Investment of just Rs 7 a day in THIS scheme will give you monthly pension of Rs 5,000 – Check details here

It has always been the importance of investing wisely for a rainy day. Choosing a good pension plan is certainly imperative.

Atal Pension Yojana (APY), the flagship social security scheme of the government promises to deliver old age income security, particularly to the workers in the unorganised sector.

APY provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age. The amount of pension is guaranteed for lifetime to spouse on death of the subscriber. In the event of death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.

APY has pre-defined monthly contributions. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.

Depending on the minimum age of joining the APY (at 18 years), a person is required to make a monthly contribution of Rs 210 for getting Rs 5,000 pension per month. Hence, if you can save Rs 7 a day and invest in the scheme, you will be eligible for monthly pension of Rs 5,000.