Atal Pension Yojana
security of the working poor and is focused on encouraging and enabling them to join
the National Pension System (NPS). To address the longevity risks among the
workers in unorganized sector and to encourage the workers in unorganized sector
to voluntarily save for their retirement, who constitute 88% of the total labour force of
47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any
formal pension provision, the Government had started the Swavalamban Scheme in
2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due
to lack of guaranteed pension benefits at the age of 60.
If you have not taken any pension plan till date and you want to take a plan in which you want to be entitled to a pension by paying less then the Central Government’s Atal Pension Scheme is right for you. Under this, on reaching the age of 60, one gets a pension of Rs.1000 to Rs.5000 per month. It can be invested by a person between the ages of 18 and 40.
atal pension yojana scheme Eligibility
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.
How to Apply For atal pension yojana scheme?
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.
- You will be sent a confirmation message when the application is approved.
Monthly Contributions atal pension yojana benefits
|atal pension yojana chart|
- The monthly contribution depends upon the amount of pension you want to receive upon retirement and also the age at which you start contributing. The following table tells you how much you need to contribute per annum based on your age and pension plan.
- Anyone between the ages of 18 and 40 can open an account
- Anyone between the ages of 18 and 40 can open an Atal Pension Scheme account
- To join the scheme, one needs to have a savings bank account, Aadhaar and an active mobile number
- If a person takes this scheme, he has to invest at least 20 years.
- Investors can invest monthly, quarterly or semi-annual i.e. for a period of 6 months.
- Contribution will be auto debited. That is, the fixed amount will be automatically deducted from your account and credited to your pension account.
- How much will be deducted depends on how much pension you want after retirement.
- In it you can claim tax benefit up to Rs 1.5 lakh under section 80c.
- You can make a contribution of Rs 42 to 210 per month
- For a pension of Rs 1,000 to Rs 5,000 per month, the subscriber will have to pay from Rs 42 to Rs 210 per month. This will happen when the plan is taken at the age of 18.
- On the other hand, if a subscriber takes up the scheme at the age of 40, he will have to make a monthly contribution ranging from Rs 291 to Rs 1454.
- The more the subscriber contributes, the more pension he will get after retirement. However, it should not exceed Rs 5,000. That is why the contribution will also be according to it.
You can open an account by going to any bank
- You can download the Atal Pension Plan form online
- You will have to fill up this form and deposit it in the bank branch
- In addition, a photocopy of your mobile number and Aadhaar card will also have to be submitted.
- You will receive a confirmation message after the application is approved.
- An online account can be opened in SBI
- Eligibility of the beneficiary of Atal Pension Scheme
- The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 40. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years. Any bank account holder who is not a member of any such social security scheme can avail this scheme.
- For a monthly pension of Rs.1000 / – to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / – to Rs.21 / -.
- The level of contribution will vary with the age of the person. A person who joins at a younger age will have less contribution and more for older age.
Important Facts to know about APY
- Since you will be making periodic contributions, the amounts will be debited automatically from your account. You need to make sure that you have sufficient balance in your account before each debit.
- You can increase your premium at your will. You just have to visit your bank and talk to your manager and make the necessary changes.
- In case you default on your payments, a penalty will be levied. A penalty of Rs. 1 per month for a contribution of every Rs. 100 or part thereof.
- In case you default on your payments for 6 months, your account will be frozen and if the default continues for 12 months, the account will be closed and the remaining amount will be paid to the subscriber.
- Early withdrawal is not entertained. Only in cases like death or terminal illness, the subscriber, or his/her nominee will receive the entire amount back.
- In the event that you close the scheme before the age of 60 for any other reason, only your contribution plus interest earned will be returned. You will not be eligible to receive the government’s co-contribution or the interest earned on that amount.
|atal pension yojana pdf|
To encourage investment in this scheme, a new account will be credited to the account holder by the Central Government before 31-12-2017 within a maximum limit of Rs.1000 / – per annum or whichever is less than 50% of the total contribution in the account. (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Scheme