Atal Pension Yojana benefits for husband and wife
Several people are unaware of the benefits of the Modi government’s Atal Pension Yojana (APY), which not just provides assured pension of up to Rs 5000 per month to eligible subscribers but also allows eligible subscribers from his/her family to apply for the same. This means that more than one member of the same family can use for APY.
The starting age to apply for Atal Pension Yojana is 18 years. Starting at this age, one can get an assured pension of Rs 5000/month just by investing Rs 210/month till the age of 60. Even married couples below 39 years of age can also apply for the scheme separately. Together they can assure Rs 10,000/month pension after attaining the age of 60.
How much they need to invest?
If a married couple aged 30 years each apply for APY, they need to invest Rs 577/month individually in their respective APY accounts. Their combined daily contribution towards their respective APY accounts would be Rs 577×2/30= Rs 38.4.
If a married couple is aged 35, then they would need to invest Rs 902/month individually in their respective APY accounts. Their combined daily contribution towards their respective APY accounts would be Rs 902×2/30=Rs 60.1.
Spouse of Atal Pension Yojana subscribers not just receives the monthly guaranteed pension, but also benefit with up to Rs 8.50 lakh after the death of the subscriber. Also, in case of death of the subscriber, the spouse gets the same amount of pension for life.
Who can apply for APY?
Any Citizen of India can subscribe to APY if his/her age is between 18 – 40 years. The claimant should have a savings bank account/post office savings bank account. The claimants are required to provide Aadhaar and mobile number by the bank during registration to facilitate receipt of periodic updates on the APY account.
According to NPS Trust, Aadhaar is, though, not mandatory for enrolment.
