Atal Pension Yojana is a National Pension Scheme that was unveiled in the Union Budget for 2015-2016.
The Atal Pension Yojana is a government pension programme that was introduced in 2015. After retirement, it provides financial stability to those who still work in an unorganised sector. This programme encourages qualified participants to make regular contributions so they can get the collected corpus when they turn 60.
A person can opt to receive a pension of Rs. 1,000, Rs. 2,000, Rs. 4,000, or Rs. 5,000 upon reaching the age of 60, depending on their contributions to the plan and the age at which they first became a member.
When a contributor passes away, their spouse may also claim the pension, as may the nominee if both the contributor and spouse pass away. The Pension Funds Regulatory Authority of India oversees the scheme's collected funds (PFRDA).
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Atal Pension Yojana Calculator
A digital calculator for the Atal Pension Yojana can be used to predict the monthly payout and predicted returns. So, let's look at how to use the Atal Pension Yojana calculator.
To begin, figure out your required payment amount before using the Atal Pension Yojana calculator. Your beginning investment age and the pension option you select will determine the amount you pay each month.
For instance, if you begin investing in this plan at the age of 18, you must continue to do so for 42 years in order to get your pension at age 60. Your contribution will be Rs 42 if you select the Rs 1,000 pension option when you are 18 years old.
If you choose the 1,000 pension option, the bank will take between Rs 42 and 291 from your account each month. After the subscriber's death, the nominee might anticipate receiving a payout of 1.7 lakhs.
Now, if you choose the 2,000 pension option, the bank will take between Rs.84 and Rs.528 each month from your account and after the subscriber’s demise, the nominee might anticipate receiving a payout of Rs 3.4 lakh.
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