Atal Pension Yojana is a government-sponsored pension scheme aimed primarily at the unorganized sector. This was mentioned in the 2015 budget speech of the then Finance Minister Arun Jaitley. It was inaugurated by Prime Minister Narendra Modi on May 9 in Kolkata.
Benefits Atal Pension Yojana
Atal Pension Yojana is a social security scheme introduced by the government. It aims to provide a permanent source of income to all citizens of India after the age of 60. It is based on the National Pension Scheme (NPS) framework. The Permanent Retirement Account Number (PRAN) branch will be issued to the subscribers immediately.
According to APY, subscribers will get a fixed monthly pension of Rs 50,000. 1000 / -, 2000 / -, Rs. 3000 / -, Rs. 4000 / – and Rs. 5000 / – per month with monthly subscription as per the list given below:
Atal Pension Yojana is a savings scheme that provides pension to those working in non-governmental and commercial enterprises, construction workers, domestic workers and women in various fields.
Ordinary workers who are not likely to receive a pension such as provident fund and gratuity can open a pension account at any bank. Housewives can also join this pension scheme. The Central Government will share the savings with the account holder for the first five years by paying 50 per cent of the annual amount paid or Rs.
None of the other pension schemes offer guaranteed income. The government guarantees pension to those who join the scheme. If the account holder dies while receiving the pension, the life partner will continue to receive the pension amount. The nominee will receive the corpus amount plus interest from the death of the life partner.
Who qualifies Atal Pension Yojana
- Must be an Indian citizen
- Age range should be between 18-40 years
- Must have a valid Aadhaar number and mobile number
- Individuals must have a valid bank account.
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People between the ages of 18 and 40 have to pay a fixed amount every month under this scheme. The monthly payment is determined based on the remaining years until the age of 60 and the expected monthly pension. A person who joins the scheme at the age of 25 will get Rs 376 per month for 35 years, while at the age of 60 he will get a pension of Rs 5,000 per month.
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If a 40-year-old pays Rs 291 per month for 20 years, the monthly pension will be Rs 1,000. The minimum monthly rate is Rs 42 and the maximum is Rs 1454. The minimum monthly pension is Rs.1000 and the maximum monthly pension is Rs.5000. It now offers a minimum monthly pension.
The scheme is mainly designed for the unorganized sector citizens with a pension of Rs.1000 to Rs.5000 per month. Savings account holders between the ages of 18 and 40 can join the scheme. Those who are members of any other social pension scheme are not eligible to join this scheme.
Each beneficiary can pay half of the monthly amount (up to a maximum of Rs. 1000) for five years. The fixed amount should be paid monthly into a bank account till the age of 60 years. You will be entitled to a monthly pension from the age of 60. (Example: A person who joins the scheme at the age of 18 will have to pay only Rs 42 per month to get Rs.1000 / – per month.