Atal Pension Yojana Benefits

Source

If you are feeling insecure about the future and worried about your living in old age, then know in this article that you can get rid of it by opening the Atal Pension Yojana. This plan can become the support of your old age. Atal Pension Yojana benefits are so many. So, let’s know about Atal Pension Yojana benefits, features and so many more.

Table of Contents

In the Atal Pension Yojana benefits, not only you can be entitled to more pension every month by depositing less amount. But also in case of death, your family can get benefit from it. After the death of the holder of this pension scheme, the spouse will continue to receive a pension. Let us tell you that you do not have to deposit money in a bank account throughout life to take Atal Pension Yojana benefits.

What is Atal Pension Yojana (APY)

Source

What is Atal Pension Yojana (APY)?

The Atal Pension Yojana had launched after the success of Jan Dhan Yojana. The Finance Minister Arun Jaitley had launched Atal Pension Yojana in February 2015. While launching this Atal Pension Yojana benefits, Finance Minister Arun Jaitley had said: “It is very sad to see the condition of the country today”.

Encouraged by the success of the Jan Dhan Yojana, Finance Minister had created this universal social security system for Indians. This scheme ensures that no Indian citizen has to worry about sickness, accident or lack of old age. And thus the Atal Pension Yojana had started on 1st June 2015, as a national pension scheme.

The objective of this scheme is to bring the Atal Pension Yojana benefits to the people of the unorganized sector. This will allow them to avail social security with minimum participation every month.

Atal Pension Yojana Benefits

Source

Atal Pension Yojana Benefits

The minimum pension under the Atal Pension Yojana will get guaranteed by the government in the sense that such reduction will be funded by the government if the actual return on pension contribution is reduced during the period of contribution. So, if the actual returns on pension contributions are higher than the returns in the contribution period for the minimum guaranteed pension, then such additional benefits are available to the customer. Your bank account will credit with the Atal Pension Yojana benefits which may extend to customers plan benefits.

The Atal Pension Scheme Government will make a co-contribution of 50% of the total contribution or INR 1000 per year whichever is less, to each eligible customer who joins the scheme between June 1, 2015, to March 31, 2016. And thus any other social security not a beneficiary of the scheme and not an income taxpayer. So, the Government co-contribution will provide benefits for 5 years from the financial year 2015-16 to 2019-20.

At present, under the National Pension System (NPS), the customer is eligible for tax benefits for contributions and investment returns thereon. In addition, the purchase price of an annuity had also not taxed on exit from the NPS. And thus only the pension income of the customers had considered a part of the normal income. Levying the appropriate marginal rate applicable to the customer. So, the similar tax treatment is applicable to APY customers.

Recommended Articles:-

Purpose of the Atal Pension Yojana (APY)

Source

Purpose of the Atal Pension Yojana (APY):

The aim of the scheme is to bring every section under the ambit of pension. Under the scheme, after making a fixed contribution to the account every month, after retirement, you get a guaranteed pension ranging from INR 1 thousand to INR 5 thousand monthly. We will tell you that after investing 60 rupees every 6 months, also after the age of 60 years, the government is giving a guarantee of a lifetime pension of 5000 rupees or 60,000 rupees annually.

  • You can choose 3 types of plan, monthly investment, quarterly investment or half-yearly investment.
  • Under half-yearly investment, you have to invest INR 1239 every 6 months.
  • Your total investment in 42 years will be 1.04 lakh rupees.
  • In lieu of this, after 60 years, you will continue to get 5 thousand rupees every month for a lifetime.
  • You have to invest this for 42 years.

LEAVE A REPLY

Please enter your comment!
Please enter your name here