In life we need to save money so that we can be prepared for the rainy days and we also need to ensure that we can lead a comfortable and dignified life when we retire. People who earn a reasonable amount of money every month can invest on a pension scheme or open a fixed deposit account to save a lot of money. However, there are many people who do not earn enough money to sustain their living and meet their expenses because of which they are unable to save money or plan their retirement. In fact, many of the people working in the unorganized sector in India do not have access to any pension scheme and so they find it difficult to sustain their living once they retire.
In order to protect the workers of the unorganized sector and to ensure that they have access to proper pension benefits when they retire, the central Government of India launched a pension scheme known as Atal Pension Yojana in the month of February, 2015. This scheme is a unique pension scheme that can citizens of India, especially those who are poor and downtrodden, to lead a dignified life when they retire, by earning a decent amount of pension every month. The amount of pension that one can earn will depend on the contributions that he or she makes. Unlike other pension schemes, the benefits of Atal pension yojana scheme are guaranteed. Hence, people will not have to worry about their money when they invest on this scheme.
Atal Pension Yojana Benefits
- If you subscribe to this central pension scheme, you can earn fixed monthly pension of INR 1,000 per month, INR 2,000 per month, INR 3,000 per month, INR 4,000 per month, or INR 5,000 per month, when you reach the age of 60, depending on the amount that you contribute over the years.
- You need to be minimum 18 yrs of age and not more than 40 yrs to subscribe to this scheme.
- You can contribute for a minimum period of 20 yrs and the monthly pensions will be made once you reach the age of 60.
- Under the Atal Pension Yojana, subscribers whose annual income is low and are not required to pay income tax will get a co-contribution from the Government of India in the tune of INR 1,000 per annum or 50 percent of the amount contributed by the subscriber, whichever is lower.
- In order to avail contributions from the government, the subscribers have to join the Atal Pension yojana scheme by filling the form before 31 Dec, 2015 and if they are eligible they will receive contributions from the government.
- Those subscribers who have already been enrolled in other pension schemes offered to the unorganized sector such as the Swavalamban Scheme will be migrated to the Atal Pension Yojana automatically unless they decide to opt out of this central pension scheme.
The table below indicates the amount that you will need to contribute to earn pension of INR 1,000 - INR 5,000 every month.
|Age at which you start contributing||Number of yrs that you contribute||Pension of INR 1,000 per month||Pension of INR 2,000 per month||Pension of INR 3,000 per month||Pension of INR 4,000 per month||Pension of INR 5,000 per month|
|18 yrs||42 yrs||INR 42||INR 84||INR 126||INR 168||INR 210|
|19 yrs||41 yrs||INR 46||INR 92||INR 138||INR 183||INR 228|
|20 yrs||40 yrs||INR 50||INR 100||INR 150||INR 198||INR 248|
|21 yrs||39 yrs||INR 54||INR 108||INR 162||INR 215||INR 269|
|22 yrs||38 yrs||INR 59||INR 117||INR 177||INR 234||INR 292|
|23 yrs||37 yrs||INR 64||INR 127||INR 192||INR 254||INR 318|
|24 yrs||36 yrs||INR 70||INR 139||INR 208||INR 277||INR 346|
|25 yrs||35 yrs||INR 76||INR 151||INR 226||INR 301||INR 376|
|26 yrs||34 yrs||INR 82||INR 164||INR 246||INR 327||INR 409|
|27 yrs||33 yrs||INR 90||INR 178||INR 268||INR 356||INR 446|
|28 yrs||32 yrs||INR 97||INR 194||INR 292||INR 388||INR 485|
|29 yrs||31 yrs||INR 106||INR 212||INR 318||INR 423||INR 529|
|30 yrs||30 yrs||INR 116||INR 231||INR 347||INR 462||INR 577|
|31 yrs||29 yrs||INR 126||INR 252||INR 379||INR 504||INR 630|
|32 yrs||28 yrs||INR 138||INR 276||INR 414||INR 551||INR 689|
|33 yrs||27 yrs||INR 151||INR 302||INR 453||INR 602||INR 752|
|34 yrs||26 yrs||INR 165||INR 330||INR 495||INR 659||INR 824|
|35 yrs||25 yrs||INR 181||INR 362||INR 543||INR 722||INR 902|
|36 yrs||24 yrs||INR 198||INR 396||INR 594||INR 792||INR 990|
|37 yrs||23 yrs||INR 218||INR 436||INR 654||INR 870||INR 1,087|
|38 yrs||22 yrs||INR 240||INR 480||INR 720||INR 957||INR 1,196|
|39 yrs||21 yrs||INR 264||INR 528||INR 792||INR 1,054||INR 1,318|
|40 yrs||20 yrs||INR 291||INR 582||INR 873||INR 1,164||INR 1,454|
As you can see from the above, the amount that you earn will depend on the contributions that you make and your contributions will range from INR 42 to INR 1,454.
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