Government employees in India get pensions after retirement. Pension schemes are also available for private sector employees. And what is the situation of those working in the unorganized sector.
How can they get financial security when they are unable to work after 60 years? To solve this problem, the government has launched the ‘Atal Pension Yojana’.
By joining this scheme, people working in the unorganized sector can also get a pension in old age. So let’s know complete information about Atal Pension Yojana in this news.
Atal Pension Yojana
Atal Pension Yojana is a government scheme. So your investment will be safe. You will get a pension in old age. That is, you will get financial security.
Earlier ‘National Pension Scheme’ was also available for those working in the unorganized sector. However, the central government has discontinued the NPS Swavalamban Yojana from 2015.
In its place, ‘Atal Pension Yojana’ has been started for those working in the unorganized sector.
Benefits of Atal Pension Yojana
When the subscriber attains the age of 60 years, he will get a pension ranging from ₹1000 to ₹5000 per month depending on the contribution made by him.
Eligibility of Atal Pension Yojana
All Indian citizens aged 18 to 40 years can join this scheme. But their savings bank account must also be in good standing.
Contribution to Atal Pension Yojana
The contribution to be paid varies depending on the age of the policyholder and the desired pension amount.
Spouse Pension
The pension is payable for the lifetime of the policyholder. If he dies, his spouse also gets a lifetime pension.
Death Benefit
On the death of both the policyholder and his spouse, the policy money (compensation) is given to the nominee.
Tax Benefits
Those joining Atal Pension Yojana also get tax exemption.
How to switch from NPS Swavalamban to Atal Pension Yojana
If you are already withdrawing money from NPS Swavalamban Yojana, don’t worry. You can migrate to the Atal Pension Yojana very easily.
However, this facility is available only for policyholders aged 18 to 40 years. People above 40 years of age cannot migrate to Atal Pension Yojana.
They must remain in NPS. After completing 60 years, they get a pension under the NPS scheme. Both of these are government schemes, so you have no risk. Future financial security is assured.