Atal Pension Yojana Calculator

The Atal Pension Yojana is a National Pension Scheme (NPS) that was introduced in the Union Budget of 2015-2016. The target demographic for this pension scheme is those who employed in the unorganised sector. It is also open to employees in the private sector who do not have pension benefits. On attaining the age of 60, an individual can choose to obtain a pension of either Rs.1,000, Rs.2,000, Rs.4,000, or Rs.5,000, depending on their contribution to the scheme and the age at which they started subscribing to the scheme. The pension can also be claimed by the spouse upon death of the contributor or by the nominee upon the death of both the contributor and spouse. The collected funds of the scheme are managed by the Pension Funds Regulatory Authority of India (PFRDA).

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 to contribute towards the scheme for 42 years before you start receiving your pension. If you join at the age of 40, your premium will be significantly higher because you have only 21 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.264. In case of your death, your nominee will receive up to Rs.1.7 lakh 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.528. Your nominee stands to receive up to Rs.3.4 lakh 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.792 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 lakh.

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.1,054. Your nominee will get up to Rs.6.8 lakh 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.1,318. Your nominee will be paid up to Rs.8.5 lakh.

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.

Atal Pension Yojana Contribution Calculator FAQs

1. Where can I find Atal Pension Yojana (APY) calculator?

You can find APY calculators online. A basic google search will help you find that various financial bodies and third-party websites provide the APY calculator tool which you can use to calculate the pension you or any person will be eligible to get based on their contribution.

2. Will I have to pay any charges in order to use the calculator?

No, APY calculators are free to use and you would not be required to pay any charges to use the tool.

3. How can I open an APY account?

You can open an APY account by simply visiting the branch of the bank in which you hold a bank account and request for an APY application form. Fill the form and submit it along with necessary documents. Make sure you maintain the minimum balance in your account to open an APY account. If you meet the criteria, an APY account will be opened your name.

4. What will happen if I do not maintain the minimum balance in my bank account?

If you do not maintain the minimum balance in your bank account, then your APY account will get frozen after 6 months, deactivated after 1 year, and will be closed after 2 years.

5. I am a member of National Pension Scheme (NPS). Can I open an APY account?

You should not be a member of NPS or any similar Social Security Schemes in order to open an APY account. You should not be paying income tax in order to enjoy benefits provided by APY.