Atal Pension Yojana (APY)

 Atal Pension Yojana (APY)

Atal Pension Yojana (APY) Is A Pension Scheme Launched By The Government Of India For The Benefit Of Individuals, Especially Those Working In The Unorganized Sector. The Scheme Was Launched In 2015 And Replaced The Previously Launched Government Scheme, Swavalamban Yojana. The Underlining Objective Of This Scheme Is To Provide Social And Financial Security To People In Their Old Age By Enabling Them To Make Regular Savings During Their Productive Years.

Atal Pension Yojana Aims At Providing Minimum Guaranteed Monthly Pension After The Age Of 60 Years In Different Slabs Viz. Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 And Rs. 5,000. Aside From Workers In The Unorganized Sector For Which The Scheme Is Highly Beneficial, Employees From The Private Sector Can Also Apply For APY To Avail Its Numerous Advantages. The Pension Amount Will Be Fixed Depending On The Age Of The Subscriber And The Contribution Made By Him Or Her.

A Subscriber's Spouse Is Entitled To Claim The Pension Amount Under The Atal Pension Yojana Upon His Or Her Death. The Spouse Have Two Options Before Them If A Subscriber Dies Before Completing The Age Of 60 Years - To Exit The Scheme And Claim The Entire Pension Amount Or Continue With The Scheme For The Remaining Period. In Case Of Death Of Both The Subscriber And The Spouse, The Accumulated Pension Amount Can Be Claimed By The Nominee. As per The Investment Pattern Set By The Government,

The Collected Amount Under APY Is Managed By The Pensions Funds Regulatory Authority Of India (PFRDA). The Central Government Also Co-Contributes half Of The Total Contribution Or Rs. 1,000 Per Annum, Whichever Is Lower, To Each Eligible Subscriber Who Joined The Scheme Between Before 31st December 2015, For Financial Year 2015-16 To 2019-20. This Is Applicable If Subscribers Are Not Income Tax Payers Or Part Of Any Other Social Security Scheme.

Advantages of Atal Pension Yojana

The Atal Pension Yojana Is An Excellent Saving Scheme For Individuals And Offers Ample Benefits At A Time When A Person's Income-It Is Low to Earn Capacity. The Savings Made Through This Scheme Enables People To Deal With Rising Cost Of Living And Lead A Dignified Life Even After Retirement. A portion Of The Advantages Of APY Are Given Below:

The Subscribers Can Increase Their Premium As Per Their Choice And Can Look Forward To Huge Monthly Pension Amounts, Ranging Between Rs. 1,000 And Rs. 5,000, By Making Significant Contributions.

Customary Updates Such As Status Of Contribution Are Provided To The Subscribers Via SMS Alerts And Physical Account Statement.

The Account Is Portable And Will Be Linked To Bank Account So That The Subscriber Can Operate It From Anywhere In The Country.

APY Is An Affordable Scheme And Is Available At Ultra-Low Cost And Investment Can Be As Low As Rs. 42 Per Month, Provided The Age At Entry Is 18 Years.

It Is Regulated By PFRDA With Transparent Investment Norms. The Money Contributions Made By Subscribers Of APY Are Maintained Safely.

At The Time Of Investment, Individuals Can Claim Income Tax Benefit Of Up To Rs. 1.5 Lakh Under The Section 80C Of The Income Tax Act Of 1961. In addition, They Can Also Avail Deductions Of Up To Rs. 50,000 Under Section 80CCD (1B).

Atal Pension Yojana Eligibility

To Avail The Multiple Benefits Of the Atal Pension Yojana Scheme, Individuals Should Meet The Eligibility Criteria, As Mentioned Below:

The Subscribers Of The Atal Pension Yojana Scheme Should Be A Citizen Of India.

The Minimum Age Of An Individual Applying For The Scheme Is 18 Years And Maximum Age Is 40 Years. If An Individual Joins At The Age Of 40 Years To Avail A Monthly Pension Of Rs. 1,000, He Or She Is Required To Contribute A Higher Amount Than Those Joining At 18 Years.

The Subscribers Must Make Regular Contributions For A Minimum Of 20 Years, Depending On Their Age At Entry And Pension Slab Chosen.

The Prospective Applicants Of The APY Scheme Should Have A Valid Mobile Number And A Bank Account Linked To Their Aadhar Number. This Is An Important Requirement During The Registration Process And To Get Periodic Updates On The APY Account.

Under the APY, there is ensured least month to month benefits for the endorsers running between Rs. 1000 and Rs. 5000 every month.

The advantage of least benefits would be ensured by the GoI.

GoI will likewise co-contribute half of the supporter's commitment or Rs. 1000 for every annum, whichever is lower. Government co-commitment is accessible for the people who

are not covered by any Statutory Social Security Schemes and isn't personal citizen.

GoI will co-add to each qualified endorser, for a time of 5 years who joins the plan between the period first June, 2015 to 31st December, 2015. The

advantage of five years of government Co-commitment under APY wouldn't surpass 5 years for all supporters including moved Swavalamban recipients.

All financial balance holders might join APY.

Charges For Default Atal Pension Yojana

Banks are expected to gather extra sum for postponed installments, such sum will differ from least Re 1 every month to Rs 10/ - each month as displayed underneath:

Re. 1 every month for commitment upto Rs. 100 every month.

Re. 2 every month for commitment upto Rs. 101 to 500/ - each month.

Re 5 every month for commitment between Rs 501/ - to 1000/ - each month.

Rs 10 every month for commitment past Rs 1001/ - each month.

Suspension of installments of commitment sum will prompt following:

Following a half year record will be frozen.

Following a year record will be deactivated.

Following two years record will be shut.

Endorser ought to guarantee that the Bank record to be supported enough for auto charge of commitment sum.

Exit : Atal Pension Yojana

On Attaining The Age Of 60 Years:

The Exit From Atal Pension Yojana Is Permitted At The Age With 100 percent Annuitisation Of Pension Wealth. On Exit, Pension Would Be Available To The Subscriber.

In Case Of Death Of The Subscriber Due To Any Cause:

In Case Of Death Of Subscriber Pension Would Be Available To The Spouse And On The Death Of Both Of Them (Subscriber And Spouse), The Pension Corpus Would Be Returned To His Nominee.

Exit Before The Age Of 60 Years:

Exit Before 60 Years Of Age Is Not Permitted However It Is Permitted Only In Exceptional Circumstances, I.E., In The Event Of The Death Of Beneficiary Or Terminal Disease.

Atal Pension Yojana Contribution Chart

Significant Links : Atal Pension Yojana

👉Atal Pension Form Click Here

👉Gujarati Brochure Click Here

Supporters can make month to month commitments according to underneath given outline. They are additionally entitled for making commitments on quarterly and half-yearly premise.

Passage ageRemaining long stretches of contributionMonthly portion for Rs. 1,000 month to month benefits/corpus sum Rs. 1.7 lakhMonthly portion for Rs. 2,000 month to month benefits/corpus sum Rs. 3.4 lakhMonthly portion for Rs. 3,000 month to month benefits/corpus sum Rs. 5.1 lakhMonthly portion for Rs. 4,000 month to month benefits/corpus sum Rs. 6.8 lakhMonthly portion for Rs. 5,000 month to month benefits/corpus sum Rs. 8.5 lakh