Atal Pension Scheme: a better option for villagers laborers and low income group people.
What is it?
When a new government came to power in 2014, it felt the need for a
strong state pension scheme in India. Because we all know that only
government employees are covered with such pension scheme in India . However, today people who are working in
private sector or who are doing their business in cities and towns, are all
taking their retirement plans from a private or government institution. But
I would talk about more than those who live in rural areas and it is advisable them to participate in this Atal Pension Scheme
and get paid for the Guaranteed Pension after their sixty years of age. This is a
government-led process and you can get a good monthly pension in a such small
amount of premium.
How much money will you get every month, after completing 60 years of age ?
If I give an example then suppose if I am 18 years old and I adopt this scheme, then I have to deposit 42 rupees every month till I am 60 years old. At the same time 40 years old people will have to deposit 291 rupees(may be little bit less or more) every month for 20 years for the person a pension of Rs 1000 per month, meanwhile if he dies, then his nominated successor will get Rs 1.7 lakh. Similarly, 2000, 3000, 4000, or maximum of Rs 5000 per month pension seekers will have to pay premium per month according to age. 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 the person responsible for them will get 8.5 lakh rupees.
And suppose I deposit 42 rupees per
month under the Atal Pension Scheme, then I will get 1000 rupees per month
pension after the age of 60 years. And if I deposit
Rs. 210 per month under the Atal Pension Scheme, then I would
get pension of Rs. 5000 / - per month after the age of 60.
Do not worry, this is a
government plan:
The Atal
Pension Scheme has been launched by the Government of India. Therefore,
there is no confusion about this plan. The implementation of this scheme
is being funded by the pension fund regulatory and development authority.
How to open Account in Atal
Pension Scheme:
Its
process is very easy, you should have a
bank account. And you can go straight to the bank and ask for a form of
the Atal Pension Scheme and fill it form. By doing this your account would be
opened. And one thing, the money of the premium will automatically be deducted
from the account, so minimum account valance need to be required .
The government has launched this scheme in place of
the former 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 are opening the accounts under the National Pension
Scheme.
Who can not open account in this
scheme:
Any
individual who want to cover him/herself, can apply. According to the
government announcement, those who come under the upper income slab , are
government employees or are already involved in schemes like EPF, EPS, they cannot
become part of the Atal Pension Scheme. However, an amendment to the EPF
account holders to take part in the pension plan can be introduced
soon. Probably;after this the EPF account holder
will also be a part of the pension plan. .
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