Atal Pension Yojana Calculator

Introduction to the Atal Pension Yojana Scheme

The Atal Pension Yojana Scheme was started by the Government of India to provide financial security for its citizens during their retirement. It was noticed that as of May 2015, only 11% of the Indian population had subscribed to any pension scheme. The unorganised sector, especially, did not have any plans for old age. There was no easy provision for them to subscribe to a pension scheme. So the Parliament passed the Atal Pension Yojana Scheme to provide social security during retirement. Almost anyone can apply for this scheme by filling Atal Pension Yojana form at a bank and receive a pension of Rs. 1000 to Rs. 5000 once they reach the age of 60. For every contribution made, the Government will put in 50% of that amount towards the pension fund, or Rs. 1,000 per annum, whichever is lesser. The Government will make the contribution for the first 5 years of subscription. Taxpayers are not eligible for the Government contribution.

Atal Pension Yojana Contribution Calculator

The big question when we hear about the Atal Pension Yojana Scheme is how much do I have to pay? Your contribution depends on two factors.

1. The amount of pension you want to receive.
2. The age at which you apply for this scheme.

If you join at the age of 18, your monthly premium will be much lesser. This is because you have 42 years time to contribute towards the scheme before you start receiving your pension. If you join at the age of 40, your premium will be significantly higher because you have only 20 years left to contribute towards the scheme. The lowest contribution for a Rs. 1,000 pension at the age of 18 is Rs. 42. The highest monthly premium of Rs. 1,454 will be incurred at the age of 40 if you opt to get the pension of Rs. 5,000.

Atal Pension Yojana Calculation Tables

The Atal Pension Yojana calculation tables below indicate the monthly contribution amounts based on the entry age and the choice of pension amount. Note that these numbers are indicative and subject to changes. Depending on the number of years of contribution, your monthly premium will be determined. Therefore, joining at an early age will result in your premium being much lower. The pension is payable to the subscriber and the spouse.

Calculation for an Atal Pension Yojana of Rs. 1000

If you opt to receive a monthly pension of Rs. 1,000, the amount that will be debited from your bank account will range between Rs. 42 and Rs. 291. In case of your death, your nominee will receive up to Rs. 1.7 lakhs from the Atal Pension Yojana Scheme.

Calculation for an Atal Pension Yojana of Rs. 2000

If you choose to receive a pension of Rs. 2,000, then the contribution ranges between Rs. 84 and Rs. Rs. 582. Your nominee stands to receive up to Rs. 3.4 lakhs in case of your unfortunate death.

Calculation for an Atal Pension Yojana of Rs. 3000

For a pension of Rs. 3,000, the amount required as contribution ranges between Rs. 126 and Rs. 873 per month. At the age of 60, you will be entitled to a monthly fixed pension of Rs. 3,000. In case of your death, your nominee will receive up to Rs. 5.1 lakhs.

Calculation for an Atal Pension Yojana of Rs. 4000

To receive a pension of Rs. 4,000 from the Atal Pension Yojana APY, the contribution amount is between Rs. 168 and Rs. 1,164. Your nominee will get up to Rs. 6.8 lakhs in return in case of your death.

Calculation for an Atal Pension Yojana of Rs. 5000

Opting for a pension of Rs. 5,000 will attract the highest rates of monthly premium. If you join at the age of 18, your premium will be Rs. 210. At the age of 40, your premium will be Rs. 1,454. Your nominee will be paid up to Rs. 8.5 lakhs.

Contribution Range According to Age

According to your current age, you can see the amount you need to contribute towards the Atal Pension Yojana Scheme. Depending on your choice of pension amount, your premium will be determined.