Pension For All Indians – Atal Pension Yojana : I am happy. I get my pension regularly.

The Atal Pension Yojana is a voluntary retirement scheme for low-to-mid income individuals who have attained 18 to 40 years of age, wherein the government contributes 50% of the deposit annually for five years – proceeds of which the beneficiary starts receiving after the completion of 60 year with Atal Pension Yojana. Every Indian worker can have the benefit of Pension after his or her retirement. There are only two conditions. You should be a citizen of India in the age group 18-40 and you must have a bank account. Pension for all Indians is the aim.

At age 60 you can have Rs 1000 per month, 2000 per month or upto Rs5000 per month . This is available to the spouse if the beneficiary has died or to his or her nominee.

104 Million Senior Citizens struggle to survive without a Pension

  • Only a single APY account can be opened by individuals who are 18 to 40 years old.
  • Savings account with the authorized post office branch or banks is a must.

Note: Income tax payers, gramin dak sevaks under the service discharge benefit scheme (SDBS), individuals registered under employees’ provident fund, coal mines provident fund, Assam tea plantation provident fund, seamens’ provident fund, Jammu and Kashmir provident fund, or other statutory social security scheme, are not eligible for the government part of the contribution.

Atal Pension Yojana (APY) Nomination

It is mandatory for applicants to appoint a nominee and provide details in the APY account.

Benefits of Atal Pension Yojana in 2023

APY account holders can deposit the amount on a monthly, quarterly, or half-yearly basis for a period of 20 years. Standing instruction can be provided to banks or post offices for auto-debit of contribution from the savings account. Here are the benefits of Atal Pension Yojana, follows:

Government Contribution

  • Government contributes 50% of the total contribution, or INR 1,000 per annum, whichever is lower for five years.

Collection of contribution

  • Subscribers receive a fixed pension in INR 1,000, INR 2,000, INR 3,000, INR 4,000 and INR 5,000, depending on their contributions.

Return on Investment

If X decides to enter into the APY scheme at the age of 18 years to receive a monthly pension of INR 5,000, he/she will have to deposit INR 210 per month for 20 years to start receiving the pension at 60 years of age. This amount would be INR 824 for individuals entering into the scheme at the age of 34 years old. The pension amount can be upgraded or downgraded once in a financial year. The Scheme is for ALL TYPES of workers in the private sector

The government-backed social security scheme, Atal Pension Yojana offers individuals to build a retirement corpus wherein the government contributes 50% of the deposit for five years. The scheme comes with a benefit to nominate a beneficiary who would receive the amount in case of the subscribers’ death.

Withdrawal Option

  • Subscribers can initiate a request to receive guaranteed monthly income upon completion of 60 years.
  • In case of subscribers death, the nominee (default, spouse) will be eligible to receive accumulated returns of pension at 60.
  • In case of subscriber’s death after the age of 60, the accumulated pension amount would be returned to the nominee.

Premature Withdrawal

  • Premature withdrawal is allowed either in the event of the subscriber’s death or is suffering from terminal disease. 
  • However, subscribers seeking for a voluntary exit will only receive their contributions and not the government contribution or accrued interest

THERE IS ANOTHER TYPE OF PENSION FOR HIGH NET INDIVIDUALS : Guaranteed~ lifelong pension. When you are at the top of your career, earning and saving , you may invest a lump sum –

Pay once and get lifelong guaranteed pension starting from as early as next month. This is an Insurance Plan which gives you risk benefits along with Annuity for life.

Return of Purchase Price – Get 100% purchase price back on death and leave behind a legacy for your family- Critical Illness Benefit – Get 95% purchase price back on diagnosis of any of the specified critical illnesses by surrendering the policy- Flexible payout options

Choose from 4 different payout options as per your needs: monthly / quarterly / half-yearly /

You are eligible to obtain a Loan against policy  any time after six months from the commencement of the policy Enjoy tax benefits# on premiums paid u/s Section 80CCC of Income Tax Act, 1961.

The Hindustan Times reported in May 2023 the massive demonstrations in FRANCE , a developed country agitating against change in pension Policy. PENSION is so important in developed countries. We in India are yet negligent in this respect. Indians must learn to ward off inflation by including pension as a life saving financial instrument in old age.

Violent Demonstrations in France


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.