Atal Pension Yojana | Eligibility For Atal Pension Yojana | How to apply | Benefits | Monthly contributions | All Details
What is Atal Pension Yojana (APY) ?
Atal Pension Yojana is a national pension scheme which is mainly for the unorganized sector. The aim of this scheme is to give sense of security to every citizen of this country so that the people don’t have to worry about the accidents, illness or diseases in old age. Employees working in organizations that don’t provide pension can also apply for Atal Pension Yojana. The amount of pension will depend upon the age of the person and the contribution he/she made.
You can get the pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, Rs 5000 on attaining the age of 60 according to the contributions you made.
The great thing about this scheme is that if the contributor dies the his/her wife/husband can claim the pension.
In case of the death of both contributor and his/her spouse the nominee will be given accumulated corpus. And if the contributor dies before completing 60 years of age the spouse will be given an option to exit the scheme and claim the corpus or continue the scheme.
The below requirements are must if one wants to avail benefits from this scheme
1. Indian Citizenship. 2. Age must be between 18-40. 3. Should contribute for minimum period of 20 years. 4. Bank account linked with Aadhar. 5. Valid mobile number.
People who have chose Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.
How to apply?
You can visit any nationalized bank and open your APY account this scheme is available at all nationalized banks.
You can download the registration form online from the official website. Click this link to download the form https://www.india.gov.in/registration-form-atal-pension-yojana-apy
Fill and submit it to your bank provide your valid mobile number and also submit photocopy of your Aadhar card.
The monthly amount that is to be deposited will depend upon contributor’s age and also upon the amount you want to receive as pension.
The details are given in the below pic
Things to know about the Scheme
Contributor can increase his/her premium as per their will. Contributor just need to visit the bank and ask the manager to make necessary changes.
The amount for scheme will be debited automatically from your account. Always have sufficient amount in your account.
In case of default in payments a fine or penalty will levied which is Re 1 per month for a contribution of every Rs 100.
The account will be frozen in case of default in payments for 6 months. After 12 months account will be closed and remaining amount will be given to the subscriber.
Early withdrawal will not be allowed. Only in case of death or terminal illness the subscriber or his/her spouse or nominee will get the all amount back.
In case the subscriber close the yojana before the age of 60 then only their contribution and interest earned will be returned.