Atal Pension Scheme : The government runs various schemes to provide financial security to its citizens. One such scheme is the Atal Pension Scheme (APS), which helps individuals receive a monthly pension ranging from ₹1,000 to ₹5,000 after the age of 60. Let’s explore the details of this scheme and how you can earn a monthly pension of ₹5,000 by investing just ₹376 every month.
What is the Atal Pension Scheme?
The Atal Pension Scheme was introduced in the name of former Prime Minister Atal Bihari Vajpayee to provide financial security in old age, particularly for low-income people in the private sector. This scheme is specifically designed for individuals who do not have access to any pension scheme. Under this scheme, individuals can contribute a fixed amount on a monthly, quarterly, or annual basis. After reaching the age of 60, they will receive a regular pension based on their contributions.
Pension Amount and Contribution
Under the Atal Pension Scheme, the pension amount ranges from ₹1,000 to ₹5,000 per month after the age of 60. The pension amount depends on the total amount contributed by the individual during their working years. People can join the scheme between the ages of 18 and 40. During this period, they need to contribute a fixed amount, which will vary based on the age and the pension amount they choose.
How to Get ₹5,000 Pension Every Month?
Let’s assume you start investing at the age of 25. To get ₹5,000 per month pension, you need to contribute ₹376 every month. After 35 years of contributions, which means after reaching 60 years, you will be eligible for a monthly pension of ₹5,000. Over 35 years, your total contribution will be ₹1,57,920. This pension amount will provide you with a secure source of income after retirement.
Benefits of the Atal Pension Scheme
- Secure Retirement: The scheme ensures a guaranteed pension after the age of 60, providing financial security during retirement.
- Government Guarantee: Since this is a government-backed scheme, the invested amount is completely safe.
- Flexible Contributions: You can contribute on a monthly, quarterly, or annual basis as per your convenience.
- Easy Application: Applying for this scheme is simple, and you can apply through the nearest bank or post office.
Eligibility and Documents
Any Indian citizen between the age of 18 to 40 years is eligible to join the scheme. To apply, you will need the following documents:
- Aadhaar Card
- Bank Account
- PAN Card (if required)
- Age Proof
Conclusion
The Atal Pension Scheme is an excellent financial plan that ensures you receive a fixed and secure income during your retirement years. By investing just ₹376 every month, you can secure a pension of ₹5,000. If you are interested in this scheme, apply now to secure your financial future.
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