Atal Pension Scheme (APY)丨Objectives, Eligibility and Benefits

Join Whatsapp Join Now

The Government of India wants to strengthen as well as secure the economic condition of the country. The way in which the country has been neglecting the middle class and the poor for years after one new scheme after another, the citizens of the country feel that this government is a government that walks with the poor and seeks to secure their future. 


If the country's poor develop, the country will automatically move forward and the greatest security of any person is its economic security and the present government has implemented a new pension scheme to provide the same economic security. This scheme is Atal Pension Scheme

The main objective of this scheme is to provide pension benefits to the people in the unorganized sector of the country. The scheme provides social security facility to the common people of such unorganized sector with minimum participation i.e. the beneficiary of the scheme does not have to be dependent on others in case of illness, accident or old age.

Apart from this, those in the private sector of the country who do not get the benefits of this type of pension can also claim to get a pension through this scheme and can get a pension ranging from Rs. If the person who is a part of this scheme gets the premium paid and considering his age, he will get the amount of this pension. If he dies in the meantime, his spouse can also claim this pension.

Benefits of Atal Pension Scheme
  • Income security during old age.
  • The purpose of this scheme is to invest in voluntary retirement.
  • Will be focused on workers in the unorganized sector.
  • Implementation will take place from 01-09-2018.
  • Eligibility: Minimum age will be 18 years and maximum age limit will be 60 years.
  • The administration will be done by the Pension Fund Regulatory and Development Authority (PFRDA).

The Atal Pension Scheme is like a protection umbrella for aging Indians. At the same time the scheme promotes a culture of saving among the lower and lower middle class people of the society. The biggest feature of this scheme is that it benefits the poor citizens of the country. In this too, the Government of India is giving the facility to those who are involved in this scheme till 31st December 2018 to pay 50 per cent of the amount to be paid for 3 years or whichever is less than Rs.1000.

Eligibility of the beneficiary of Atal Pension Scheme
The Atal Pension Scheme (APY) is for all Indian citizens between the ages of 18 and 30. To avail the benefits of this scheme, everyone has to pay the amount fixed by the government for at least 30 years. Any bank account holder who is not a member of any such social security scheme can avail this scheme.
  • For a monthly pension of Rs.1000 / - to Rs.3000 / -, the beneficiary will have to pay an age based contribution of Rs.5 / - to Rs.21 / -.
  • The level of contribution will vary with the age of the person. A person who joins at a younger age will have less contribution and more for older age.

To encourage investment in this scheme, a new account will be credited to the account holder by the Central Government before 31-12-2017 within a maximum limit of Rs.1000 / - per annum or whichever is less than 50% of the total contribution in the account. (From 2013-14 to 2017-20) The savers of the present Rashtriya Swavalamban Yojana will be automatically transferred to the Atal Pension Yojana.

To take advantage of this scheme
The account holder has to fill the authorization form and submit it to his bank. In which details of account number, spouse and nominee (heir) have to be written. Under this scheme, the account holder has to ensure that there is a fixed amount in his account every month. If that doesn't happen, it's time to dump her and move on. These penalties are common, such as Rs 1 for every Rs 100, Rs 5 for 101 to 200 contributions, Rs 5 for Rs 201 to Rs 1,000 and Rs 10 for more than Rs 1,001.

If payment is not made.
If payment is not made within 6 months, the account holder's account may be sealed. If the payment is not deposited within 15 months, the account holder's account is deactivated. To the account of the defaulter for 6 months

Is completely shut down.
Anyone who does not have an account has to open a bank account first and then provide Aadhaar card and KYC information. In addition, an APY form has to be submitted.

If you want to get out of the plan.
Under normal circumstances, the account holder in Atal Pension Scheme cannot opt ​​out of Atal Pension Scheme till the age of 60 years. The account can be closed only in certain special circumstances, such as after his death.

☑️Important Links : 
👉Application Form : Click Here
👉 For More Details : Click Here

Also read GUJARATI

source by  source by www.vtvgujarati.com

What is Atal Pension Scheme?
The Atal Pension Scheme (APY) is a pension scheme for the citizens of India, especially for workers in the unorganized sector. Under this Atal Pension Scheme, customers are entitled to a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years.