Atal Pension Yojana (APY) 

atal pension yojana

Introduction

Atal Pension Yojana (APY) is a social security scheme launched by the Government of India in 2015 to provide a guaranteed minimum pension to the unorganized sector workers. The scheme aims to encourage the workers in the unorganized sector to save for their retirement and provides them with financial security during old age. In this article, we will discuss the features, benefits, eligibility criteria, and application process of the Atal Pension Yojana (APY).

https://www.india.gov.in/

Features of Atal Pension Yojana

  1. Eligibility: Any Indian citizen between the age group of 18-40 years can join the scheme.
  2. Contribution: The subscribers of APY have to contribute a fixed amount of money every month until they reach the age of 60. The contribution amount varies based on the pension amount chosen by the subscriber and their age at the time of joining the scheme.
  3. Pension Amount: The scheme provides a fixed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month to the subscribers after they reach the age of 60. The pension amount depends on the contribution made by the subscriber and the duration of the contribution.
  4. Guaranteed Pension: The pension amount is guaranteed by the government and will be paid to the subscriber after the age of 60 years until their death.
  5. Nomination Facility: The subscribers can nominate their spouse or any other family member as the nominee for the pension amount in case of their death.

Benefits of Atal Pension Yojana

  1. Financial Security: The scheme provides financial security to the unorganized sector workers during their old age.
  2. Low Contribution: The contribution amount for the scheme is very low, making it affordable for the workers in the unorganized sector to save for their retirement.
  3. Guaranteed Pension: The scheme provides a guaranteed minimum pension to the subscribers after they reach the age of 60.
  4. Tax Benefits: The contribution made towards APY is eligible for tax benefits under Section 80CCD of the Income Tax Act.

Eligibility Criteria for Atal Pension Yojana

  1. Age: The subscriber should be between 18 to 40 years of age.
  2. Bank Account: The subscriber should have a savings bank account.
  3. Aadhaar Card: The subscriber should have an Aadhaar card.
  4. KYC Documents: The subscriber should have a valid KYC document such as PAN, Voter ID, Passport, or Driving License.

Application Process for Atal Pension Yojana

  1. Visit the nearest bank branch where you hold a savings bank account.
  2. Fill up the APY registration form and submit it along with the KYC documents.
  3. Choose the pension amount and the contribution amount based on your age and the pension amount you want to receive.
  4. Provide your mobile number and email ID for future communication.

Conclusion

Atal Pension Yojana (APY) is a social security scheme aimed at providing financial security to the unorganized sector workers during their old age. The scheme provides a guaranteed minimum pension to the subscribers after they reach the age of 60. The contribution amount for the scheme is very low, making it affordable for the workers in the unorganized sector to save for their retirement. The scheme also provides tax benefits to the subscribers. Therefore, it is advisable for the workers in the unorganized sector to join the scheme and secure their future

Frequently Asked Questions : FAQ

What is the age limit to join the Atal Pension Yojana (APY)?

The age limit to join APY is 18 to 40 years. However, the contribution to the scheme can be made until the age of 60

What is the minimum and maximum pension amount under APY?

The minimum pension amount under APY is Rs. 1,000 per month, and the maximum pension amount is Rs. 5,000 per month.

Is the pension amount guaranteed under APY?

Yes, the pension amount is guaranteed by the government and will be paid to the subscriber after the age of 60 years until their death.

Can a subscriber withdraw from APY before the age of 60?

Yes, a subscriber can withdraw from APY before the age of 60, but only in case of death or terminal illness.

Can a subscriber change the pension amount and contribution amount under APY?

Yes, a subscriber can change the pension amount and contribution amount under APY once a year during the month of April.

https://apnasamaaj.com/

Apna Samaaj

Our mission at Apna Samaaj is to connect underprivileged communities in India with the resources and opportunities they need to thrive. We aim to create a comprehensive platform that provides access to welfare schemes from government bodies and NGOs, as well as private organizations, helping to bridge the gap between those in need and those who can provide support. Through our efforts, we strive to empower individuals and communities, drive economic growth, and make a positive impact on society.