What is Atal Pension Yojana Complete Details, APY best guide

What is Atal Pension Yojana Complete Details, APY best guide

The Government of India launches many schemes from time to time. But you people do not know about those plans properly. Even if you know about the scheme, then a little bit. And for this reason, you are not able to take the benefits of the schemes of the Government of India properly. Today in this article we will talk about What is Atal Pension Yojana. We will give you complete details about Atal Pension Yojana today.

We promise you that when this article is completed, you will get complete information about Atal Pension Yojana. Complete guide about What is Atal Pension Yojana, how can you use it, its benefits been done, and what will you have to do to come under the purview of this scheme. You will get the answer to all these questions by the end.

Why do people need a pension?

There comes a time for everyone when we cannot work, due to which the income also stops. If we do not save, then in old age we will not have money to spend our life. Pension is essential to living the life of old age. A pension provides a monthly income to people when they are not earning.

Atal Pension Yojana Complete Details, APY best guide
  • Earning potential declines with age
  • Rise of the Nuclear Family – Escape of the Earning Member
  • increase in the cost of living
  • increase in longevity
  • Fixed monthly income ensures dignified life in old age

What is Atal Pension Yojana Complete Details

A person often worries about his income in old age. Especially such people of such a country who work in the unorganized sector. For such people, PM Modi started Atal Pension Yojana (APY) in the budget of 2015-16. By investing in Atal Pension Yojana, you get regular income for post-retirement expenses. In one line, Atal Pension Yojana (APY), is a pension scheme for the citizens of India focused on workers in the unorganized sector. This yojana is also called Pradhan Mantri Pension Yojana.

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It was launched on 1 June 2015 by the Narendra Modi government at the Centre. People of 18 to 40 years can join this plan, on joining the scheme you have to deposit the premium amount (installment) till the age of 60 years. After 60 years, you will be given a monthly pension of 1000 to 5000 rupees. The pension amount will depend on which plan you have taken. If you take a smaller plan then you will get less pension amount and if you have taken a bigger plan then you will get more.

NAME OF THE YOJANAAtal Pension Yojana
Who’s PlanCentral Government
When Was It StartedJune 2015
BeneficiaryIndian
Age of Entry into The Scheme18 to 40
When Will You Get PensionWhen your age 60

Who is not eligible for the Atal pension?

Such people who come under the purview of income tax, are government employees or are already taking benefits of schemes like EPF, and EPS, cannot become part of the Atal Pension Yojana. Overseas Indians (NRIs) are not eligible to open an account. If an Indian citizen becomes an NRI during the tenure of the APS scheme, the account will be closed and the entire contribution and return earned thereon will be paid to the account holder.

Who is eligible for the Atal pension?

The age of entry for Atal Pension Yojana APY is 18 to 40 years. For this, any Indian citizen who falls within this age limit becomes eligible for it. The maturity of the plan comes on the completion of 60 years. You have to pay the premium amount for 60 years. After that, you will get a pension between 1000 to 5000 rupees. As the premium amount is less, the premium amount is also less. And as the age increases, the premium amount also increases.

Who is eligible for the Atal pension

Atal Pension Yojana Benefits

Atal Pension Yojana Benefits
  • Under the scheme, you are given a pension of 1000, 2000, 3000, 4000, and 5000 rupees on completion of 60 years of age. (According to your plan.)
  • The pension amount depends on the subscription taken you have.
  • To take advantage of the scheme, the applicant’s age should be between 18 and 40 years. According to the age, you have to pay a premium for a minimum of 20 years and a maximum of 42 years. (For example, if a person subscribes at the age of 18, then he has to pay a premium till 42 years, and if subscribes at the age of 40, he has to pay a premium only for 20 years.
  • Once started, you can stop it at any time in the middle. For this, you have to fill out a closed form. After a few days of filling out the form, the money is credited to your bank account.
  • If the beneficiary dies, the deposit amount is paid to the heir (nominee).
  • You need to have a bank account to take advantage of this. Your monthly premium is deposited through the bank account itself.
  • We have given below the age-wise chart of the premium amount.
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APY chart

The fixed monthly pension to the subscribers and their spouses and the return of the corpus amount to the nominees of the subscribers and the contribution amount is given below.

