Atal pension scheme 2018: The contribution required to earn a pension ranges from Rs 42 to Rs 1,454/monthAtal Pension Yojana(APY) is a government-run pension scheme focused on individuals working in the unorganised sector.
Regulator PFRDA or Pension Fund Regulatory and Development Authority, which administers the Atal pension scheme, allows persons between 18 and 40 years of age to invest their money in the plan to earn a fixed income after attaining the age of 60 years, according to its website -pfrda.org.in.
The contribution required to earn a fixed pension of Rs 1,000-5,000 per month on maturity ranges from Rs 42 to Rs 1,454 per month, depending on the age of subscriber.
For example, an investor who enters the scheme at age 18 is required to make a contribution of Rs 126 per month whereas one at age 40 needs to contribute Rs 873 per month to earn a pension of Rs 3,000 per month on turning 60, according to the PFRDA website.Here's the amount of money one needs to park every month in the Atal pension scheme toreach his or her monthly income goal at age 60:Age of joiningYears of contributionIndicative monthly contribution (in rupees)Monthly pension to subscriber and spouse (in rupees)Indicative return of corpus to subscriber's nominee (in rupees)1842421,0001.7 lakh2040501,0001.7 lakh2535761,0001.7 lakh30301161,0001.7 lakh35251811,0001.7 lakh40202911,0001.7 lakh1842842,0003.4 lakh20401002,0003.4 lakh25351512,0003.4 lakh30302312,0003.4 lakh35253622,0003.4 lakh40205822,0003.4 lakh18421263,0005.1 lakh20401503,0005.1 lakh25352263,0005.1 lakh30303473,0005.1 lakh35255433,0005.1 lakh40208733,0005.1 lakh18421684,0006.8 lakh20401984,0006.8 lakh25353014,0006.8 lakh30304624,0006.8 lakh35257224,0006.8 lakh402011644,0006.8 lakh18422105,0008.5 lakh20402485,0008.5 lakh25353765,0008.5 lakh30305775,0008.5 lakh35259025,0008.5 lakh40201,4545,0008.5 lakh(Source: npscra.nsdl.co.in)Opening an Atal Pension Yojana account requires the applicant to hold a savings account either with a bank or a post office.Atal pension schemesubscribers are allowed premature exit before the age of 60 years "only in exceptional circumstances, i.e., in the event of the death/terminal disease", according to the PFRDAwebsite.(Read more)( How to invest in Atal Pension Yojana)Here's a detailed contribution chart of the investment required in Atal Pension Yojana for different age groups:(Using a chart, pension regulator PFRDA explains the contribution levels vis-a-vis minimum fixed monthly pension in the Atal pension scheme)Atal pension schemeincome tax benefit The money paid as contribution to an Atal pension scheme account can be claimed for income tax deduction up to Rs 50,000 under Section 80CCD (1B) of the Income Tax Act, over and above the Rs.
1.5 lakh per financial year allowed under Section 80C.For the latest News Live Updates on Election Results from each assembly constituency in Madhya Pradesh, Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.