Atal Pension Yojana

Atal Pension Yojana was launched in June 2015 to make the geriatric population self-reliant after they have spent a lifetime working in non-pensionable jobs. With this scheme, the government wants to make the unorganized work force, which makes major chunk of India’s labour force (88%) join the National Pension Scheme. This will enable them to compulsorily save for their future. The scheme is headed to replace the Swavalamban Scheme which did not cover many people due to ambiguities in benefits after 60. Also, latter did not have minimum guaranteed pension provision.

This scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA), which comes under Department of Financial Services, Government of India.

Salient Features

  • The subscribers of Atal Pension Yojana can receive a fixed monthly pension starting from Rs. 1000 up to Rs. 5000 after their retirement age of 60 until death.
  • After the death of the subscriber, the spouse will be entitled to get exact same pension amount as the subscriber, until death of the spouse.
  • Further, after the death of subscriber as well as spouse, the nominee will receive the entire pension amount accrued by the account holder. This amount depends on contribution made by the subscriber.

Subscriber Contribution

The minimum age of joining APY is 18 years and maximum age is 40 years; thus minimum period of contribution by subscriber is 20 years.  If a new subscriber starts contributing at the age of 18, he / she will need to spend Rs.42 every month to receive a pension amount of Rs.1000 after 60. This monthly contribution differs as per the tenure of payment and depending on when the individual joins the APY scheme.

Government Contribution

To encourage more and more people to enroll into Atal Pension Yojana scheme, the GOI is also contributing a sum towards the pension scheme for a time period of five years i.e. 2015-2020. This provision is for people who are non-tax payers, not beneficiaries of any social security scheme and have joined NPS before 31st December, 2015. The government’s contribution is either 50% of subscriber’s monthly contribution amount of Rs. 1000, whichever is lower. To receive government’s contribution, the APY subscriber has to make regular monthly contributions during the entire course of year.

This apart, the state governments are also authorized to make additional co-contribution.

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Comments

  • Naresh Sharma
    Reply

    I am 35 years old and tell me about Atal pension yojana

  • devendra tiwari
    Reply

    I am about to be 28 years young tell me complete detail about atal pension yojana please

  • sridevi
    Reply

    Good scheme

  • avijit ojha
    Reply

    i am 30 years old tell me about atal pension yojna

  • krishnakanth.g
    Reply

    I am 38 years old i want to know how to apply pension plane

  • Sanjay srivastava
    Reply

    i am 35 year old i want to know pension yojana

  • Amit Kumar Gupta
    Reply

    I am 35 years old and tell me about Atal pension yojana

  • mohamad bagwan
    Reply

    i m 24 yers old. i like this scheme. i wan to do. let me know ..wht to do for…?
    plzz. reply

  • Santosh S Halagali
    Reply

    I am 36 year old tell me about Atal Pension Yojana

  • nagaraj poojari
    Reply

    how a to apply for Atal Pension Yojana .
    where i ask

  • amit kumar ray
    Reply

    Thanks P.M jee for this yojana .Hame asha hai ki app HOME GUARDS ke liye bhi kuch achi yojana laynge.

  • Sunil Dua
    Reply

    This is not a scheme worth investing.

    Lets Say for someone who age is 35 years needs to pay 902 Rs per month, Now instead of this if He puts the amount (902) in R.D. for 25 Years.He will have a amount close to 9.5 LAKHS and fixed deposit of same amount will give interest of around 7000 Rs. per month…better than 5000 ? Its easy to calculate, try tourself.

  • Anit kumar Nandkeolyar
    Reply

    I am 35 years old and tell me about Atal pension yojana

  • shobha kumari
    Reply

    I intrested in Atal bihari pension yogana. my age is 28 year but husband gae is 45 year

  • Mahesh Kumbhar
    Reply

    1) My Date of Birth is 1/12/1975 can i open pension A/c ? if yes how much contribution for Rs.5000 pension. 2) Pension A/c holder dies after 1st contribution what is benefit to nominee. 3) Pension holder is injure between 40 to 50 yr. and he can’t pay other contribution than what benefit to A/c holder or nominee.
    Please give information Sir.

  • Hetal Bhatla
    Reply

    I am 48 years old. As retirement limit is 58 years – 60 years then why eligible age is up to 40 only. Can i Ellijible & if yes then whay is the procedure.

  • Hetal Bhatla
    Reply

    I am 47 years old. Can i get the benifit. As retirement age is 58 – 60 years now so why elleigible age limit is 40 years only

  • pruthvi
    Reply

    if during the continuation of scheme, the person in whose name application is made was died then what is the next procedure or whether the scheme is ended or nt? n from date of death whether the contributio from government to family member is started???

  • Ketan Salunke
    Reply

    Please tell me description about atal pension yojana..

  • javed hussain
    Reply

    atal bihari bajpayee pention

  • irfan ahmad
    Reply

    What profit this scheme

  • satish
    Reply

    tell me about house scheme atal yojana house scheme

  • sharanappa
    Reply

    Please tell me atalji pension scheme cancellation process