For example, in order to get a fixed monthly pension of between Rs 1000 per month and Rs 5000, the subscriber has to contribute between 42 and 210 on a monthly basis, if he joins at the age of 18 years. For the same prescribed pensioners, if the subscriber joins at the age of 40, the contribution will be within Rs. 291 and Rs. 1454.

Table related to contribution level, a fixed monthly pension of 1000 rupees per month to subscribers and their spouses and return of corpus amount to the nominees of subscribers and contribution period under Atal Pension Yojana.

Joining ageYear of contributionMonthly contribution in Rs.Monthly Pension (rs.)Amount to be received
by the subscriber’s nominee
18424210001.7 lakhs
20405010001.7 lakhs
25357610001.7 lakhs
303011610001.7 lakhs
352518110001.7 lakhs
402029110001.7 lakhs

Table related to contribution level, a fixed monthly pension of 2000 rupees per month to subscribers and their spouses and return of corpus amount to the nominees of subscribers and contribution period under Atal Pension Yojana.

Joining ageYear of contributionMonthly contribution in Rs.Monthly Pension (rs.)Amount to be received
by the subscriber’s nominee
18428420003.4 lakhs
204010020003.4 lakhs
253515120003.4 lakhs
303023120003.4 lakhs
352536220003.4 lakhs
402058220003.4 lakhs

Table related to contribution level, a fixed monthly pension of 3000 rupees per month to subscribers and their spouses and return of corpus amount to the nominees of subscribers and contribution period under Atal Pension Yojana.

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Joining ageYear of contributionMonthly contribution in Rs.Monthly Pension (rs.)Amount to be received
by the subscriber’s nominee
184212630005.1 lakhs
204015030005.1 lakhs
253522630005.1 lakhs
303034730005.1 lakhs
352554330005.1 lakhs
402087330005.1 lakhs

Table related to contribution level, a fixed monthly pension of 4000 rupees per month to subscribers and their spouses and return of corpus amount to the nominees of subscribers and contribution period under Atal Pension Yojana.

Joining ageYear of contributionMonthly contribution in Rs.Monthly Pension (rs.)Amount to be received
by the subscriber’s nominee
184216840006.8 lakhs
204019840006.8 lakhs
253530140006.8 lakhs
303046240006.8 lakhs
352572240006.8 lakhs
4020116440006.8 lakhs

Table related to contribution level, a fixed monthly pension of 5000 rupees per month to subscribers and their spouses and return of corpus amount to the nominees of subscribers and contribution period under Atal Pension Yojana.

Joining ageYear of contributionMonthly contribution in Rs.Monthly Pension (rs.)Amount to be received
by the subscriber’s nominee
184221050008.5 lakhs
204024850008.5 lakhs
253537650008.5 lakhs
303057750008.5 lakhs
352590250008.5 lakhs
4020145450008.5 lakhs

Other important facts about APY

  • It is mandatory to provide enrollment details in the APY account. If the subscriber is married, the spouse will be the default nominee. Unmarried customers can nominate any other person as a nominee but after marriage, they will have to provide the details of the spouse. Aadhar details of spouse and nominee can be provided.
  • A customer can open only one APY account and it is unique. Multiple accounts are not allowed.
  • A subscriber can choose to increase or decrease the pension amount once a year.
  • APY customers will be informed from time to time through SMS alerts regarding activation of PRAN, account balance, contribution credit, etc. The physical statement of account will also be given to the customer once a year.
  • Annual physical details of APY will also be provided to the customers.
  • Contribution can also be remitted through auto debit without interruption in case of a change of residence/location.
  • The scheme is only for Indian citizens.
  • Customers can change the mode (monthly/quarterly/half yearly) of the auto-debit facility once a year during the month of April.

