Atal Pension Yojana Scheme Complete Details – Introduction, Eligibility, Features How to Apply, Benefits, Downloading Application(joining) Form
Among billions of Indian Citizens there are lots of poor people who work continuously but can’t make use of any pension schemes due to very low income. Indian government with the leadership of Prime Minister Shri Narendra Modi is concerned about such people. During the Budget session Finance Minister Sh Arun Jately Ji told about a new pension scheme which had to be started. On 9th May 2015 along with 2 other schemes(Suraksha Bima Yojana Scheme and Jeevan Jyoti Yojana) Narendra Modi ji Launched Atal Pension Yojana(Scheme).
This scheme has been targeted towards the poor people and the aim of Atal Pension Yojana is to make sure that needy people could get fixed amount when they get old. This article is totally dedicated to provide complete information regarding this newly launched Atal Pension Yojna(Scheme). If you are interested, you should read this complete article for details like Eligibility, How to Apply, Amount to be paid, Pension amount, Application form of Atal Pension Yojana(Scheme).\
अगर हिन्दी में पढ़ना चाहते हैं तो यहाँ क्लिक करिए
ATAL Pension Yojna – Introduction
The Indian Government is concerned about the old age income of the individuals in the country (especially the poor ones). To address this issue, the government launched the Atal pension scheme, named after Sh. Atal Bihari Bajpayi ji to provide a definite pension. The amount of pension to be received per month totally depends on the contribution made my the applicant. The people to be focused under this APY scheme are all the citizens in the unorganized sector. Under this latest pension scheme launched by Indian government the subscribers will receive fixed pension amount of Rs. 1000 per month, 2000 per month, 3ooo per month, 4ooo per month, 5000 per month at the age of 60 years. The exact monthly amount to be received by the subscriber will however depend upon their contribution
Features of Atal Pension Yojana or APY Scheme :
- Under the Atal pension scheme, a guaranteed minimum monthly pension will be provided to the subscribers. The pension amount will be from Rs. 1000 to Rs. 5000 per month
- Government of India will guarantee the minimum benefit of pension
- Most interesting part of the scheme is that the government will contribute 50 percent of the contribution made by the subscriber or Rs. 1000 whichever is lower.
Note : It is to be noted that this contribution by the government is available for only those who are not income tax payers and are not covered by any Statutory Social Security Schemes
- The 50 percent contribution to be paid by the government will be for a period of 5 years.
- Interested and eligible people must join the APY Scheme between 1st June to 31st December 2015
- Bank account holder of Any Bank account is eligible to join the Atal Pension Scheme.
Eligibility Criteria to Join APY – Atal Pension Yojna
- All citizen of India aged between 18-40 years are eligible to join APY Scheme
- Aadhaar will be the primary KYC(Know your Customer).
How to Join Atal Pension Yojana Scheme
The procedure of applying for Atal Pension Yojana is as follows :
- Visit your bank branch where your savings bank account exists
- Fill up APY Registration Form
- Provide your Aadhaar and Mobile Number
Note – It is important that aadhaar card should be linked with bank account. If you want to read more about linking aadhaar card to bank account Click here
Also Make sure that required balance exists in your bank account every month
Downloading APY – Application/Enrollment/Registration Form
Click here to Download Atal Pension Yojana joining Form in Hindi, English, Gujrati, Bangala, Marathi, Kannada,Odia,Tamil and Telugu
Note : To make the implementation of the scheme easier the aadhaar card and mobile numbers are mandatory and required while applying. If aadhaar card is not available during the joining, it can be submitted later on also.
Details of the Contributions to be made by Scheme Subscribers to Get Fixed Monthly Pension from Rs. 1000 to Rs. 5000
|Age of Entry||Monthly Pension of Rs. 1000||Monthly Pension of Rs. 2000||Monthly Pension of Rs. 3000||Monthly Pension of Rs. 4000||Monthly Pension of Rs. 5000|
In the above mentioned table you can easily find out that how much amount you have to pay monthly to get the monthly pension from 1ooo to 5000. Still have doubt, ok let’s understand by example – Suppose your age is 30 years and you want monthly pension of Rs. 5000. Now you need to find out how much amount you should pay monthly to get this much pension. In the above table, look for age 30 in the Age of entry column, now corresponding to that move along the row and go to that column “Monthly Pension of Rs. 5000”, you will find out that you have to pay Rs. 577 monthly.
Important Information for the Subscribers of APY Scheme :
Consistent payment is important, if the payment is not made consistently, following could happen :
- Account will be frozen after 6 months
- Account will be deactivated after 12 months
- Account will be closed after 24 months
So, it is crucial for the subscribers to make sure that timely payment is made
Exiting Atal Pension Yojna
Case 1 : After attaining 60 years
- The subscriber of Atal pension yojna will be permitted to exit the scheme once he attains the age of 60 years.
- The exit from APY Scheme is permitted with 100 percent annuitisation of pension wealth.
- Once the scheme is exited, the pension will be available to the subscriber
Case 2 : In case of death of the Subscriber due to any cause:
In case of death of the subscriber, pension would be given to the spouse.
Note : In case of death of both subscriber and spouse, pension corpus would be returned to the nominee.
Case 3 : Exit Before the age of 60 Years
Normally the exit before 60 years is not permitted, however it is permitted only in exceptional circumstances i.e. in event of death of the beneficiary or Terminal disease.
We hope that this article clearly explained all the aspects of PM Atal Pension Yojana(Scheme), if you have any other query, kindly feel free to write it down