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Atal Pension Yojana

Atal Pension Yojana

Atal Pension Yojana

Atal Pension Yojana is a pension scheme mainly aimed at the unorganized sectors such as maids, gardeners, delivery boys, etc. This scheme replaced the previous Swavalamban Yojana which wasn’t accepted well by the people. 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.

Atal Pension Yojana Features

  1. Private employees can apply:- Private sector employees or employees working with such an organization that does not provide them pension benefit can also apply for the scheme.
  2. Different plans:- 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. The pension will be determined based on the individual’s age and the contribution amount.
  3. Beneficiary:- The contributor’s spouse can claim the allowance upon the contributor’s death, and upon the death of both the contributor and his/her spouse, the nominee will be given the accumulated corpus.
  4. However, if the contributor dies before completing 60 years of age, the spouse is also given an option to either exit the scheme and claim the corpus or continue the plan for the balance period.
  5. Manage by PFRDA:- 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”).
  6. Government’s contribution:- The Government would also make a co-contribution of 50% of the total contribution, or Rs. 1000 per annum, whichever is lower, to all eligible subscribers who had joined between June 2015 and December 2015 for five years, i.e., for financial years 2015-16 to 2019-20.

Atal Pension Yojana Eligibility

To avail benefits from the Atal Pension Yojana, you must fulfill 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

Those who are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.

How to Apply?

  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 way from the official website.
  3. The types 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.

Monthly Contributions

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 add per annum based on your age and pension plan.

Important Facts to know about APY

  1. 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 mind before each debit.
  2. You can increase your premium at your will. You have to visit your bank and talk to your manager and make the necessary changes.
  3. 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.
  4. In case you default on your payments for six 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.
  5. 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.
  6. If 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.

You can also go through other Government Schemes launched in recent times by BJP Government which would be very helpful for the preparation for UPSC, State PCS and other Government Exams:-

  1. Swachh Bharat Abhiyan
  2. Pradhan Mantri Suraksha Bima Yojana
  3. Pradhan Mantri Mudra Yojana
  4. Pradhan Mantri Jeevan Jyoti Bima Yojana
  5. Pradhan Mantri Jan Dhan Yojana (PMJDY)
  6. Pradhan Mantri Adarsh Gram Yojana
  7. Make in India
  8. Deen Dayal Upadhyaya Gram Jyoti Yojana
  9. Jal Shakti Abhiyan
  10. Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 
  11. Udaan Scheme 
  12. Digital India
  13. Skill India
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