Atal Pension Yojana (APY) – Jan Dhan to Jan Suraksha :
- APY is a social security scheme introduced by Govt. of India specially for poor people working in unorganised sector in india.
- APY was introduced in budget of 2015-16 and it is regulated by Pension Fund Regulatory and Development Authority (PFRDA).
- APY is for encouraging and enabling citizens to save for retirement and getting guaranteed pension by Govt. of India.
- All citizen of India in age goup of 18-40 years, and having a bank account is eligible to join APY.
- APY can be opened in any bank or post office.
- APY is a periodic contribution (monthly) based pension plan where contribution stops at the age of 60 and pension starts.
- The guaranteed fixed monthly pension after retirement under APY is Rs.1000/-, Rs.2000/-, Rs.3000/-, Rs.4000/- or Rs.5000/- as per choice of monthly contribution according to age of the subscriber.
- Primary objective of APY is enabling systematic savings during working life of the investor.
- The selesai objective of APY is to provide retirees with an option to achieve financial stability during old age.
- The subscriber have the option to change pension amount and consequently monthly contribution amount once in a year.
- Tax deduction of APY Account :
1) Deducuction under section 80C with overall ceiling of 1.5 Lakh.
2) Additional deduction of 50,000/- under section 80CCD (1B).
Example :
- Suppose one subscriber has joined APY scheme at the age of 30 years with choice of pension amount of Rs.5000/- per month after retirement.
- As per premium chart of APY, the subscriber will have contribute Rs.577/- per month, which will be automatically debited from his/her registered bank account.
- Total contribution amount of the subscriber will be = 577×12×30=Rs.207720/-(2.07 Lakh).
- After attaining the age of 60, contrubution will stop and the subscribe will get pension of Rs.5000/- per month till death.
- After the death of the subscriber, the spouse will be eligible to get Rs.5000/- monthly pention till death.
- After death of subscriber and his/her spouse, the nominee will get the corpus lumpsum amount of Rs.850000/- i.e 8.5 Lakh.
Happy Investing !!!
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