ANational Pension Scheme (NPS) called the Atal Pension Yojana was unveiled in the Union Budget for 2015–2016. This pension plan’s target audience is people who work in the unorganised sector. Employees in the private sector without access to pension benefits are also eligible.
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A person can opt to receive a pension of Rs. 1,000, Rs. 2,000, Rs. 4,000, or Rs. 5,000 upon reaching the age of 60, depending on their contributions to the plan and the age at which they first became a member. When a contributor passes away, their spouse may also claim the pension, as may the nominee if both the contributor and spouse pass away. The manager of the scheme’s funds collected is the Pension Funds Regulatory Authority of India.
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Here’s how the Atal Pension Yojana return calculator works:
How much one does have to pay is the main concern while learning about the Atal Pension Yojana Program. The contribution is determined by two things.
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- How much of a pension does one wish to get?
- What’s the age when you apply for this programme?
You will pay a substantially lower monthly premium if you sign up before becoming 18 years old. This is so that you can start getting your pension after 42 years of contributions to the plan. When you sign up at 40, you only have 21 years remaining to pay into the plan, therefore your premium will be much higher. At age 18, the minimum contribution for a 1,000 rupee pension is 42 rupees. If you want to get the 5,000 rupee pension, you would begin paying the highest monthly premium at age 40, which is Rs. 1,454.
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The Atal Pension Yojana APY requires a deposit of between Rs.168 and Rs.1,054 in order to get a pension of Rs.4,000. In the event of your passing, your nominee will receive up to Rs. 6.8 lakh.
