Monthly Pension Scheme 2024: The central government in India is providing an offer to individuals who want to secure their life after retirement as they can get a pension after getting tired if they apply for this Monthly Pension Scheme. Atal Pension Yojana is well popular among youngsters and employees want to get a pension after retirement to complete their expenditures to live peacefully. So if you also want to get a Monthly Pension after retirement then you can check this article to learn about the Atal pension scheme such as Monthly Pension Scheme eligibility criteria, pension per month, how to invest in the Atal pension scheme, etc.
Any citizen in India can apply for Atal pension Yojana which is an investment plan to get back the investment as a pension after the age of 60 years. Any individual can start the Atal pension scheme by investing 7 rupees per day After that they can get Rs 1000 to 5000 monthly pension from the government after retirement. It will be provided over the death of the applicant so you can get maximum benefits according to your life if you invest in the Atal pension scheme. Government employees have the opportunity to invest in the new pension scheme and PPF fund as they have a monthly salary system so they can invest easily. But those who are not working with the government getting a salary from any private company, or are self-employed can also get a pension if they apply for the Atal pension scheme.
Benefits of Monthly Pension Scheme (Atal Pension Yojana 2024)
- The Atal Pension Yojana (APY) offers several benefits for subscribers, particularly those in the unorganized sector who may not have access to traditional pension plans. Here are some of the key benefits:
- Guaranteed Monthly Pension Scheme: You can choose a guaranteed monthly pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 upon reaching the age of 60. This provides financial security and stability in your retirement years.
- Flexible Contributions: You can choose your monthly contribution amount based on your desired pension and starting age. The contributions are relatively small, ranging from Rs. 42 to Rs. 512 per month, making it an affordable option for individuals with diverse income levels.
- Government Co-contribution: If you’re between 18 and 40 years old as of June 1, 2015, the government will co-contribute 50% of your monthly contribution for five years. This can significantly boost your pension corpus without requiring additional personal investment.
- Tax Benefits: Contributions made to APY are eligible for tax deduction under Section 80CCD(1B) of the Income Tax Act, up to Rs. 50,000 per year, over and above the Rs. 1.5 lakh deduction under Section 80C. This reduces your taxable income and saves you on income tax.
- Death benefit: In case of the subscriber’s death before reaching 60, the accumulated pension corpus is returned to the nominee.
- Spouse benefit: If the subscriber dies after 60, the spouse will continue to receive the pension.
- Easy to join and manage: You can open an APY account through any bank or post office involved in the scheme. Contributions are automatically deducted from your linked bank account, making it a hassle-free process.
Eligibility criteria for the Atal pension scheme
- Any citizen in India can apply to the Atal pension scheme.
- The applicant should be between 18 years to 40 years old to invest in the scheme.
- The amount of the investment will vary according to the plan which you want to get and according to your age. If you participate earlier age then you have to invest a small amount monthly.
- If you are paying the tax then you are not eligible to apply for the Monthly Pension Scheme or Atal pension scheme, the taxable amount in India is more than 2.5 lakh rupees annually. So if you are earning less than 2.5 lakh and do not pay the tax then you can participate in this Monthly Pension Scheme.
How to apply for Atal Pension Yojana 2024?
If you want to open an Atal pension scheme account then you have to visit your bank where you have already saved or any other type of account and fill in the Atal pension scheme application form. If your bank is providing online Atal pension scheme facilities then you can also open the Atal Pension account through online mode. Once you pay your one-month investment in the scheme your scheme will start and you will get benefits after the age of 60 years.