Atal Pension Yojana (APY) is a successful pension scheme run by the government of India and is operated by the insurance regulator Pension Fund Regulatory and Development Authority (PFRDA).

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

To avail the benefits under this scheme and get a monthly pension of Rs 5000, you need to get enrolled in this scheme. People who are between the age group of 18-40 years are eligible for this scheme.

 

See Zee Business Live TV Streaming Below:

Also, investment for a period of 20 years is a must under this scheme and it is mandatory to have a bank account linked to your Aadhaar card.

The scheme is mainly meant for the unorganized sectors whose income is low so that they can keep on getting the money after attaining the age of 60 years.

Those whose income does not come under the income tax slab can also reap the benefits of this scheme. The beneficiary under the APY scheme gets a minimum of Rs 1000 and a maximum of Rs 5000 per month.

However, people need to note that the amount of investment will differ according to age. The early you start investing the less you have to invest.

For example, if you have started investing at the age of 18, then to get a pension of Rs 5000, monthly you have to invest an amount of Rs 210, which is Rs 7 per day. While, if you start investing at the age of 30, then you have to invest an amount of Rs 577 and if you are 39 years of age, then you have to invest an amount of Rs 1,318 per month, as per a report by dnaindia.com.

Know about the age-wise investment:

18 years: Monthly investment will be worth Rs 210, the yearly investment will be Rs 2,520, investment during the 42nd year will be Rs 1,05,840. You will receive Rs 5,000 as the pension amount per month while the nominee will get Rs 8.5 lakhs, according to the report by dnaindia.com.

25 years: Monthly investment will be Rs 376, the yearly investment will be Rs 4,512 and investment during the 35th year will be Rs 1,57,920. Pension worth Rs 5000 will be received on the monthly basis. The nominee will get Rs 8.5 lakh.

30 years: Monthly investment will be Rs 577, the yearly investment will be Rs 6,924 and investment during the 30th year will be Rs 2,07,720. The pension which will be received by the person after 60 years of age will be Rs 5000 per month and the nominee will get Rs 8.5 lakh.

39 years: Monthly investment will be Rs 1,318, the yearly investment will be Rs 15,816 and investment during the 21st year will be Rs 3,32,136. The pension amount received after 60 years will be worth Rs 8.5 lakh.

Also, in case of the sudden death of the APY beneficiary, the family will continue to reap the benefits of this scheme.