Any Indian citizen, who has a bank account and works in the unorganised sector, in the age group of 18-40 years can invest in the Atal Pension Yojana scheme.
New Delhi: If you work in an organised sector and are looking to invest your hard-earned income for your retirement, then you can consider putting your money in the Atal Pension Yojana. For those uninitiated, Atal Pension Yojana is the flagship social security scheme of the NDA government that was launched in May 2015.
Any Indian citizen, who has a bank account and works in the unorganised sector, in the age group of 18-40 years can invest in the Atal Pension Yojana scheme. The Central government manages the Atal Pension Yojana via the National Pension Scheme (NPS) architecture.
Investors who have invested in the Atat Pension Yojana will start receiving the benefits at the time of retirement at the age of 60 years, which means that investors will have to invest for a minimum of 40 years in the scheme.
Investors receive monthly pensions until their death in the Atal Pension Yojana. In case of the death of the investor, the spouse continues to receive pension till his or her death. In the event of the death of the investor and the spouse, the entire corpus is transferred into the account of the nominee.
How to get a Rs 5000 monthly pension by investing just Rs 210 per month?
Read more:THIS Life Insurance Policy starts from Rs 300 per month: Check offers, plans and more
Under the Atal Pension Yojana, one can select how much pension he or she wants to receive at the time of retirement and can invest accordingly. One can select from an option to receive a minimum monthly pension of Rs 1000 to a maximum monthly pension of Rs 5000.
In one such option, an investor at the age of 18 can start investing Rs 210 per month in the Atal Pension Yojana to get Rs 5000 at the time of retirement.
Similarly, investors aged 20 and 25 will have to invest Rs 248 and Rs 376, respectively, to get a Rs 5000 pension.
