Atal Pension Yojana: Rs 10,000/month pension for husband and wife with Rs 38/day, or even less!

Not many are aware of the fact that Modi government’s Atal Pension Yojana (APY) not just provides guaranteed pension up to Rs 5000/month to eligible subscribers but also allows eligible subscribers from his/her family to apply for the same. This means more than one member of the same family can apply for APY.

The starting age to apply for APY is 18. Starting at this age, one can get a guaranteed pension of Rs 5000 per month by investing just Rs 210 per day till the age of 60. Even married couple aged below 39 years can apply for the scheme separately. Together they can ensure Rs 10,000 per month pension after reaching the age of 60. Here’s a look at how much they need to invest:

If a married couple aged 30 years each apply for APY, they need to contribute Rs 577 per day separately in their respective APY accounts. Their combined daily contribution towards respective APY accounts comes to Rs 577×2/30= Rs 38.4.

If married couple is aged 35, then they would need to invest Rs 902/month separately in their respective APY accounts. Their combined daily contribution towards their respective APY accounts would be Rs 902×2/30=Rs 60.1.

Not just the monthly guaranteed pension, spouse of Atal Pension Yojana subscriber receives up to Rs 8.50 lakh after death of the subscriber. Also, in case of death of the subscriber, the spouse receives the same amount of pension for life. 

Any Citizen of India can subscriber to APY if his/her age is between 18 – 40 years. The applicant should have a savings bank account/post office savings bank account. The applicants are asked to provide Aadhaar and mobile number by the bank during registration to facilitate receipt of periodic updates on APY account. Aadhaar is, however, not mandatory for enrolment, according to NPS Trust.

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