Atal Pension Yojana Scheme 2017
Atal Pension Yojana scheme is launched in the name of our ex-Prime Minister Atal Bihari Vajpayee. It’s for the betterment of the old people. It is a social security system for all the Indians. Our Finance Minister Mr. Jaitely said in his union budget of 2015-16 that,” As our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age”
This scheme is mainly for those people who employed in unorganized sector, so that they can enjoy social security with minimum contribution. Atal Pension Yojana Scheme guarantees a minimum pension of RS. 1000, 2000, 3000, 4000, 5000, On the basis of the contribution of the subscriber’s amount pension scheme amount varies from RS. 1000 to 5000, the maturity time of benefit is 60 years.
Atal Pension Yojna Scheme Benefits:
It is very beneficial for the lower and lower middle class families. It brings security to the ageing people of our country and promote saving and investment. Govt. also contributes for the period of five years. Govt. contributes either RS. 1000 or half of the money, whichever is lower. So that all account holder gets the benefit of the government’s contribution for five years.
Eligibility for the ATY:
Any person who is the citizen of India is eligible for the pension scheme, but his/her age must be between 18 to 40 years. Even, If your age is 40 years 1 day, then you are not eligible for this scheme. The person must have a saving bank account and a registered mobile number in the bank with full details. All existing members of the government’s ‘Swavalamban Yojana NPS Lite’ will automatically be migrated to the Atal Pension Yojana because that scheme will replace in APS.
The person who is covered under any social security scheme like registered member under the EPF scheme, registered with coal mines and securities, beneficiaries of the Assam plantation sachem, seamen’s PF act, J&K PF act etc. are not eligible to get the contribution.
Options of payment:
The premium of Atal Pension Yojna can be paid through three options i.e. monthly, quarterly, half yearly.
Mode of contribution to the account:
Each and every payment must be submitted to the savings bank account of the beneficiary. From their accounts amount automatically deducted every month
Process to apply for Atal Pension Yojna:
Contact with that bank in which you have an account. Ask for the ATAL Pension Yojna form. Enter all relevant information in the form very carefully; enter your Aadhar card details. Your account must have sufficient balance that will automatically deduct from your account on the monthly basis.
Important points regarding this scheme:
- You can apply for the APY scheme in all nationalized banks.
- Nomination facility is available.
- If you will not pay till the six months your account will be frozen.
- If you will not pay till 1 year your account will be deactivated.
- If you will not pay till 24 months your account will be permanently closed.
- You can do a premature exit.