Are you a married couple and worried about your future after retirement? If so, the Atal Pension Yojana (APY) is one such scheme that can give reasonable returns as well as investment safety.
A husband and wife can earn a pension of around Rs.10000 per month under the scheme by creating two separate accounts in the Atal Pension Yojana. A couple who pays taxes can also claim for tax benefits against their investments in the scheme.
Who is eligible to invest in Atal Pension Yojana?
The Atal Pension Yojana was first introduced in 2015 to encourage individuals to work in unorganized sectors in order to safeguard their future. However, the government now enables any Indian citizen aged 18 to 40 to invest in the Atal Pension Yojana.
Citizens who meet the eligibility requirements can participate in the pension scheme. If you have a bank or post office account, you can simply invest in the Atal Pension Yojana. After 60 years, investors start receiving their pension.
Atal Pension Yojana Benefits
Depending on the investments, investors can get a monthly pension of Rs.1000, Rs.2000, Rs.3000, Rs.4000, or a maximum of Rs.5000. Aadhar card number and a cellphone number is must for investing in the Atal Pension Yojana.
The sooner an investor invests in this scheme, the more benefits he or she will obtain. If a person joins the Atal Pension Yojana at the age of 18, he or she will have to deposit just Rs.210 per month for a monthly pension of Rs.5000 beyond the age of 60.
How to get pension of Rs.10000?
Spouses under the age of 30 can open two separate Atal Pension Yojana accounts in order to get a total monthly pension of Rs.10000 after 60 years. To reap the rewards, they all must invest Rs.577 in their respective accounts.
Similarly, if the husband and wife are 35 years old, they will have to deposit Rs.902 per month in the APY accounts to receive a monthly pension of Rs.10000.
Furthermore, investments in the Atal Pension Yojana can help investors qualify for tax benefits of up to Rs.1.5 lakh under Section 80C of the Income Tax Act.
