Huge Benefits in Old age under Atal Pension Yojana(APY)

According to financial experts, the Atal Pension Yojana (APY) scheme for livelihood in old age will be very beneficial. Under this scheme, the spouse can get a pension of Rs 10,000 per month. The government offers a number of benefits under this plan.

The government launched the Atal Pension Scheme in 2015. The scheme was introduced at that time for those working in the unorganized sector. But currently anyone between the ages of 18 and 40 who is an Indian citizen can invest in this scheme and avail the benefits of this scheme. Those who have a savings account at a bank or post office can invest in this pension scheme.

Depositors who invest in this scheme will get a pension after 60 years. Under this scheme, a minimum of Rs.1000, Rs.2000, Rs.3000, Rs.4000 per month can be availed as pension. You can get a maximum pension of Rs.5000.  If you want to register under this scheme, you need a savings account, Aadhaar number, mobile number.

However only one pension account is given under this scheme. The sooner you start investing in it, the more benefits you can reap. If you join the Atal pension scheme at the age of 18, you will get a good pension by the age of 60. If you join the scheme at the age of 18, you need to invest Rs.210 for a pension of Rs.5,000 per month.

The scheme is also available exclusively to spouses below the age of 39 years. After the age of 60, they get a joint pension of Rs.10,000. If both the wife and husband are under the age of 30, they have to invest Rs.577 per month in their APY accounts. Husbands and wives over the age of 35 have to deposit Rs.902 per month.

 In addition to the monthly pension guarantee, if the spouse dies, the spouse is entitled to Rs. 8.5 lakhs. In addition, you will receive a full pension each month. The Atal pension scheme has tax benefits of up to Rs 1.5 lakh under Income Tax Act 80C. From which tax revenue is deducted.

In addition, in some cases, additional tax benefits of up to Rs.50,000 are available. A total of Deduction of up to Rs.2 lakh can be obtained. Out of 4.2 crore NPS subscribers, over 2.8 crore people have opted for APY. 3.77 crore NPS subscribers are from non-metropolitan cities.