Atal Pension Yojana

Atal Pension Yojana is a pension scheme launched by Central Government. Atal Pension Yojana (APY) is a government pension scheme mainly aimed at providing pension benefits to the unorganized sector such as maids, gardeners, delivery boys, etc. This scheme replaces the Swavalamban Yojana which did not collect the numerous applications as this scheme did not guarantee pension benefits at the age of 60. The aim of Atal Pension Yojana is to deliver social protection to the individuals of old age, needy and poor people. Let’s know more details about the Atal Pension Yojana scheme.

What is Atal Pension Yojan?

Atal Pension Yojana scheme was launched in 2015 by PM Narendra Modi. Atal Pension Yojana is the pension policy scheme launched by the Central Government. In this scheme, policyholders have to select the pension amount of ₹1000, ₹ 2000, ₹3000, ₹4000, ₹5000 to acquire at the age of 60 years. In the case of the death of the policyholder, the pension amount u=is transferred to the nominee. You can also get the Atal Pension Yojana tax benefit.

The collected by this scheme amount is managed and distributed by the Pension Funds Regulatory of India. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and are not the income taxpayer.

Atal Pension Yojana Benefits:

Private sector employees can also register for this scheme. Atal Pension Yojana benefits are as follows-

  • The main aim of launching this scheme is to provide economic support to the unorganized sector of the country. With this scheme, people do not have to worry about their old age expenses.
  • Atal Pension Yojana scheme is supported by the Government of India and handled by the Pension Funds Regulatory Authority of India (PFRDA). Hence you can trust this scheme as the government guarantees their pension.
  • People are provided with a continuous source of revenue after they reach 60 years. Thus this scheme financially enables them to meet necessary needs such as medications, which is somewhat common in old age.
  • In case of the death of the policyholder, Atal Pension Yojana death benefits are transferred to the nominee. Nominee can release account and get all the beneficiaries or can choose to receive the pension amount.

Atal Pension Yojana Eligibility:

The eligibility criteria for the Atal Pension Yojana scheme are as follows-

  • Atal Pension Yojana age limit is in between 18 to 40 years
  • Applicant must have the savings bank account
  • This savings bank account have to link with the Adhar card and mobile number of the policyholder
  • The minimum contribution for this scheme is at least 20 years

How to Apply for Atal Pension Yojana?

All banks in India are authorized to start the opening of a pension account under the Atal Pension Yojana. The explanatory steps to apply for APY are – 

  • Visit the nearest branch of the bank where you have a savings account
  • Duly fill the application form with all the required details
  • Submit duly filled form to the bank with two photocopies of your Aadhar card
  • Provide your active mobile number

Download Atal Pension Yojana Form:

  • You can get the form from the bank or you can get the form online with the given steps-
  • You can acquire the form from any participating bank’s nearest branch office
  • You can also download and print the form from the participating bank’s official websites if they provide such a service
  • You can get the Atal Pension Yojana Form pdf from the Pension Fund Regulatory and Development Authority’s official website

Monthly Contribution For The APY:

APY guarantees you a pension of Rs. 1000/ 2000/ 3000/ 4000/ 5000 after 60 years of your age. Your Atal Pension Yojana maturity benefits will depend on your choice of pension and the age you enrolled in the policy. If you enroll in the policy at the age of 40 then you have to pay the contribution for a minimum of 20 years to get your beneficiaries.

Atal Pension Yojana maturity amount depends on your monthly contribution. To evaluate your contribution check the Atal Pension Yojana chart given below-

AGE OF ENTRYYEARS OF CONTRIBUTIONMONTHLY PENSION OF RS. 1000.MONTHLY PENSION OF RS. 2000MONTHLY PENSION OF RS. 3000.MONTHLY PENSION OF RS. 4000MONTHLY PENSION OF RS. 5000.
18424284126168210
19414692138183228
204050100150198248
213954108162215269
223859117177234292
233764127192254318
243670139208277346
253576151226301376
263482164246327409
273390178268356446
283297194292388485
2931106212318423529
3030116231347462577
3129126252379504630
3228138276453551689
3327151302414602752
3426165330453659824
3525181362495722902
3624198396543792990
37232184365948701087
38222404806549571196
392126452879210541318
402029158287311641454

Withdrawal Process of APY:

Although the Atal Pension Yojana withdrawal process was originally restricted to those above the age of 60, it has since been barely changed:

  • If you reach the age of 60, you can opt out of this arrangement and get full authorization for your pension. You must go to the bank and apply for your pension.
  • Only in extraordinary circumstances, such as terminal sickness or death, can you leave the program before reaching the age of 60. Your partner will receive your pension if you die before reaching the age of 60. If both you and your partner pass away, the pension will be paid to your nominee.

Here, we covered the piece of information about the APY. For the Atal Pension Yojana online apply, registration process, and more information related to the Government Schemes, you can visit the official website.

You can also get added information about this scheme using Atal Pension Yojana Customer Care Number/ Helpline Number- 022 24993499 or you can also contact through email gro@nsdl.co.in

Check out the more related queries about Atal Pension Yojana (APY) here.

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