New Delhi: APY (Atal Pension Yojna) is the central government's cheapest insurance scheme. It is a social security scheme of the insurance and pension sector, which was launched by the government to provide pensions ranging from Rs 1,000 to Rs 5,000 to all citizens of the country. The Government has made it keeping in mind the people in the unorganized sector. The scheme is overseen by the Pension Fund Regulatory and Development Authority (PFRDA). The scheme guarantees regular pension to any person after retirement.
Any Indian citizen who is between 18 and 40 years of age can join the scheme. In this scheme, if a person is included in the age of 18, he will have to make monthly contributions ranging from Rs 42 to Rs 210 to get a fixed monthly pension between Rs 1,000 and Rs 5,000. On the other hand, if a person joins the scheme at the age of 40, he will have to make a monthly contribution ranging from Rs 291 to Rs 1,454 per month to get a fixed monthly pension of between Rs 1,000 and Rs 5,000. If a person joins the Atal Seva Yojana at the age of 40, he will need to pay a premium for at least 20 years for getting a pension.
According to the PFRDA website, the central government will submit itself to each eligible subscriber for 5 years, half of the total contribution or Rs 1,000 per annum, whichever is lower. Anyone can get tax exemption under Section 80CCD of the Income Tax Act by contributing to the Atal Pension Yojana. The maximum amount that can be deducted from the taxable income under the scheme is Rs 2 lakh per annum. The total deduction under Section 80C and Section 80CCD cannot exceed 2 lakh.
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