Atal Pension Yojana, Benefits of Atal Pension Yojana

After the successful implementation of the Jan Dhan as well as after attracting large number of the population towards opening a zero balance account, a national pension scheme known as Atal Pension Yojana was implemented by the respected Finance minister Mr. Arun Jaitley. It was passed along with a union budget of 2015-16.

Well this scheme is a guaranteed pension scheme which is being administrated by the pension funds regulatory and development authority (PFRDA). ICICI bank is being registered along with the PFRDA in order to provide all the services related to the APY. It is a specially designed pension scheme which can be administrated as well as distributed by the banks. However, it is mainly aimed at the unorganized sectors which include maids, gardeners, delivery boys, etc. Moreover, previously this scheme was being replaced by the Swavalamban yojana which was not accepted by the people.

The many objective of the scheme is to provide relief to the people so they many not worry about the illness, accidents as well as diseases in the old age. All the employees under the private sector can also apply under the scheme. However, there is an available option for the fixed pension for rupees 1000, 2000, 3000, 4000, and 5000. People can easily receive the amount after containing age 60. It is basically determined on the bases of the individual age also about the contribution been added.

However, on the death of the pensioner the spouse can easily claim for the pension, so the nominee will accumulated corpus. Well if the pensioner dies before the age of 60 then the spouse will be given chances to  either exist the scheme or claim for the as well as continue the scheme for the balanced period. On the basis of the investment pattern which is being laud by the government of India. Under this project government has also made co-contribution of 50% as well as the total contribution of the rupees 1000 per annum.

  • The Chief Minister Ashok Gehlot of Rajasthan state has launched a very helpful scheme of the people of the state. This scheme is launched on September 13, 2019. This scheme contain 75 types of helpful information about […]
  • In this year, a scheme has launched by the State Government of India. This scheme facilitates the people to make aware about their physical health and also provide free medical facilities and medicines. On 17 December 2019, […]
  • A scheme is implemented by the Government of Maharashtra, Maharashtra mahatma jyotiba phule jan arogya yojana (mjpjay) in which the State Government provide free medical facilities and health insurance to residents. This scheme spread at all over […]
  • As we all know water is the basic source of our life. Our life without water can’t be imagine. But now a day, the water is become polluted and the level of ground water is become decreasing […]
  • Sports is a type of exercise. It plays a great role in everyone’s life whether adult, young or old ones. It is beneficial for physical as well as mental health. This exercise reduces many dynamic problems like […]
  • Prime Minister Kisan Samman Nidhi Scheme was launched by Prime Minister Narendra Modi in Gorakhpur on February 24, 2019. The government has started this scheme to benefit the farmers. Under, this scheme the farmers are provided the […]
  • Farmers are the important part of our life. They work hard to provide us food. After so much of hard work they don’t get best prices for their crops. Because of this they are not able to […]
  • Animals plays a great role in humans life. They helps the humans in many ways whether in the case of giving food or in the case of protecting the human as safe guard. Animals like cows, hen, […]
  • The Government of Punjab implemented a scheme named as Sarbat Sehat Bima Yojana. It is established for the motive to improve the farmers condition and to help them. They are the very important part which is necessary […]
  • Rajasthan Jan Aadhar Card Yojana In Rajasthan, a new card is going to be launched. This card is used in the place of Bhamashah card which is launched by previous Government. The rules and regulations are also […]

Features of Atal Pension Yojana (APY):

The scheme also consist various features as well as benefits. However, the features as well as benefits of the Axis bank pension scheme includes a fully guarantee of the monthly pension forms of the rupees 1000 to rupees 5000 per month. Apart from this it also contains various different features as well. Go through the points mentioned below in order to learn more about this. The points are as follows:

  • With the help of this project eligible candidates will receive monthly pension amount ranging from rupees 1000 to rupees 5000.
  • However, under the project the government of India will also co-contribute 50% of the subscriber contribution of rupees 1000 per annum. Moreover, the co-contribution of the government is applicable for those people who are not covered by any of the statutory social security schemes as well as not a income tax payer.
  • Well the government of India will contribute only to the eligible subscriber for the mentioned period of the 5 years whoever joins this scheme for the mentioned period of the June 1st to the December 31st. However, its benefit under the five years of the government co-contribution under this project should not exceed 5 years for all the subscribers.

Eligibility criteria for Atal Pension Yojana:

In order to gain the benefits of this scheme you are required to complete these essential eligibility criteria which are mentioned below. Thus, go through these points in order to learn about the criteria. The points are as follows:

  • It is essential for the respected applicant to be the citizen of India.
  • The applicant must be in between age group of 18-40 years. 
  • It is mandatory that he should make contributions for the minimum time period of the 20 years.
  • You must have a bank account which is linked with your aadhaar card.
  • Must contain a valid contact number.
  • All those people who were availing the benefits of the Swavalamban yojana will get migrated automatically to this Atal pension yojana.

How to Apply under Atal Pension Yojana:

In order to apply under this scheme you are required to follow these basic steps which are mentioned below. The steps are as follows:

  • Each and every nationalized bank provides this scheme. Hence you can easily make a visit to the any of the bank in order to start your APY account.
  • Forms for this scheme are available at the banks, so you can download it easily from the official website.
  • All these forms are available in English, Hindi, Bangla, Gujarati, Kannada, Marathi, Odisha, Tamil and Telugu.
  • You are required to fill the application form along with all the essential details and submit it to your bank. Also provide a valid number to the bank.
  • Provide a photocopy of your Aadhaar card.
  • After your application getting approved you will receive a confirmation message.

Important facts about Atal Pension Yojana:

  • As the candidates will make a periodic contribution then the amount will get automatically debited from your account. You are just required to make sure that you contain required account balance in your bank.
  • However, on your own will, you can easily increase your premium. You are only required to visit to your bank and ask them to make the changes.
  • If you make any defaults payments a penalty will be levied. Thus, there will be a penalty of rupees 1 per month for a contribution of every rupees 100 or a part thereof. However, if you delayed more than 6 months your account will get frozen. In any case the default continues for more than 12 months the account will get closed. The remaining amount will be paid to the subscriber.
  • For any reason if you close the scheme before your 60 years your contribution and interest earned will be returned.

These are the few important points for which you must concern about.

Leave a Reply

Your email address will not be published. Required fields are marked *