Atal Pension Yojana: The Indian government introduced the Atal Pension Yojana (APY) social security program in 2015. Its goal is to give unorganized sector workers a fixed pension so they can maintain their financial stability as they age. This plan is specifically made for people who don't have access to other pension plans or the Employee Provident Fund (EPF).
What characteristics does the plan have
Amount of Pension
After the age of 60, the policy provides for a monthly payment of between Rs 1,000 and Rs 5,000.
Contribution:
In order to get a pension, an individual must contribute on a regular basis between the ages of 18 and 40. The amount of the contribution is determined by the individual's age and the pension amount selected.
The government's contribution
The government has matched up to 50% of the eligible subscribers' contributions for the first five years of the program (2015–2020).
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Bank or Post Office Operations:
Banks and post offices are used to run this program. Contributions are taken out using the auto-debit feature.
What tax advantages are there
Section 80CCD(1) of the Income Tax Act provides tax benefits for contributions made to APY.
What are the requirements to be eligible for the program
- The individual must be a citizen of India. Being between the ages of 18 and 40 is required. - A stable savings account at a bank or post office is required. - This plan is best suited for people without access to other pension plans, such as EPF or NPS. - The benefits of this program are not available to anyone who pays income taxes after October 1, 2022.
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how to receive pension
- The individual enrolls in the program between the ages of 18 and 40. Contributions must be made monthly, quarterly, or annually, depending on the pension amount selected.
- The selected pension amount begins to be paid out upon reaching the age of sixty. The spouse receives the full pension amount upon the death of the individual.
The nominee receives the total money if the spouse has also passed away.
How to apply for Atal Pension Yojana
- You can apply by visiting any nationalized bank/post office. - To get the benefits of the scheme, it is required to furnish an Aadhaar card, mobile number, and bank account number to the bank. - Complete the APY form, send it to the bank, and consent to the auto-debit.
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