With the actual implementation of Pradhan Mantri Jan Dhan Yojana and accepted by a considerable population to avail the banking advantages with opening a zero-balance account with the extension of Jan Dhan Yojana, the Atal Pension Yojana was passed in 2015-16.
APY is a pension scheme mainly aimed at the unorganised
sectors such as maids, gardeners, delivery boys, driver, cleaners etc.
The goal of the APY scheme is to
make sure that no Indian citizen must be concerned about any illness, accidents
or diseases in old age, providing a sense of security. Private sector employees
or employees working with an organisation that does not offer them pension
benefit can also avail the scheme. There is a choice of getting a fixed pension
of INR 1000, INR 2000, INR 3000, INR 4000, or INR 5000 on reaching the age of
60. The premium gets decided based on the individual’s age and the contribution
amount.
The contributor’s spouse will get the pension upon the
contributor’s demise, and upon the passing of both the contributor and his/her
spouse, the nominee can claim the accrued amount. However, if the contributor
dies before 60 years of age, the spouse is also given a choice to either withdraw
from the scheme and claim the accrued amount or continue with the plan for the
balance period. The amount collected under the scheme gets managed by the
Pension Funds Regulatory Authority of India.
The Government would also make a partial contribution of 50
per cent of the total contribution, or INR 1000 per annum, whichever is lower,
to all eligible subscribers. The subscribers should not avail any other
statutory social security schemes, or should not be paying income taxes, to
avail the Government’s contribution.
Eligibility
To seek the benefits of the scheme:
Must be an Indian citizen
Should be between 18-40 years of age
Should be contributing for a minimum 20 years.
Should have Aadhar linked bank account
Must have a valid mobile number
Application process
Follow these steps seek the benefits of APY scheme
Atal Pension Yojana forms are readily available online and
at the bank. You can easily download the form from the official website.
The forms are available in all languages.
Make sure to fill the application form and submit it to your
bank.
Give a valid mobile number, if you have not already provided
to the bank.
Submit a photocopy of your Aadhaar card.
You receive a confirmation message when the application gets
approved.
With a fixed pension post-retirement, Atal Pension Yojana
Scheme has brought a protection cover to all Indian citizens. It also intends
to boost investment and savings among the middle and low-income part of
society.
