Atal Pension Yojna. Regular pension after age of 60 years
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Here are all the details --
- Atal Pension Yojana (APY) is a pension scheme launched by the Government of India in 2015 to provide a guaranteed pension to the unorganized sector workers. Here are the key details about APY:
Eligibility:
- Age: 18-40 years
- Must have a savings bank account
- Must have a valid mobile number and Aadhaar number
Features:
- Guaranteed pension of ₹1,000 to ₹5,000 per month
- Contribution period: 20 years
- Pension starts at age 60
- Option to choose pension amount and contribution amount
- Co-contribution by the government for the first five years
Benefits:
- Guaranteed pension for life
- Pension amount increases by 5% every year
- Death benefit: Pension corpus returned to nominee
- Tax benefits under Section 80CCD
How to Apply:
- Visit a nearby bank branch
- Fill the application form
- Provide required documents (Aadhaar, mobile number, etc.)
- Start contributing to the scheme
Contribution Chart:
- Age: 18-20 years: ₹96-291 per month
- Age: 21-25 years: ₹126-366 per month
- Age: 26-30 years: ₹158-441 per month
- Age: 31-35 years: ₹196-533 per month
- Age: 36-40 years: ₹236-645 per month
Note: The contribution amount varies based on the age of the subscriber and the chosen pension amount.
I hope this provides a comprehensive overview of the Atal Pension Yojana scheme!
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when will be the best age to availthe benefit for this scheme
It's better to invest in the age of 18 to 20 years. It would cost you 96-261 per month
how much does govt contribute how much is total investement vs return
- This co-contribution is only available for those who are not income tax payers and are not part of any statutory social security scheme.
- The government contribution is available for a period of five years, from the financial year 2015-16 to 2019-20.
- The government contribution is deposited into the subscriber's pension account.
For example, if a subscriber contributes ₹1,000 per year, the government will contribute ₹500 per year (50% of ₹1,000). The total contribution to the pension account will be ₹1,500 per year.
for age less than 30
Between 18 to 40 age group
I am already paying nps , which covers entire 50k in 80ccd, is this better ?
Now, whether APY (Atal Pension Yojana) is better for you depends on your individual circumstances and goals.
1. NPS is a more flexible and comprehensive retirement solution, offering a range of investment options and a larger corpus potential.
2. APY, on the other hand, provides a guaranteed pension amount ( ₹1,000 to ₹5,000 per month) for life, which can be attractive for those seeking predictable income in retirement.
3. If you're looking for a more predictable pension income, APY might be a good supplement to your NPS corpus.
4. However, if you're aiming to maximize your retirement corpus and have a more flexible investment approach, sticking with NPS might be a better option.
- Government employees (central or state)
- Those already covered under statutory social security schemes (like EPF, EPS, or NPS)
- Income tax payers
- Those already enrolled in APY or other pension schemes
I enrolled in APY when I was 36 years old and I had to pay around ₹900 per month for getting pension amount of ₹5000 after reaching 60 years. I doubt if this is a good investment. Considering annual inflation in India at 7% (current rate), the worth of ₹900 twenty years later would be approx. to the tune of ₹4000.
PFRDA aims to provide returns around 8-10% per annum. However, these returns are not guaranteed.
So maybe this pension will be increased by central govt. in coming years as inflation is increasing continuously.
Good Post.
So If I am working in a organization that contributes pf then I am not eligible for this?
I am right now working with a organization that doesn't contributes pf, so can I enroll for APY right now? What if in future I start working for a organization that contributes to EPFO, will then I will disqualified ? Will bank return my stake/Money that I might have already contributed to APY?
In past I have worked for companies which contribute to EPFO, so my details are already with the UAN. Will it let me enroll now?
PFRDA aims to provide returns around 8-10% per annum. However, these returns are not guaranteed.
So maybe this pension will be increased by central govt. in coming years as inflation is increasing continuously.
I think this is not for everyone. This is only for low income people..not sure
Scheme caters wide variety of small scale business owners aswell.
Idea behind this was to decrease pension burden that is prevalent due to old age pension scheme run by different state government that doesn't require any contribution.
Atleast now they will contribute first then ask for pension.