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Wednesday, October 27, 2021

APY: Atal Pension Yojana gains 3 times on investment at a young age, see chart


Atal Pension Yojana (APY)

Atal Pension Yojana (APY) has become popular in less time. Its increasing popularity can be gauged from the fact that today, 5 years after its launch, the number of its subscribers has been around 24 million. APY is a guaranteed pension scheme for citizens of India, which was launched on 9 May 2015. The special thing is that the highest 52.55 per cent of its subscribers are between 21 and 30 years old. The younger the person gets involved in this scheme, the greater the benefit.

5000 maximum pension

Atal Pension Yojana is mainly for the unorganized sector employees. There is a provision of pension of 1000 rupees to 5000 rupees every month. Let us know that people between the age of 18 to 40 years can join this scheme. However, only those people who are outside the income tax slab can avail the benefit of this scheme. State Bank of India (SBI) and private sector banks are opening Atal Pension Yojana (APY) accounts, which are participating in new APY nomination.

20 years investment required

Atal Pension Yojana (APY) is a pension scheme guaranteed by the Government of India, which is operated by PFRDA. The Government of India guarantees the benefits related to pension received under it. Under this scheme, one has to invest for at least 20 years. To avail the Atal Pension Yojana, you have to have an account in the bank which is linked to the Aadhaar card.

Benefit by joining early

Suppose you apply for a pension slab of Rs 5000.

Age 18 years

Contribution every month: Rs 210
Annual contribution: Rs 2520
Contribution in 42 years: Rs 105840
Pension after 60 years: Rs 5000 per month

Age 30 years

Contribution every month: Rs 577
Annual contribution: Rs 6924
Contribution in 42 years: Rs 207720
Pension after 60 years: Rs 5000 per month

Age 39 years

Contribution every month: Rs 1318
Annual contribution: Rs 15816
Contribution in 42 years: Rs 332136
Pension after 60 years: Rs 5000 per month

It is clear that on joining 18 years, 30 years and 39 years, your total contribution will be Rs 105840, Rs 207720 and Rs 332136. After which you will be entitled to a pension of Rs 5000 after the age of 60. But compared to those of the age of 18, the 39-year-old will have to deposit 3 times and the 30-year-old will have to deposit about 2 times.

Advantages of APY

After retiring from investing in the Atal Pension Yojana (APY), you can be entitled to a pension every month. The biggest feature of the APY scheme is that if you die prematurely, there is a provision to continue to benefit your family. In the event of the death of a person investing in the Atal Pension Yojana (APY), there is a provision for getting the pension to the children in case of death of his wife and wife.

Still in the planning

According to PFRDA, on August 20, 2020, out of the total subscriber base of the scheme, about 73.38 per cent of the subscribers have opted for the Rs 1,000 pension plan, 16.93 per cent have opted for the Rs 5,000 pension plan. Of the total subscribers, 43.52 per cent are female subscribers and 56.45 per cent are male subscribers. At the same time, 52.55 percent of the subscribers are aged between 21 and 30 years.




Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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