Planning for retirement is essential. A retirement plan is essential to be free from the worry of old age expenses. However, invest your deposits in any fund. Move towards safe investment. One such best option is the government’s Atal Pension Scheme. Atal Pension Scheme is administered by PFRDA. This scheme was launched in the year 2015. However, at that time the scheme was launched for people working in the unorganized sector, but now any Indian citizen between the ages of 18 and 40 can invest in it.
Government of India guarantee is available for all pension related benefits on the scheme. Bank account holders or post office account holders can invest in it. In this scheme, the depositors start getting pension after 60 years. Any Indian citizen between 18 to 40 years can invest in this scheme.
What is Atal Pension Scheme?
Atal Pension Yojana is a government scheme where the investment depends on your age. Under the scheme, the minimum monthly payment is Rs. 1,000, Rs. 2000, Rs. 3000, Rs. 4000 and a maximum of Rs. 5,000 can be obtained. If you want to register in this then you must have a saving account, Aadhaar number and mobile number. Keep in mind that you can have only one irrevocable pension account.
When will you get more benefits?
The earlier you invest under this scheme, the more benefits you will get. If a person joins the Atal Pension Scheme at the age of 18, after the age of 60, he has to deposit only Rs 210 per month for a monthly pension of Rs 5000 per month. Thus, this plan is a good profit plan.
How to get Rs 60,000 pension?
If you deposit Rs 7 per day in the scheme, you can get a pension of Rs 5000 per month. That means you will get a pension of Rs 60,000 per annum. At the same time, for a monthly pension of Rs 1000 per month, only Rs 42 per month has to be deposited. And 84 rupees per month for pension of 2000 rupees, 126 rupees for 3000 rupees and 168 rupees per month for monthly pension of 4000 rupees have to be deposited.
Under 80C of the Income Tax Act, people investing in Atal Pension Yojana can get Rs. A tax benefit of up to 1.5 lakhs is also available. From this the taxable income is deducted. In addition, an additional tax benefit of up to Rs 50,000 is available in some cases. Overall, this scheme has Rs. A deduction of up to 2 lakhs is available.
Provision of death before 60 years
The scheme has a provision that if the scheme member dies before the age of 60, his wife/husband can continue to contribute money in the scheme and get pension every month after 60 years. An option is also that the wife of the person can claim a lump sum after the death of her husband. If the wife also dies, her nominee is given a lump sum.