You can add your life partner's name to the government-run Atal Pension Yojana (APY). This scheme aims to provide a fixed monthly pension to those who do not have access to a regular pension.
If you are looking for a safe investment for your life partner, ensuring a guaranteed monthly income in the future, a central government scheme could be a good option. By adding your life partner to this scheme, your life partner can receive a guaranteed pension of 1,000 to 5,000 rupees per month after retirement. The government runs this scheme under the Social Security Act to provide financial security to those working in the unorganized sector in old age. Let us now tell you about this scheme, in which adding your life partner's name will earn you 5,000 rupees per month.
Atal Pension Yojana
You can add your life partner's name to the central government-run Atal Pension Yojana (APY). The Atal Pension Yojana was launched in 2015. The objective of this scheme is to provide a fixed monthly pension to those who do not have a regular pension facility after the age of 60. This scheme is administered by the Pension Fund Regulatory and Development Authority. This scheme, run by the central government, is a guaranteed pension scheme, meaning the government itself guarantees a fixed pension.
How much do you need to invest to earn ₹5,000?
Investing in the Atal Pension Yojana depends on your age. According to this scheme, the younger you join, the lower the monthly amount. If you are 18 years old, you will need to deposit ₹210 per month. If you are 25 years old, you will need to contribute ₹376 per month. At 30 years old, you will need to contribute ₹577 per month. If you are 40 years old, you will need to contribute approximately ₹1,454 per month. In return for these investments, you start receiving a monthly pension of Rs. 5,000 upon reaching the age of 60.
Who can invest in the Atal Pension Yojana?
People between the ages of 18 and 40 can join the Atal Pension Yojana. Taxpayers are not eligible. This scheme is specifically for those working in the unorganized sector or who do not have any pension benefits. Under this scheme, if an investor dies, the pension amount is received by their spouse. However, if both partners die, the entire investment is returned to the nominee.
How to add a life partner's name to the Atal Pension Yojana?
Offline Application
To add a life partner's name to the Atal Pension Yojana, visit your bank or post office branch and fill out the Atal Pension Yojana form.
Follow this form to fill in the life partner's name and nominee's details.
Submit the required documents, such as Aadhaar card, address proof, and bank account details.
Next, select the pension plan of your choice.
After completing this process, the bank will process your application, and the prescribed amount will be auto-debited from your account every month.
Online Application
To apply for this scheme online, first log in to your bank's net banking or mobile banking.
Next, go to the Social Security Scheme or APY section.
Now fill out the form, select the pension option, and submit it.
After completing your application online, the pension amount will be auto-debited from your account every month.
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