Pension Plan: If you want to manage your pension after retirement, invest in 3 schemes including Atal Pension and Monthly Income, get good returns with financial security.
It is advisable to invest in Atal Pension Yojana, Pradhan Mantri Shram Yogi Mandhan Yojana or Post Office Monthly Income Scheme.
Under the Atal Pension Scheme, a person gets a pension of Rs. 1,000 to Rs. 5,000 per month on reaching 60 years of age
If you haven't done any planning for your retirement yet, you may face financial difficulties after retirement. The government runs many schemes where by investing you can manage a monthly income for yourself in old age. If you have not taken any pension scheme till now, it would be right for you to invest in Atal Pension Yojana, Pradhan Mantri Shram Yogi Mandhan Yojana or Post Office Monthly Income Yojana. Today we are telling you about these three schemes so that you can take advantage of this scheme as per your own need.
Pradhan Mantri Shram Yogi Mandhan Yojana
What is this plan?
Under this scheme, unorganized workers are given a pension of Rs 3,000 per month after the age of 60. The government contributes as much as the beneficiaries make every month under the scheme. That means if your contribution is Rs 100, the government will add Rs 100 to it. If you are 18 years old, you can arrange a pension of Rs 3,000 for yourself by investing only Rs 55 per month.
Who will get pension under this scheme?
The scheme is for laborers working in the unorganized sector. This includes many workers including housemaids, drivers, plumbers, tailors, mid day meal workers, rickshaw pullers, construction workers, cleaners, cobblers, laundresses.
What is the rule?
The monthly income of people working in the unorganized sector should not exceed Rs 15,000. Savings bank account or Jan-Dhan account must have passport and Aadhaar number. The age of the worker should not be less than 18 and not more than 40. Also, if you are taking advantage of any other government pension scheme, you will not get the benefit of this scheme.
What are the conditions?
If you fail to deposit your contribution contribution, the member will be allowed to regularize the contribution by paying the remaining amount along with interest. This interest will be decided by the government.
If he wants to withdraw money within 10 years from the date of joining the scheme, only his share contribution will be refunded at the interest rate of Savings Bank.
If the beneficiary of the scheme withdraws money from the account after 10 years and before 60 years, his share contribution along with the actual interest earned in the pension scheme will be refunded.
If a member dies for any reason, the spouse will have the option to continue the scheme. For that he has to make regular contributions.
In addition, if the pensioner dies under the scheme after 60 years, his nominee will get 50 per cent pension.
If he is able to contribute in case of temporary disability before the age of 60, he will have the option to opt out of the scheme by contributing his share along with the actual interest of the scheme.
Atal Pension Scheme
What is this plan?
Under this, on reaching the age of 60, one gets a pension of Rs. 1000 to 5000 per month. It can be invested by a person between the ages of 18 and 40. If a person takes this scheme, he has to invest at least 20 years. To join the scheme, one needs to have a savings bank account, Aadhaar and an active mobile number.
How will the contribution be determined?
The amount of pension you want after retirement will depend on the amount you deduct. To get a pension of Rs 1 to 5 thousand, a subscriber has to pay Rs 42 to 210 per month. This will happen when you take this plan at the age of 18. On the other hand, if a subscriber takes up the scheme at the age of 40, he will have to pay a monthly contribution ranging from Rs 291 to Rs 1,454 per month. The more contributions a subscriber makes, the more pension he will get after retirement. In it you will be able to claim tax benefit up to Rs 1.5 lakh under section 80C.
How to make a contribution?
Under this scheme, investors can invest in monthly, quarterly or semi-annual i.e. half-yearly period. Contribution will be auto-debited. That is, a fixed amount will be automatically deducted from your account and credited to your pension account.
How can you take advantage of the plan?
You can avail both these schemes by visiting any bank. If your account is with SBI Bank, you can avail of Atal Yojana from Net Banking.
Monthly Income Scheme
What is this Monthly Income Scheme?
This is a type of pension scheme in which you can manage your monthly income by investing money together. The special thing about this scheme is that you will get all your money back after maturity.
How much can be invested?
An account can be opened with a minimum of Rs 1,000 under this scheme. On the other hand, if you have a single account, you can deposit up to Rs 4.5 lakh and if you have a joint account, you can deposit up to Rs 9 lakh. The maturity period in this scheme is 5 years. The scheme can be carried forward every 5 years through the same account as long as desired.
He will earn Rs 5,000 per month
Under this scheme interest is being paid at the rate of 6.6%. If you invest Rs 4.5 lakh under this scheme, you will get an annual interest of Rs 29,700 at an interest rate of 6.6%. Also, if you invest Rs 9 lakh under a joint account, you will get interest of Rs 59,400 per annum. If it is evenly distributed in 12 months, it will get a return of Rs 4,950 per month. If the return is not withdrawn, interest is also paid by the post office.
How to open an account?
You can open an account by going to any post office as per your convenience. For this you have to submit 2 passport size photo, Aadhar card, Water ID, PAN card, Ration card, any one photo copy of driving license. Apart from this, address proof has to be submitted.
Where to invest?
If you are under 40 years of age, it would be wise to invest in a permanent pension plan. In this, you do not need to deposit money together, you can arrange a pension for yourself by depositing money in it monthly. On the other hand, you cannot avail of Atal Pension Scheme if you are over 40 years of age. Therefore, a monthly income scheme can be a support for your old age. Apart from this, you can also take advantage of both the schemes if you want. This will give you about 10 thousand rupees per month. Apart from this, if you are a worker in the unorganized sector and you are under 40 years of age, it would be worthwhile to invest in Pradhan Mantri Shram Yogi Mandhan Yojana.
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