APY Calculator

You can calculate your pension amount by APY calculator. APY calculator helps you to get information on what amount the government gives you. And how much you give to the government for pension.

Atal Pension Yojana Online Apply Form

You can easily apply for Atal Pension Yojana Online. You can apply or register for APY by going to the official website enps.nsdl.com. Or you can apply for APY from your bank website.

  1. Open the official website of APY, called enps.nsdl.com.
  2. Click on Atal Pension Yojana.
  3. Then click APY Registration.
  4. scroll down and select offline Aadhaar KYC to online Aadhaar KYC.
  5. Make sure that your Aadhaar card link with your phone number.
  6. After that, select your bank and put your bank account number.
  7. Put Aadhaar Card number. and verification of your Aadhaar by OTP.
  8. OTP sent to your mobile number.
  9. Fill Email id. And captcha.
  10. After clicking ok. you got a confirmation message. You got the acknowledgment number and date registration number. Click ok.
  11. Thereafter you got a new window. There you can fill in your all information.
  12. After filling in the information. you saw the pension details option.
  13. How much do you want to get a pension every month?
  14. After how much time the pension money will be taken from your bank?
  15. After all filling, you arrived on a new page. Here you can fill in your nominee details. After your death who can win this amount?
  16. Basically by default Nominee is the husband or wife.
  17. If you change the nominee’s name you can reset the option.
  18. If you scroll down you got a place option. Put your address here.
  19. After that, you got Esign and download option.
  20. Verifying your Aadhar card by mobile number OTP
  21. After verifying you got a form. Fill out this form properly and submit it to your Bank with proof of id.

Atal Pension Yojana withdrawal process

  • On attaining the age of 60 years:- At the end of 60 years, the subscriber shall to the concerned bank for withdrawal of guaranteed minimum monthly pension or higher monthly pension, if the investment returns are higher than the guaranteed returns embedded in the APY. An equal amount of monthly pension is payable to the spouse (named defaulter) on the death of the subscriber. On the death of both the nominated subscriber and the spouse, the pension money accumulated till the age of 60 years will be eligible for a refund.
  • In case of death of the subscriber due to any cause after the age of 60 years:- In case of death of the subscriber, the same pension is payable to the spouse and on the death of both (the subscriber and the spouse) the same pension shall reach the age of 60 years. The pension money accumulated till age will be returned to the nominee.
  • Exit before the age of 60 years:- If a subscriber, who has availed of Government co-contribution under APY, chooses to exit APY voluntarily in the future, he/she will only get the contribution made by him in the APY. The net actual earned income earned on the contribution will be refunded after deducting the account maintenance charges. Government co-contribution, and income earned on Government co-contribution, shall not be refunded to such customers.
  • Death of the subscriber before the age of 60 years:-
  • In case of death of the subscriber before the age of 60 years, the option to continue the vested contribution in his own name will be available with the spouse for the period remaining in the APY account till the original subscriber attains the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount on death as was payable to the subscriber.
  • Or, the entire accumulated fund under APY will be returned to the spouse/nominee.

Procedure to view APY e -PRAN/Transaction Statement View

  • First of all, you have to visit the official website of Atal Pension Yojana.
  • Now the home page will open in front of you.
  • On the home page, you have to click on the option of APY e-PRAN/Transaction Statement View.
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Procedure to view APY e -PRAN/Transaction Statement View
  • Now a new page will open in front of you.
  • On this page, you have to select your category and enter the captcha code.
  • After that, you have to enter the asked information.
  • Now you have to click on submit option.
  • The relevant information will be on your computer screen.

Conclusion

Not all of us have government jobs. So that we can get a pension in old age. And that is why the Government of India included the Atal Pension Yojana. So that every person in India does not suffer from any pain in old age. With the help of this scheme, when you will reach 60 years of age, then the government will give you a pension of 1000 rupees to 5000 rupees in a month for this scheme. So that your old age is not painful.

Frequently asked questions

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