PRADHAN MANTRI PENSION YOJANA ~ Education Sanchar

Pradhan Mantri Atal Pension Yojana:-

Named after the ex-prime minister of India, Atal Bihari Vajpayee, Atal Pension Yojana also know as APY Scheme was launched in continuation to the Jan Dhan Yojana Scheme to bring those employed in rural and unorganized sector under the ambit of Pension Schemes. The idea of the scheme is to provide a definite pension to all Indians.

However, in order to get pension during your old age, you need to contribute accordingly. The more you can contribute the more pensions you would get during old age. The scheme is backed by Ministry of Finance, Government of India. The scheme would mostly touch those working under unorganized sector.

Eligibility for Atal Pension Yojana :-

Any Indian national within the age group of 18 to 40 years is eligible to contribute under Atal Pension Yojana. However, any member of a statutory social security scheme is not eligible to get the governments contribution for this pension scheme. But he will get all normal benefits of Atal Pension Yojana.

Government Contribution in Atal Pension Yojana :-

As all the previous schemes launched by Narendra Modi, this scheme to has an early bird incentive attached with it. If you would enroll in Atal Pension Yojana on or before 31st December 2015 then you would be getting a government contribution. Government will contribute maximum of rs 1000 per year for first 5 years. Your yearly contribution should be more then rs 2000 to get this amount. If your yearly contribution (X rs) is less then rs 2000 then you will get Rs X/2 as government contribution.

These subscribers will not get governments contibution :-

If you are an income tax payer
If you are any state or government employee
if you work in a private company and have EPF or EPS account.

How to get Atal Pension Yojana ?

In order to apply for Atal Pension Yojana, an Indian national needs to have an Aadhar Card and a working bank account. Moreover, the Aadhar number should be duly linked with the respective bank account. Date for submission of forms for Atal Pension Yojana is 01^st June 2015. The pension account needs to be renewed every year before 01^st of June.

Premium payable under Atal Pension Yojana

There is also a policy under the scheme, wherein if the pension account holder dies, the contributions would go to the family or the nominee of the account. The premiums to the pension account would be paid through your bank account and it would be auto-debited from the bank account that is linked to Aadhar card.

Atal Pension Yojana is custom made for workers employed with the unorganized sector. These workers live an insecure life since banking and pension products do not reach them from the employers and thus Atal Pension Yojana would at least ensure them of the basic requirement for life.

apy atal pension yojana premium amount age wise

Can Government Employees open Atal Pension Yojana Account

Yes Government employees can open Atal Pension account but will not be eligible for the government contribution on this account

Important Atal Pension Yojana Features

If a subscriber Joins APY and opts for a 5000 pension plan and pays his premium as mentioned in the chart then he will start getting rs 5000 pension till he is alive after attaining 60 years of age. After subscriber is dead then his/her spouse will get the pension amount that subscriber was getting. After both are gone then Nominee will get the corpus amount of rs 8.5 lakhs.

Atal Pension Yojana Form

You can use and download Atal pension Yojana form or APY Form from using Atal Pension Yojana English Application form Link. Nominee details are very important in this scheme. Spouse is considered to be the default nominee so please make sure you make nominee other then you spouse.

Please use this link to download Atal Pension Yojana Form in Hindi