The Indian Government is striving hard for the easier life of the old people. The Atal Pension Yojna is the government backed pension scheme targeted at the unorganized sector. In this article we will inform you about the Scheme, the eligibility, the government contribution and much more.
Atal Pension Yojana
Also Read: Pradhan Mantri Awaas Yojana
Arun jaitely announced the scheme in 2015 Budget speech. This scheme was launched on 9 May by Prime Minister Narendra Modi in Kolkata. As if till may 2015, only 20% of the Indian Population has pension scheme. The aim behind launching the scheme was to increases the number of people having pension scheme. The scheme has been started from 1 June, 2015.
Under this scheme, the Central Government will contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower for a period of 5 years.
Atal Pension Yojana – Aim behind the scheme
The Indian Government has launched the scheme to provide income security to poor people who are working in unorganized sector. This will encourage them to save and will boost their financial confidence and will help in old age of their need.
This scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Atal Pension Yojana Details
|Name of Yojana||Atal Pension Yojana (APY)|
|Launched by||PM Shree Narendra Modi|
|Powered by||Central Government|
|Launched in||09th May 2015|
|Target/ Objective/ Goal||The people of the unorganized sector have to be brought under the purview of pension benefits. This will allow them to take advantage of social security with minimum participation every month.|
|Pension Scheme||Upon completion of 60 years of age, there are options of 1,000 or 2,000 or 3,000 or 4,000 or 5000 permanent pension.|
|Minimum Age||18 Years|
|Maximum Age||40 Years|
|Apply Mode||Offline (Submit the form to the bank with PMJDY)|
|Your plan to get registered account holders and Atal Pension Scheme: Fees/ Charge Per Month||One Rupee on Monthly Contribution upto Rs. 100Monthly contribution of Rs. 101 to Rs. 500 /
5.00 to the monthly contribution of Rs. 501 to Rs. 1,000
10 rupees on monthly subscription of more than 1,001
|Pension Start||After 60 Years|
Indicative Monthly Contribution Chart
|Age of Entry||Monthly Pension of 1000/-||Monthly Pension of 2000/-||Monthly Pension of 3000/-||Monthly Pension of 4000/-||Monthly Pension of 5000/-|
About: Atal Pension Yojana
Atal Pension Yojana in hindi or pradhan mantri atal pension yojana guarantees a minimum pension of Rs 1k, 2k,3k,4k, and 5k to the citizen of India and are employed in unorganized sector. The central government will contribute 50% of the total contribution 50% of the total contribution or Rs 1000 per annum whichever is lower for a period of 5 years from the Financial Year 2015-16 to 2019-20, who joins the scheme before 31 December, 2015 and for those who are not the members of any statutory social scheme and who are not income tax payers.
Eligibility to apply for the Atal Pension Yojana
To apply for the Pradhan Mantri Atal Pension Yojana, you need to have following eligibility as well as you should know about the non-eligibility for the scheme.
- The person should be citizen of India.
- Minimum age of the person should be 18 years.
- The age should not exceed 40 years.
- Person must have a savings bank account or should open a new one before applying for the scheme.
- The applicant must possess a mobile number, registered with the bank with full details.
- The person should not have taxable income.
- The person should be under unorganized sector.
The people will not qualify if he owns-
- the members registered under EPF,
- person registered with the Coal Mines PF security cover,
- beneficiaries of Assam Tea Plantation PF scheme,
- Seamen’s PF act, J&K PF scheme,
- Any other statutory social security scheme.
Benefits to join Pradhan Mantri Atal Pension Yojana
The government will be contributing the amount of Rs. 1000 per annum or fifty percent of the total amount of contribution towards the scheme, whichever is low for 5 years. The account holders will be benefited from yojana in hindi calculator,
this co-contribution from the financial year starting from 2015 till 2009.
Pension received under Atal Pension Yojana
The amount of pension will range from Rs. 1000 to Rs. 5000 per month. This will be influenced in a way that greater the contribution, the more the amount of pension will be.
Apply for the Atal Pension Yojana
You should check for the eligibility criteria before applying for the scheme. You can apply for the Atal Pension Yojana easily by following the steps given below-
- Contact the bank in which you have a savings bank account, or either make a new savings account.
- Ask the bank for the APY registration form or Pension Yojana Online Apply.
- Complete the form carefully. You should have proper knowledge of the scheme and should read the terms and conditions carefully.
- Mention your mobile number and other contact details asked in the form.
- Maintain the required minimum balance in your savings bank account.
- Your contribution amount will be deducted on monthly basis from your account.
- The Aadhar card linking is necessary to your account and scheme.
Atal Pension Yojana – Points to be noted
- The monthly pension will be provided to the subscribers, and after him, the pension will be provided to his spouse, and after their death the pension corpus, would be returned to the nominee of the subscriber as accumulated at age of 60.
- The subscriber will receive a fixed minimum pension of Rs. 1000 to 5000 per month, depending on their contribution.
- The banks will collect an additional amount for the delayed payment contribution in the scheme from Rs. 1 per month to Rs. 10 per month. In case of discontinuation of payment of contribution amount, it will lead to either account frozen, or deactivation or closed.
- Exit of the pension plan before 60 years is not allowed.
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The article included contribution levels, pension amount, age of entry and much more informative part about the Atal Pension Scheme. You can know more about this on www.jansuraksha.gov.in