Pay Rs 248 premium and get Rs 5,000 pension
To take advantage of the Atal Pension Yojana, you must be between 18 and 40 years of age and to get a pension, you have to invest for at least 20 years
Atal Pension Yojana is a social security scheme for those working in the unorganized sector. By investing in the Atal Pension Yojana, you can arrange a monthly pension for yourself after retirement. This scheme was started in May 2015. To take advantage of the Atal Pension Yojana, you must be between 18 and 40 years of age and to get a pension, you have to invest for at least 20 years.
Pension up to Rs 5,000
The Atal Pension Yojana gives a pension of Rs 1000, Rs 2000, Rs 3000,Rs 4,000 and Rs 5,000. The pension will be determined by the amount of premium you will pay every month and at what age you start investing. If you are 20 years old, then for a pension of Rs 2,000, you have to pay a premium of Rs 100 and if you want a pension of Rs 5,000, then you have to pay a premium of Rs 248. But if you start little late at 35, then the premium will be Rs 362 for a Rs 2,000 pension and a premium of Rs 902 for a Rs 5,000 pension. Along with your investment, the government will contribute 50% of the premium that you will deposit in the Atal Pension Yojana. You will start getting pension after the age of 60 years. In case of untimely death of the account holder, the family will get the monetary benefit.
For Atal Pension Yojana, you will have to apply in the bank, therefore it is necessary to have a bank account which is linked to Aadhaar. Those people who are outside the income tax slab can only be enrolled in Atal Pension Yojana.