“If you pay Rs 210 per month, you will get a pension of Rs 5,000. You will also get a lump sum corpus amount of Rs 1 lakh for the rest of your life. The government has also extended this Atal Pension Yojana Scheme, which has a full guarantee from the government, till 2031.
What is this Atal Pension Yojana Scheme? Who is it applicable to? It is a pension scheme, so how much will the pension be if you pay it monthly? Who is eligible for this and who is not eligible? How do you apply for this? Who will be helped by the extension that was recently published under this scheme? What are the benefits available in it and all the details.
Atal Pension Yojana has a complete guarantee from the government. This scheme was launched in 2015. Now, as long as you are well, as long as your hands and feet are good, as long as you are healthy, you earn well and work hard for your family. But when you are 60 or 70 years old, you retire. You do not have a source of income, so you depend on your children. You ask your children for money for every expense. It is their duty to take care of you, okay.
But, you want to buy a coffee or go to a temple from here to there in an auto, or you want to pay for some medical expenses, buy medicine, the house is empty, no one is home… Then I have to come and take my children or my children for money, that kind of thing. The situation is still happening to many adults who are at home.
They will be in a state of embarrassment. Because although there are many people who are jealous that we have earned so much for so long, my son should take care of me, there are still many adults who think, ‘Oh, we are disturbing our children for every rupee’. So this Atal Pension Yojana is for such people.
If you can save just seven rupees a day, after the age of 60, you will get a pension of 5,000 rupees a month. The great thing about this is that as long as you are alive, your entire life, until the end of your life. After your days, your husband or wife, whoever is alive, will start getting that pension.
After their loss, that corpus The corpus amount is your nominee, that is, the corpus amount will go to them. So, if you also want to enroll under this Atal Pension Yojana scheme, then you do not need any government job, you do not need any income certificate. If you have an Aadhaar card and your bank account, you can easily enroll in this pension scheme.
So, you may think, just Rs. 5,000 per month, and that too after the age of 60, it is not that much money, even if you think so, now those who work in the private sector come and invest this PF money, gratuity, and private pension.
They will have made a proper retirement plan. That is, those who are in business, those who are a little richer, will come and invest something under the ‘National Pension System’ and make that kind of retirement plan.But an auto driver, a farmer, a wage worker, a construction worker, a low-wage worker… What do you think all these people will do? Their livelihood is a day’s salary, and only if they work hard can they feed their mother. Such people will definitely not have any idea about what their life will be like after the age of 60.
They will definitely not have planned their retirement. So this is a plan for such people. 5,000 rupees is a very, very big amount for them.So, this Atal Pension Yojana is like that. Those who are above 60 years of age and are enrolled under this Atal Pension Yojana, it is a sovereign guaranteed scheme that can provide a pension amount of Rs 1,000 to Rs 5,000. That is, it is a scheme that can be guaranteed by the government, the central government.
In this scheme, you do not have any market linked risk. Whether the stock market goes up or down, this investment of yours will not affect your pension. Similarly, even if Covid comes again or another wave like Covid hits, if you have enrolled in this after the age of 60, then that fixed pension will come to you. So there is no market linked risk in this pension.
Now there is another great option. If only one person in the house, that is, the husband, is enrolled in this scheme, then after he turns 60, that pension will come, after him it will come to his wife, and after that the corpus amount will go to the nominee. This means that if both people in your house are enrolled under this scheme, then 5,000 will start coming to the husband and 5,000 to the wife.
Then if both people get that pension, then you will get only 10,000 pension per house after the age of 60. And even if someone dies in the middle, that pension amount plus the pension amount they may have enrolled will start going to one person together.
Now, I will tell you that if you pay any amount of money under this Atal Pension Yojana scheme every month, you will get a pension of Rs 5,000 after the age of 60. No matter how much we earn day by day, in those few days we spend the money we earn on some commitments and so on. And beyond that, we save a corpus amount to the extent that we can afford it, we buy something with the saved money, we live as long as we live, we are in that mindset. Because whether you are middle class or lower middle class, we will still have that mentality of eating a good meal today, right?
But our retirement is also a time like that. During that time, we want to be safe, secure, and our family protected, so the right way to do that is to make a good plan. So, instead of thinking too late, think now and make a good plan and buy a life insurance, a term insurance, and everything. Only then will you be protected, and your family will be protected later.
If you can pay 578 rupees per month, there are all kinds of plans that can provide you with coverage up to one crore rupees. That is Axis Max Life. You can save up to Rs 54,600 under Section 80C, 80D. There is a claim settlement ratio of 99.70%. Apart from that, critical illness above 64 is also covered. The claim will be settled within three hours. And in the first year, you will also get a 15% discount on the premium you pay. So remember, if you want to protect your family, then you should start working towards it from today. Make your retirement plan right.
