Atal Pension Yojana: If you work in the unorganized sector, you can secure yourself and your family by investing in it.
Atal Pension Yojana is a government pension scheme which was introduced in 2015. After retirement, it provides financial stability to those who still work in the unorganized sector. This program encourages eligible participants to make regular contributions so that they can get the accumulated corpus at the age of 60 years.
Any person can choose the option of getting a pension of Rs 1000, Rs 2000, Rs 4000 and Rs 5000. During this period, the pension received on reaching the age of 60 years depends on the investment made in the scheme and the age at which he became a member for the first time.
When a contributor passes away, his/her spouse can also claim the pension, as can the nominee. If both the contributory and the spouse pass away, the Pension Funds Regulatory Authority of India (PFRDA) looks after the accumulated funds of the scheme.
Atal Pension Yojana Calculator
A digital calculator for Atal Pension Yojana (Atal Pension Yojana Calculator) can be used to predict the monthly payments and expected returns. Let us understand how to use the Atal Pension Yojana Calculator:
To begin with, find out your required payout amount before using the Atal Pension Yojana Calculator. Your initial investment age and the pension option chosen by you will determine the amount you will pay each month.
For example, if you start investing in this scheme at the age of 18, you will have to continue doing so for 42 years to get your pension at the age of 60. If you are 18 years old and want to get a pension of Rs 1000, then you will have to invest Rs 42 to Rs 291 every month. The bank itself will deduct this amount from your account. And after the death of the subscriber, the nominee can get a payment of 1.7 lakhs.
Now, if you opt for a pension of Rs 2,000, the bank will deduct Rs 84 and Rs 528 from your account every month. At the same time, after the death of the customer, the nominee can get a payment of Rs 3.4 lakh.