Atal pension Yojana is a Yojana that is specially designed to focus on the development of unorganized sector workers. The government of India promised to provide Rs1000 to Rs 2000, Rs 2000 – Rs 3000, or Rs 4000 to Rs 5000, per month till the age of 60. This money will be provided according to the contribution of the subscribers. This Yojana will be provided to all the members of the country. The government has been contributing to this Yojana for 5 years i.e. the financial year from 2015 – 20 for the people of the country. In this article, we will be sharing all the necessary details related to the Atal Pension Yojana, benefits, eligibility, etc.
What is Atal Pension Yojana?
Atal Pension Yojana is launched by the Government of India as a social security scheme to offer steady income to Indian citizens above 60 years of age. It is a pension scheme for people working in unorganized sectors such as maids, gardeners, etc.
The main objective of the Yojana is to ensure that every Indian citizen must not worry about emergencies related to illness, accidents or chronic diseases during their old age. Unorganised and private sector employees and those who are working with organizations that do not provide pension benefits.
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Benefits of Atal Pension Yojana
The Atal Pension Yojana is very beneficial provided by the Government of India for developing the unorganized sector by providing them with financial aid till the age of 60 years. Some of the benefits of the Atal pension Yojana are given below:
- The Central Government guarantees to provide the minimum amount of Rs 1000 to every citizen of the country. This money will be increased up to 5000 according to the contribution made by the subscriber till the age of 60 years.
- However, this Yojana also guarantees in providing the minimum amount to the spouse after the subscriber demise. Although, the subscriber family will get the money from this Yojana even after the death of the subscriber.
- After the death of both, i.e. the subscriber and spouse, the nominee of the subscriber will be able to receive the pension wealth.
- Not only this, if the subscriber dies before the age of 60 then their spouse has two options to continue or to terminate the policy.
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Objectives of Atal Pension Yojana
This Yojana was launched by the Central government of India which targets to maintain the financial status of an individual that helps them to save money for their retirement period. However, the government of India provides the minimum 1000 amount to the beneficiary and the amount will gradually increase up to 5000 per month according to the contribution of the subscriber.
The beneficiaries of this Yojana will receive the amount of this Yojana in the form of monthly payments. However, if the subscriber has died, their spouse will receive the benefits of this Atal pension Yojana also if they both had died then their nominee will be able to receive the lumpsum amount of money.
Features of Atal Pension Yojana
The Atal pension Yojana is a great initiative taken by the Central Government of India. Some of the features of Atal pension Yojana are:
- One of the prime features of the Atal pension Yojana is the automatic debit. The bank account of the subscriber is directly linked with their pension account by which the amount which they received from this Yojana will be directly transferred to their account. You need not visit here and there to receive the amount of this Yojana.
- The amount of this Yojana gradually increases up to 5000 per month according to the subscriber contribution. In the beginning they are eligible to get 1000/- per month but it can increase to 5000/- with time.
- This Yojana is available for the person with the age above 18 years to 60 years. Moreover, this is also the best opportunity for college students through which they can create a corpus for their old age.
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How to Apply for Atal Pension Yojana Online?
If you wish to apply for the Atal Pension Yojana Online, follow the steps below:
- You must open your Atal Pension Yojana account online through your bank net banking facility.
- Login to your net banking account and search for Atal Pension Yojana on the dashboard.
- Register for the scheme online and choose the auto-debit facility to allow deduction from your account automatically until you reach the age of 60 years. Make sure to maintain the enough balance in your account for auto debit.
- Online application facility is offered by only a few banks, you must check with your bank whether they are providing this facility or not.
How to Apply for Atal Pension Yojana Offline?
For the offline application process for Atal Pension Yojana, you must follow the steps below:
- Visit your nearest bank or post office where you have your savings account.
- Fill out all the necessary details asked in the form and submit them to the bank or post office. Attach a copy of the Aadhaar card with the form.
- The form has an acknowledgment section, you must not write anything here. It will be filled out by the bank after successful registration.
- After the approval of your application, You will get a confirmation message on your mobile number.
How to Download the Atal Pension Yojana Form?
To download the Atal pension yojana, you have to follow the below-mentioned quick and easy steps.
- You have to get the application form from your nearest bank branch office.
- You can also download and print the form from the official website of the Atal pension Yojana.
- The Atal pension Yojana account opening form can be downloaded from the official website of pension fund regulatory or development authority.
Eligibility Criteria for the Atal Pension Yojana
The applicants applying for the Atal pension Yojana have to follow certain criteria to get registered for the Yojana. The government of India has provided eligibility criteria for this Yojana which are mentioned below:
- Every citizen of India is eligible for the Atal pensions Yojana.
- The age of the person should fall between the age group of 18 to 40 years old.
- The subscriber needs to have a savings bank account in any bank.
- The person needs to provide their Aadhar card and mobile number to the bank during the registration process.
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FAQs about Atal Pension Yojana
1) What is the Atal Pension Yojana?
An atal pension Yojana is an initiative taken by the Indian Government in which every subscriber is provided a guaranteed monthly pension which is applicable for the age group of 18 – 40. After reaching the age of 60, a pension will be provided with the pension. It is a beneficial Yojana introduced to provide financial aid during old age.
2) What is the maturity period of the Atal Pension Yojana?
The minimum maturity for the contribution In the Atal pension Yojana is 20 years or above. The subscriber can use the Atal pension Yojana calculator through which you can get a tentative pension amount which could be expected at the age of 60 years.
3) What is the APY 5000 Pension?
APY 5000 pension is a guaranteed Yojana that provides you a lump sum amount at 60 years until the subscriber dies. This Yojana also ensures the minimum pension amount to the spouse of the subscriber after the death of the subscriber. However, if both the subscriber and spouse die before maturity then the nominee will receive the same pension amount that was received by the subscriber before his/her death.
4) What is 8.5 lakhs Atal Pension Yojana?
Atal pension Yojana is a voluntary Yojana introduced in which the subscriber will receive the indicative return of 8.5 lakhs to the nominee of the subscriber. They can also receive the small amount every month. The amount of the total sum depends on the contribution amount, subscriber’s age, number of years of contribution.
5) Can I Withdraw money from the Atal Pension Yojana?
Yes, one can easily withdraw money from the Atal pension Yojana before the maturity of the Yojana but there are certain conditions which are needed to be followed:
- You can withdraw money from the account if you are suffering from some kind of illness.
- You can do a voluntary withdrawal and get the contribution earned over the money.
- You can even exit the money of contributions, returns, government contributions, etc.
