Pradhan Atal Pension Yojana

Atal Pension Yojana is a pension scheme mainly aimed at the unorganized sector such as maids, gardeners, delivery boys, etc. The goal of the scheme is to ensure that no Indian citizen has to worry about any illness, accidents or diseases in old age, giving a sense of security. Private sector employees or employees working with such an organization that does not provide them pension benefit can also apply for the scheme. There is an option of getting a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 on attaining an age of 60.

As per the investment pattern laid down by the government of India, the collected amount under the scheme is to be managed by the Pension Funds Regulatory Authority of India (“PFRDA”).

Introduction of Atal Pension Yojana(APY)

The Atal Pension Yojana or APY is a government run pension scheme that was introduced in June 2015 specially for the benefit of the members of the unorganised sector in India. The applicants of the scheme can opt for a monthly pension amount ranging between Rs. 1000 to Rs. 5000, which will be remitted to them at the age of 60. The amount of pension you get depends on the contribution you pay every month and the age at which you join the scheme.

Eligibility for Atal Pension Yojana(APY)

Any Indian national within the age group of 18 to 40 years is eligible to contribute under Atal Pension Yojana(APY). To avail benefits from the Atal Pension Yojana, you must fulfil the below requirements:
  1. Must be a citizen of India.
  2. Must be between the age of 18-40
  3. Should make contributions for a minimum of 20 years.
  4. Must have a bank account linked with your Aadhar
  5. Must have a valid mobile number

If your age is 40 Years then you are eligible but if you are 40 years and 1 day then you are not eligible. Those who are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.

Government Contribution in Atal Pension Yojana(APY)

The Atal Pension Yojana(APY) scheme has an early bird incentive attached with it. If you would enroll in it on or before 31st March 2016 then you would be getting a government contribution. Government will contribute maximum of rs 1000 per year for first 5 years. Your yearly contribution should be more then rs 2000 to get this amount. If your yearly contribution (X rs) is less then rs 2000 then you will get Rs X/2 as government contribution.

Benefits of joining Atal Pension Yoajna(APY)

The Atal Pension Yoajna (APY) is primarily designed for helping the members of the unorganised sector including the small trader, self-employed individuals, and daily wage earners, get the benefit of savings. 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.

Premium payable under Atal Pension Yojana(APY)

There is also a policy under the scheme, wherein if the pension account holder dies, the contributions would go to the family or the nominee of the account. The premiums to the pension account would be paid through your bank account and it would be auto-debited from the bank account.

How to Apply | Process to get enrolled for Atal pension Account

In order to apply for APY an Indian national needs to have a working bank account. Date for submission of forms has started from 01st June 2015. Follow these steps to avail the benefits of Atal Pension Yojana(APY)

  1. All nationalized banks provide the scheme. You can visit any of these banks to start your APY account.
  2. Atal Pension Yojana forms are available online and at the bank. You can download the form from the official website.
  3. The forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odia, Tamil, and Telugu..
  4. Fill up the application form and submit it to your bank.
  5. Provide a valid mobile number, if you haven’t already provided to the bank.
  6. Submit a photocopy of your Aadhaar card.

You will get a confirmation message when the application will approved. Please make sure this bank account have sufficient money each month before premium is deducted.

Can Government Employees open Atal Pension Yojana Account

es Government employees can open it but will not be eligible for the government contribution on this account.

Important Atal Pension Yojana Features

If a subscriber Joins APY and opts for a 5000 pension plan and pays his premium as mentioned in the chart then he will start getting rs 5000 pension till he is alive after attaining 60 years of age. After subscriber is dead then his/her spouse will get the pension amount that subscriber was getting. After both are gone then Nominee will get the corpus amount of rs 8.5 lakhs.