Atal Pension Scheme 2024
Goals, Qualifications, and Benefits of the Atal Pension Scheme (APY) The Narendra Modi administration introduced the Atal Pension Scheme (APY) in 2015. The unorganized sector is the primary target of the pension plan, and even little investments can yield good returns. To receive at least a monthly return, one must begin saving in a pension plan between the ages of 18 and 40. After that, he will get a pension that ranges from Rs 1000 to Rs 5,000 a month.
Atal Pension Scheme (APY) Objectives, Eligibility and Benefits
• The Indian government is worried about the working poor's old age income stability and is attempting to make it easier for them to save for retirement. To reduce the hazards associated with longevity among unorganized sector workers and to motivate them to actively save for retirement
• As a result, the GoI introduced the Atal Pension Yojana (APY)1 in the 2015–16 budget. All citizens in the unorganized sector are the focus of the APY.
• The Pension Fund Regulatory and Development Authority (PFRDA) uses the NPS architecture to administer the program.
HIGHLIGHTS OF ATAL PENSION YOJANA
• A minimum monthly pension of between Rs. 1000 and Rs. 5000 is guaranteed to participants under the APY.
• The Government of India would guarantee the benefit of a minimum pension.
• Additionally, GoI will co-contribute 50% of the subscriber's annual donation, or Rs. 1000, whichever is less. There is a government co-contribution available to individuals who
They do not pay income taxes and are not covered by any statutory social security programs.
• Every qualifying subscriber who joins the scheme between June 1, 2015, and December 31, 2015, will receive a five-year co-contribution from GoI. The
• the advantage of five years in office The maximum co-contribution period under APY for all subscribers, including migrated Swavalamban beneficiaries, will be five years.
• All owners of bank accounts may
Eligibility
All Indian citizens between the ages of 18 and 40 are eligible for APY.The main KYC will be Aadhaar. It is advised that subscribers provide their Aadhar and mobile number for the plan to run well. Aadhar information can also be submitted later if they are not accessible at the time of registration.
Charges for default
Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
Re 5 per month for contribution between Rs 501/- to 1000/- per month.
Rs 10 per month for contribution beyond Rs 1001/- per month.
The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber
Important information for subscriber:
Discontinuation of payments of contribution amount shall lead to following:
• After 6 months account will be frozen.
• After 12 months account will be deactivated.
• After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount.
Important Links
• Atal Pension Form : Click Here
• Gujarati Brochure : Click HereExit
When the pension wealth has been fully annuitized, the exit from APY is allowed. The subscriber would have access to a pension upon leaving.
If the Subscriber passes away for any reason:
The spouse would be eligible for the subscriber's pension in the event of his death, and the pension corpus would be returned to his nominee upon the deaths of the subscriber and spouse.
Leave before turning sixty:
Exiting before the age of 60 is prohibited, but it is allowed under special conditions, such as when the beneficiary passes away or has a fatal illness.
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