So, there is a link in the description right now, check it out, “Buy your term insurance yourself. As I said in the beginning, this Atal Pension Yojana scheme is a scheme that provides a monthly pension of Rs. 1000 to Rs. 5000 after the age of 60. Now, I have taken the calculation that I am going to tell you and taken it to Rs. 5000. Because even for me, Rs. 1000 a month is not enough. That is why we have taken Rs. 5000.
Now, if you want to get that 5000 rupees as a pension after you turn 60, then you can start enrolling under this pension system from the age of 18. Maybe you are 18 or there is someone in your house who is 18 years old. If the 18-year-old starts investing 210 rupees per month, then you will have invested 1 lakh 5 thousand rupees under this scheme till they turn 60. So, if you can save a total of 7 1/2 rupees per day, then you can invest that amount under that scheme.
You will get 5000 rupees per month after the age of 60. Similarly, I am not 18 or 20 years old, I am 30 years old, if I can enroll in this scheme, I can do it freely. But this is the most you can pay monthly. For example, if you are 30 years old, then the amount you have to pay monthly is 577 rupees. That is, if you have paid in this scheme till you are 60 years old, you will have paid 2 lakh 8 thousand rupees. So, the younger you are when you enroll in a scheme, the less amount you will have to pay monthly.
And there are three main benefits in this scheme. Point number one is that you get this small amount monthly and that pension is point number one. Point number two, that pension will not stop after you, that pension will continue to go to your wife or husband, till their life long and till their death.
Also read : “Similar welfare schemes like the e-Shram Card also provide financial security.”
I had said the same thing about the corpus amount. 8 lakh 50 thousand rupees, whoever you choose as a nominee, after you, your husband or wife, that corpus amount of 8 lakh 50 thousand rupees, that nominee, whether you choose your young children or whoever you choose, this amount will go to them. So overall, this Atal Pension Yojana scheme is a huge protection for your family, so to speak.
Recently, a news came out that this Atal Pension Yojana has been extended and if you have asked what it is, till today, crores of people have registered and enrolled under this pension system. But still, some people from the middle class and poor people have not registered for it yet. So, you have time till 2030-31.
You can register during that time. That is the time period for that under this recently updated Atal Pension Yojana. So, if you have not enrolled in it yet, then do it now. But before that, do you want to know who is eligible for it? So if you look at the eligibility criteria, you must be an Indian citizen, and your age must be between 18 and 40 years to enroll here. If you are above 40 years of age, then you cannot enroll here.
And you must have an Aadhaar card, and you must have an account in a bank or post office. So if you have this, you can enroll under this scheme. And you must know who is not eligible for this. Who are the income tax payers? For example, if your income is more than 5 lakh 50 thousand under the old income tax regime, you are paying tax. Or if your income is more than 12 lakh under the new income tax table, you are paying tax. There is no place under this pension system for income tax payers, according to the October 2022 update.
This scheme is for those who come from a lower middle class family, who cannot pay income tax, who cannot earn that much. You may have a doubt. When I came here, I was enrolled under this pension scheme at home when I was 20-25 years old, but then I came and started earning well, I started earning, and I also paid income tax. But I am already enrolled in it, so I can’t enroll in it anymore, so many people may have a doubt.
But you may have enrolled. At the time you register under that scheme, you should be a person who has not generated enough income to pay any income tax. That is the point. In case you lie and enroll in it saying that I have not paid income tax, one day they will find out and return the money you have paid and remove you from it. So if you are asking how I apply for this Atal Pension Yojana scheme, you have a bank account now, so everything has come to you digitally now. Bank app has come.
Be it HDFC, SBI, Canara, everything has a bank application. Go to that app and you will see many options like government schemes, retirement schemes, etc. Just click on it and type Atal Pension Yojana and you will be taken there. You can enroll yourself by giving all your details there.
Otherwise, go to an offline bank or post office and buy the Atal Pension Yojana form and get help from them and you can register yourself under this Atal Pension Yojana. Your monthly income will start to be detected as much as you need. After the age of 60, your pension will also start coming to you.
So this is all about Atal Pension Yojana scheme (apy), I have told you the complete details of what this scheme is like, including the announcement that may be there now. And if you have any doubts and queries about this video, then definitely let me know in the comment section. To spread awareness about this scheme, please share this video with many people. Especially those who are in lower middle class families, those who are struggling a lot, those who have not planned for retirement, those who are struggling to protect their family, please share this post. Thank you and greetings.