What is Atal Pension Yojana Scheme?
Atal pension yojana is a pension plan which is mainly focused on the people who are living in unorganized sectors and it includes a large number of people such as the labor force. This scheme is an alternative to swavalamban yojna and the maximum age requirement to apply for this scheme is 60 years its main aim is to provide Social Security to the people who are old. It is mainly focused on the people who are unprivileged or poor and it also guarantees returns at the end of the time of the policy.
Atal Pension Yojana Benefits
One of the major benefits of this scheme is that the people which belong to the private sector can also apply for this plan, a person can select the amount of contribution as well as the amount of return. A person will be guaranteed the amount of pension which will be valid up to ₹1000 to ₹5000 at the age of 60. If the person dies the amount will be sent to the nominee.
The amount is distributed by the pension fund regulator authority of India to the people and to boost this scheme the government has also added a contribution which is of 50% between annually the dates of 1st June 2015 to 31st December 2015 and it is applicable for 5 years.
Atal Pension Yojana Eligibility
Below given is the eligibility criteria required to apply for the atal pension yojana
- A person who is willing to apply for this scheme should have their own savings bank account which they registered mobile number and registered Aadhar card number.
- The minimum age requirement is 18 years and the maximum age requirement is 40 years to apply for the atal pension yojana scheme.
Atal pension yojana guarantees the person to give the pension amount which varies up to ₹1000 to ₹5000 and today dependent upon the person and age when they have applied for the scheme. This pension scheme will be started when the person touches 60 years of age so that if a person applies for the scheme at the age of 40 years the person has to wait for 20 years to start the plan.
Below given table shows you the contribution concerning your age-
|Age||Contribution years||Pension of ₹1000||Pension of ₹2000||Pension of ₹3000||Pension of ₹4000||Pension of ₹5000|
It has been already stated that the Co-contribution will be taken 50% from the total pension or the person has to submit ₹1000 annually. The government has also other activities to collect funding from different collection agencies.
The person who was subscribed to the swavalamban yojana will be automatically enrolled in an atal pension scheme and banks can also declare themselves as the authorized agency.
Migration from Swavalamban scheme to Atal Pension Yojana
All the people who have applied for the swavalamban scheme will automatically switch to the atal pension yojana but the Co-contribution benefit will be for 5 years. It means that if a person has received one year of contribution benefit in the swavalamban scheme they will be provided with 4 years pause contribution benefit in all pension yojana. The people who are about the age of 40 years and do not want to continue with the swavalamban scheme can withdraw their full amount.
Delayed contribution penalty
Below given table tells you about the delayed contribution penalty-
|AMOUNT OF PENALTY||AMOUNT OF CONTRIBUTION|
|₹1||₹100 every month|
|₹2||₹101 to ₹500 every month|
|₹5||₹501 to ₹1000 every month|
Delayed payments operation
The operation to receive the additional amount because of the delayed payment will begin on the first day of the month and it is collected on the first day of the month along with the charges.
How to apply for Atal Pension Yojana
Below given other steps through which you can easily apply for atal pension yojana-
- Download the application form from its official website or visit any nearby bank to get the application form of atal pension yojana.
- Attach the Photocopy of the Aadhar card along with with the application form.
- Select the mode of payment in the application form.
- After that, you have to submit the application form in the bank or on its official website if you are filling it out online and you have to also submit your KYC details.
If you are willing to apply for this scheme you should have your saving account in any bank and you have to fill up the registration form to auto-debit the amount from your bank and also credit the pension amount into your bank account.
The procedure of pension drawing
After you’ve made all the eligibility criteria and attained 60 years of age you can fill up the application form to get into the atal pension yojana scheme. First, you have to submit a request to enroll in this scheme. If the person dies the amount will be transferred to the bank account of the nominee.
Procedure to exit before reaching the age of 60 years
If you have submitted the form and have not attained the age of 60 years atal pension yojana doesn’t allow you to exit before you’ve reached 60 years of age. But in some special cases, you can exit the scheme like in terminal illness or death. But, in case of death also the spouse have to continue their pension account.
Pension is one of the most important assets for a human being after they have attained a particular age limit where they are unable to earn any more. Hotel pension yojana is a type of pension scheme which has come in replacement of swavalamban yojna, this scheme is applicable for the person who has attained 60 years of age. This scheme is mainly applicable to the person who is living in unorganized sectors and to unprivileged people.
The person will receive a monthly pension which varies from 1,000 rupees to 5,000 rupees and in this article, we have discussed the atal pension yojana in detail and we have covered every point regarding this.
Frequently asked questions
What is atal pension yojana?
Atal pension yojana is a type of pension scheme that is introduced for the people who are living in organized sectors and it applies to the person who has attained 60 years of age this scheme is a replacement for swavalamban you.
How to migrate from swavalamban yojna Atal pension yojana?
All the people who have applied for the swavalamban scheme will automatically switch to the atal pension yojana but the Co-contribution benefit will be for 5 years.
What is the monthly contribution of the atal pension yojana?
Atal pension yojana guarantees the person to give the pension amount which varies up to ₹1000 to ₹5000 and total dependence upon the person and age when they have applied for the scheme.
Give one of the benefits of the Atal pension yojana?
One of the major benefits of this scheme is that the people which belong to the private sector can also apply for this plan, a person can select the amount of contribution as well as the amount of return.