Atal Pension Scheme (APY) Objectives, Eligibility & Benefits, Atal Pension Scheme (APY) was launched by the Narendra Modi government in 2015. The pension scheme is mainly focused on the unorganized sector and investors can get good money by investing a small amount. One has to start investing in a pension scheme between the ages of 18 and 40 to get at least a monthly return. Thereafter, he will receive monthly pension from Rs 1000 to Rs 5,000 per month.
Atal Pension Scheme 2021
However, the return depends on the age of the person and how much they start investing. Under this scheme, the person can pay in three ways – monthly, quarterly and half yearly. This means that after the age of 60, 2000 rupees will be earned every month. According to the NSDL website, you can increase your pension to Rs 24,000 by investing for 42 years. For that, a person has to open a savings account in a bank or post office.
The APY form is available online at all banks’ websites.
Customers will have to download the form online to avail the scheme. After submitting the required information, the form has to be submitted to the nearest bank. The necessary papers will also be attached in the form
You can exit APY after the age of 60. The total amount of pension will be paid to the individual with 100% annuity. If the subscriber dies for any reason, the pension amount will be paid to his or her spouse and if both die, the pension corpus will refund the amount to his nominee. Can’t get out of the plan 60 years ago. However, some situations, such as the death of a beneficiary or a serious illness, can be avoided.
APY applies to all citizens of India between 18-40 years. That is, anyone can take advantage of it. The base will be the primary KYC. Customers are asked to obtain a support and a mobile number to facilitate the management of the scheme.
Benefits of APY
- Atal Pension Yojana is a Social Security Scheme introduced by Govt. of India, aimed at providing a steady stream of income after the age of 60 to all citizens of India. It is based on National Pension Scheme (NPS) frame work. Permanent Retirement Account Number (PRAN) will be provided to the subscriber immediately by the Branch.
- Central Government will co-contribute 50% of the total yearly contribution or Rs. 1000 /- per annum, whichever is lower, for the period of 5 Years in the account of subscribers who join the scheme up to 31st December 2015 and who are not a member of any Statutory Social Scheme and not an Income tax payer.
- Subscribers joining APY scheme at an early stage of age would be required to pay lesser monthly subscription amount as compared to the subscriber joining at a later age as illustrated in the above table.
- Our NPS-Lite Swavalamban subscribers, if eligible i.e. between the age of 18 to 40, may shift to APY by filling the APY Registration form for Existing Swavalamban Subscribers.
- Nomination facility is available.
- Premature exit from APY is not permitted. However, it is permitted only in exceptional circumstances i.e. in the event of the death of beneficiary for terminal disease.
Eligibility Of APY
To avail benefits from the Atal Pension Yojana, you must fulfil the below requirements:
- Must be a citizen of India.
- Must be between the age of 18-40
- Should make contributions for a minimum of 20 years.
- Must have a bank account linked with your Aadhar
- Must have a valid mobile number
Those who are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.
Important Link :
How to Apply?
Follow these steps to avail the benefits of APY
- All nationalized banks provide the scheme. You can visit any of these banks to start your APY account.
- Atal Pension Yojana forms are available online and at the bank. You can download the form from the official website.
- The forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu.
- Fill up the application form and submit it to your bank.
- Provide a valid mobile number, if you haven’t already provided to the bank.
- Submit a photocopy of your Aadhaar card.
Also Read : Pradhan Mantri Jan Dhan Yojana
You will be sent a confirmation message when the application is approved.