A secured and guaranteed retirement after 60 is a dream for us all. We come across various investment schemes with varying return values. One such investment scheme backed by the Government of India and administered by the PFRDA (Pension Fund Regulatory and Development Authority) is Atal Pension Yojana.
Atal Pension Yojana is a government scheme, which offers a monthly pension of Rs 1000 to 5,000 maximum as per your age. The scheme is guaranteed and has a safe return. It is open to all categories of Indian people between 18-40 years. Investors will receive the pension amount after the age of 60 years. The applicant must have a savings account in a bank or at the post office.
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The government allows only one Atal Pension Account. The sooner applicants invest under the Atal Yojana scheme, the more benefit they receive. If a person opens an Atal Pension Yojana at the age of 18, he/she will have to deposit just Rs 210 per month for a monthly pension of Rs 5000 at 60 years of age.
Similarly, if a wife opens an Atal Pension Yojana account at 25, they have to contribute Rs 226 every month to their allotted account. If the age of the wife is 39 years, then an amount of Rs 792 should be deposited in your APY account every month. In addition to the guaranteed monthly pension after 60 years of age, if the account holder dies, the nominee will obtain Rs 5.1 lakh along with a full life pension every month.
People investing in Atal Pension Yojana receive a tax benefit of up to Rs 1.5 lakh under the Income Tax Act 80C. In case of the untimely death of the applicant associated with this pension yojana, his family continues to get the benefit.