Atal Pension Yojana

The Government of India wants to strengthen as well as secure the economic condition of the country.  The way in which the country has been neglecting the middle class and the poor for years after one new scheme after another, the citizens of the country feel that this government is a government that takes the poor people along and wants to secure their future.

If the poor people of the country develop then the country will move forward automatically and the greatest security of any person is its economic security and to provide this economic security the present government has implemented a new pension scheme.  This scheme is Atal Pension Scheme

 The main objective of this scheme is to provide pension benefits to the people in the unorganized sector of the country.  The scheme provides social security facility to the common people of such unorganized sector with minimum participation i.e. the beneficiary of the scheme does not have to be dependent on others in case of illness, accident or old age.

 In addition, those in the private sector of the country who do not get such pension benefits can also claim to get a pension through this scheme and can get a pension ranging from Rs.1000, Rs.5000, Rs.2000, Rs.5000 to Rs.5000 on completion of 60 years of age.  If the person who is a part of this scheme gets the premium paid and considering his age, he will get the amount of this pension.  If he dies in the meantime, his spouse can also claim this pension.

Benefits of Atal Pension Scheme :

• Income security during old age.

• The purpose of this scheme is to invest in voluntary retirement.

• Will be focused on workers in the unorganized sector.

• Implementation will be from 01-09-2018.

• Eligibility: Minimum age will be 18 years and maximum age limit will be 60 years.

The administration will be done by the Pension Fund Regulatory and Development Authority (PFRDA).

The Atal Pension Scheme is like a protection umbrella for aging Indians.  At the same time the scheme promotes a culture of saving among the lower and lower middle class people of the society.  The biggest feature of this scheme is that it benefits the poorest citizens of the country.  In this too, the Government of India is giving the facility to those who are involved in this scheme till 31st December 2018 to pay 50% of the amount to be paid for 3 years or Rs.1000 whichever is less.

Eligibility of the beneficiary of Atal Pension :

The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 40.  To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years.  Any bank account holder who is not a member of any such social security scheme can avail this scheme.

•  For monthly pension of Rs.1000 / - to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / - to Rs.21 / -.

•  The level of contribution will vary with the age of the person.  A person who joins at a younger age will have less contribution and more for older age.

 To encourage investment in this scheme, a new account will be credited to the account holder by the Central Government before 31-12-2017 within the maximum limit of Rs.1000 / - per annum or whichever is less than 50% of the total contribution in the account.  (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.

To take advantage of this scheme :

The account holder has to fill up the authorization form and submit it to his bank.  In which details of account number, spouse and nominee (heir) have to be written.  Under this scheme, the account holder has to ensure that there is a fixed amount in his account every month.  If that doesn't happen, it's time to dump her and move on.  These penalties are common, such as Rs 1 for every Rs 100, Rs 5 for 101 to 500 contributions, Rs 5 for Rs 201 to Rs 1,000 and Rs 10 for more than Rs 1,001.

અટલ પેન્શન યોજના વિશે ગુજરાતીમાં વાંચો 

What is Atal Pension Scheme? :

The Atal Pension Scheme (APY) is a pension scheme for the citizens of India, especially for workers in the unorganized sector.  Under this Atal Pension Scheme, customers are entitled to a minimum of Rs.  1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years.

Who can become a member of Atal Pension Scheme? :

Any citizen of India can join the APY scheme.  The criteria for eligibility are as follows.

•  The age of the customer should be between 18 to 40 years.

•  They should have / open a savings account in the bank.

•  The prospective applicant should have a mobile number and details of which should be given at the time of registration with the bank.

•  Customers who have joined the scheme between June 1, 2015 and December 31, 2015 and who are not covered under the legal social security scheme and have not paid income tax, will be eligible by the government for five years i.e. from 2015-16 to 2019-20.  Co-contributions are available.

Click Here To Download Atal Pension Yojana Form