Atal Pension Yojana (APY) is best investment for defined pension

  

Atal Pension Yojana(APY) is best investment for defined pension in old age. Atal Pension Yojana, formerly known as Swavalamban Yojana is a government of India-backed pension scheme in India. This was first declared by then Finance Minister Mr Arun Jaitley in year 2015. Atal Pension Yojana(APY) was launched by honorable Prime Minister of India Mr Narendra Modi on 9 May 2015 in Kolkata. 

(Photo Credit Google.com and PFRDA) 

Pension planning is really very important for those who are looking for a secured retirement with defined benifit. Specially if the pension provision is for the non service person or self-employed person it's really like golden opportunity.

The Atal Pension Yojana(APY), the most ambitious program for self employed, which was introduced by the government of India in the Budget year 2015-2016, offers great benefits to married couples and individuals for a secure life in their old age. 

The beauty of this scheme is that both husband and wife can have individual separate accounts in this yojana and receive pension benefits of up to Rs 5000 each per month.Atal Pension Yojana(APY) is best investment for defined pension in old edge. 

There are so many other financial and non financial benefits of this scheme, read further to know how one you can avail them.

What is Atal Pension Yojana(APY)?

Atal Pension Yojana(APY) is a scheme introduced by the Government of India (GOI) to encourage and enable the poor working people and self employed to save for their retirement and get a defined pension. The GoI hence announced the new scheme meant for poor unorganized working class called Atal Pension Yojana in the 2015-16 budget session. 

The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) who is the authority of pension regulations in India, The fund management and investment pattern in APY is similar to NPS architecture.

The scheme have provision to give pension to beneficiaries ranging from ₹1000 pm to ₹5000 pm after attaining 60 years. This defined benifit make it popular among the targeted group. 

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Eligibility for Atal Pension Yojana(APY)

Initially in 2015 the scheme is designed for the people under the unorganised sector, but now after modifications any Indian citizen between the age of 18 and 40 can invest in this Atal Pension Yojana(APY) scheme. According to this scheme, the depositor will start receiving the pension from the age of 60 onwards on monthly basis.

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Benefits of Atal Pension Yojana(APY)

Any Indian citizen between the age group of 14 and 40 can apply for the Atal Pension Yojana.The applicant needs to have an operative account in either a schedule bank or Post office. A Atal pension account restricted to one account to one person. The beauty of this scheme it needs very nominal amount if invested early. The earlier one starts investing in this scheme the more they will be profited in form of monthly pension on being senior citizens..

For example If a person applies for the Atal Pension Yojana (APY) at the age of 18, they need to invest only Rs 210 per month in order to receive pension up to Rs 5000.

There is one technique, there is scope to Receive Pension of Rs 10000, but how. How one can get family pension of ₹10000/-pm

Married couples below the age of upper age can receive the benifit of this scheme. For calculations Spouses below the age of 30 needs to deposit only Rs 577 in their APY account as their monthly contribution.

If both the Husband and wife are aged above 35, then they need to contribute Rs 902 per month in their account in order to get ₹5000 pm pension. 

If for any reason one of the partner dies then the other spouse will receive the entire monthly pension amount along with Rs 8.5 lakhs as lumpsum. Atal Pension Yojana(APY) is best investment for defined pension. 

Tax benefits of Atal Pension Yojana(APY)

Tax benefits are also available under this scheme as per Income Tax rules. People investing in the Atal Pension Yojana (APY) can get up to Rs. 1.5 lakh tax deduction under the Income Tax act 80C of IT Act.

Atal Pension Yojana Pension plan is really good for lower income group.This scheme need special awareness campaigns. We conclude that the month. Atal Pension Yojana(APY) is best investment for defined pension in old age. 

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