Atal Pension yojana 2018 is for a worker in the unorganized sector and feel insecurity about the future. If you are worried about your life in old age, then this can be the plan that can be a cause for your old age. Not only in the Atal Pension yojana 2018, you can get more pension every month by depositing lesser amount, but in the case of untimely death, your family can also get the benefit of it.
In case of death of the holder of Atal Pension yojana 2018, his wife and wife will also get pension in case of death. The most important thing is that you do not have to deposit money in this account for lifetime to get a pension all the time. Also, like the PF account, the government will also contribute from its side in this pension scheme.
Benefit of Atal Pension yojana :
- Any person between the ages of 18 and 40 can join this scheme.
- For recieving pension you have to deposit money every month.
- For the person who applied for a pension of Rs 1000, if he dies, then his nominated heirs will get Rs 1.7 lakh.
- Similarly, 2000, 3000, 4000, or maximum of Rs 5000 per month pensioners will be given the premiums per month according to age.
For example, if you want a pension of 1000 rupees per month and you are 18 years of age, you will have to deposit 42 rupees for 42 years every month. At the same time 40 years old people will have to deposit 291 rupees every year for 20 years. If you are currently 30 and want to get a pension of Rs 5000 every month, you will have to deposit 577 rupees per month for 30 years. If those people die, then their nominee will be entitled to 8.5 lakh rupees.
Premium for Atal Pension yojana:
The Atal Pension Scheme is for people aged 18 to 40 years. Whatever age you are in this area, you will have to deposit pension premium by the age of 60 years every month. After this, for the amount of money you have to deposit money in your account, you will get the monthly income.
Amount recieved under Atal Pension yojana:
In the Atal Pension Scheme, the government will also contribute financially. The Government has announced that if you open an account in the Atal Pension Scheme by December 31, 2015, the Government will contribute 50% of your deposit or maximum of 1000 rupees per year (which will be less than two), for five years till 2019-20 Will do However these contributions will be received by the same account holder who does not pay income tax.
How to open Account under Atal Pension yojana:
The government has launched this scheme in place of the former NDA government’s Swavalamban scheme (National Pension Scheme – NPS Lite). The banks and institutions working for the NPS scheme have been authorized to open an account in the Atal Pension Scheme. At present, many public and private sector banks open accounts under the National Pension Scheme. It is possible that the same bank in which the account is opened in the new scheme of State Bank of India, Axis Bank, Allahabad Bank, State Bank of Mysore etc.
How to deposit premium under Atal Pension yojana:
It will be easy to make a premium deposit in the account of Atal Pension Scheme. In this scheme, premium will be made under auto-debit facility. Because of this you will not have to go to the bank every month, the amount of the premium will automatically go into the Atal Pension Scheme with your account on the due date.
Important Details of Atal Pension Yojana
Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.
How much pension will get on the amount:
If the consumer deposits Rs 42 per month under the Atal Pension Scheme, then he will get pension of Rs 1000 per month after the age of 60 years. If the consumer deposits 210 rupees per month under the Atal Pension Scheme, then it will get 5000 rupees per month pension after the age of 60 years.
Contributions made by an individual under Atal Pension Yojana are eligible for the deductions under section 80CCD of the Income Tax Act, 1961. Maximum deduction allowed under section 80CCD(1) of the Income Tax Act, 1961 is 10% of gross total income subject to maximum deduction of Rs. 1,50,000 p.a. as specified under section 80CCE of the Income Tax Act. An additional contribution of Rs. 50,000 p.a. is eligible for an additional deduction of Rs. 50,000 p.a. under section 80CCD(1B) of the Income Tax Act, 1961. These deductions are subject to the fulfillment of the conditions mentioned in the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. This is not a legal advice or tax advice and users are further advised to consult their tax advisors before making any decision or taking any action.
Do not worry, this is a government plan:
The Atal Pension Scheme is being launched by the Indian Government. Therefore, there is no confusion about this plan. The implementation of this scheme is being done by the Pension Fund Regulatory and Development Authority.
Swavalamban scheme will merge accounts:
According to the government’s budget announcement, those who have opened accounts in the Swavalamban scheme will be made directly to the partner of the Atal Pension Scheme. That is, their old pension scheme will be merged into the new pension scheme.
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To enroll under Atal Pension Yojana (APY) scheme :
- Subscriber should be citizen of India
- Mandatory to have an existing Savings Bank Account.
- Age should be in the range of 18-39 years.