate option for securing financial stability after retirement years. By investing as little as Rs 7 every day, it ensures a monthly pension of upto Rs. 5000.
Popularity Rfeatured
After a remarkable growth last year the scheme added 1.17 crore new subscribers reaching became to a hip of 7.60 crores. The scheme is also performing impressively regarding the funds set out under management as these has hallucinated to 44780 crores with the annual revenue of risk 9.11%. 55% of it is new subscribers were women majorly illustrating the need of awareness towards women empowering in personal finance.
Advantages Of Atal Pension Yojana
It is specially designed for the desks of construction workers providing range of 1000-5000 per month at of 60 years. After the subscriber's death, the wife comes with the benefit of continuing to elite the payment of pension. After her death the remaining amassed amount is provided to the ‘who is nominated’.
Eligibility Criteria
Atal Pension Yojana is available for any resident Indian from the age of 18 up to the age of 40. Subscribers are entitled to receiving a fixed monthly pension after turning 60, thus, ensuring financial relief during the retirement phase of life.
Pension Calculation and Investment
The amount available to retire at each month depends on the age at which the subscriber joins the scheme and the contribution amount. The subscribers can select to receive the pension in the range of Rs 1,000 to Rs 5,000 per month. For instance, starting at age 18, if a subscriber invests Rs 210 every month, they will be able to access a monthly pension of Rs 5,000 post the age of 60. Contributions made under this scheme are also tax deductible under section 80C.
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