Pension Scheme : Government Is Giving Benefit Of Up To Five Thousand Rupees Every Month

Atal Pension Yojana : Different schemes are being run by the government for the benefit of each section. In these, many pension schemes are also being run by the government. Atal Pension Yojana (APY) scheme was announced by the Government of India in the budget of 2015-2016 with the objective of helping the persons working in the unorganized sector. 

Atal Pension Yojana is a pension scheme focused on helping the working poor with a steady income after retirement. Pension up to Rs 5,000 per month can be paid under Atal Pension Yojana. At the same time, tax benefits are also given in this scheme.

Risk free plan

The Government of India co-contributes to this scheme and this scheme is a risk free scheme. Atal Pension Yojana encourages people to save for their retirement. The entire operation of the scheme is controlled through the Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojana is a voluntary scheme to save for retirement.

Targeted for unorganized sector

The objective of the Atal Pension Yojana is to provide protection to the citizens from illness, accident, disease etc. At the same time, this scheme is mainly targeted for the unorganized sector in the country. There should also be some qualification to avail benefits under the Atal Pension Yojana. The eligibility for this is given below.

Atal Pension Yojana Eligibility

– Must be an Indian citizen.

– Age should be between 18 to 40 years.

Must have an active mobile number.

Must have a valid bank account number linked to your Aadhaar number.

– You have to submit all the ‘Know Your Customer’ details.

Don’t have an existing APY account.

Atal Pension Yojana Benefits

– The Government of India guarantees the minimum pension to be paid to the individual after retirement.

– Under section 80CCD, the individual is eligible for Atal Pension Yojana tax benefits for the contributions made to the scheme.

All bank account holders are eligible to join the scheme.

Individuals will start getting pension after reaching the age of 60 years.

– Private sector employees who are not provided any pension benefits are also allowed to apply for the Atal Pension Yojana scheme.

You have the option of getting a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000 or Rs 5000 after reaching the age of 60 years.

In case of your demise during the plan, your spouse can either claim the contribution or complete the tenure of the plan.