Agripedia

Are You Worried about Old Age? Get Pension of 60000 Rs after Retirement; Important Details Inside

Pronami Chetia
Pronami Chetia
money
Pension

If you are also worried about living in your old age and all the expenses after retirement, then you don't have to stress now. You can invest in government's Atal Pension Scheme which has been proving beneficial for private workers as they do not get pension after their retirement. Here, the government guarantees your pension every month. Currently, under the Atal Pension Yojana, you will get a monthly pension of 1000 to 5000 rupees. A person up to the age of 40 years can apply for the Atal Pension Yojana.

60,000 rupees pension annually

Under Atal Pension Yojana, after making a fixed contribution to the account every month, after retirement, you will get a pension ranging from Rs.1000 to Rs.5000 monthly. After investing 60 rupees every 6 months, after the age of 60 years, the government is giving guarantee of a lifetime pension of Rs 5000 or Rs 60,000 per annum.

210 rupees to be paid every month

According to the current rules, if at the age of 18, a maximum of 5 thousand rupees are added to the monthly pension. Then you have to pay 210 rupees every month. If you give this money every three months, then you will have to pay Rs 626 and if you give it in six months, then Rs 1,239. If you invest at the age of 18 to get a pension of Rs 1,000 a month, then you have to pay 42 rupees monthly.

You will get more benefits by joining at a young age

Suppose if you join at the age of 35 for 5 thousand pensions, then for every 5 months for 25 years, you will have to deposit Rs 5,323. In this case, your total investment will be Rs 2.66 lakh, on which you will get a monthly pension of Rs 5 thousand. While joining at the age of 18, your total investment will be only 1.04 lakh rupees. That is, about 1.60 lakh rupees more will have to be invested for a single pension.

money
Atal Pension Yojana

Other things related to the scheme

You can choose 3 types of plan for payment, monthly investment, quarterly investment or half-yearly investment. You have to invest this for 42 years.

Your total investment in 42 years will be 1.04 lakh rupees.

In lieu of this, after 60 years, you will continue to get a pension of 5 thousand rupees every month for a lifetime. The scheme is governed by the Pension Fund Regulatory and Development Authority through the National Pension Scheme. Under Section 80CCD of Income Tax, there is a benefit of tax exemption.  Only 1 account will be opened in the name of a member. Many banks have the facility to open accounts.

If the member dies before or after 60 years, the wife will get the pension amount. If both the member and the wife are killed then the government will give pension to the nominee.

Like this article?

Hey! I am Pronami Chetia. Did you liked this article and have suggestions to improve this article? Mail me your suggestions and feedback.

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters