New Delhi: According to the Government of India’s flagship pension scheme, the Atal Pension Yojana, a depositor is entitled to a maximum pension amount of Rs 5,000. But there are various hacks which you can apply and draw higher pension from the central government’s pension scheme targeting the country’s unorganised sector. Let’s see how you can increase the APY’s maximum pension amount.
How to draw Rs 10,000 pension from APY?
Suppose, in a family, the husband and wife both invest in this pension scheme. According to the APY rules and regulations, both will have two separate accounts. Suppose, both have selected Rs 5,000 pension plan under APY. Then after retirement, both will get Rs 5,000 pension each. The entire family will get total of Rs 10,000 pension.
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Now, suppose the husband dies during the contribution period in the APY scheme i.e. before he has turned 60. Then, according to the APY rules and regulations, his wife will be allowed to invest in his account and keep it active.
In this case, she will have to to take over her husband’s APY account. The deceased member’s name in that account will be overwritten by his wife’s name. For this, she will have to invest the same amount that her husband used to invest. This will not impact the existence APY account of the wife. She can simultaneously invest in both her own and her late husband’s account.
She will have to invest in the deceased member’s (her husband) account till the time that member would have turned 60. After which, she will get pension for lifetime from the deceased member’s (her husband’s) APY account. That pension amount will be Rs 5,000. Plus, she get similar amount from her own APY account also after she would of 60. This way see would single-handedly get life long pension of Rs 10, 000 from both the APY accounts.
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How to draw Rs 20,000 pension from APY?
Suppose there are four members in a family. According to the APY rules and regulations, any number of eligible members in a family can invest in this pension scheme. So, if, all the four members have chosen Rs 5,000 pension plan, then, as and when they retire, each of them will get lifetime pension. This is how, the entire family will get total of Rs 20,000 pension.
If a family prudently plans investment in Atal Pension Yojana (APY), then, they can increase the APY’s maximum pension amount to much more than Rs 5,000. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
