Atal Pension Yojana (APY) is aimed at all citizens in the non-organized sector. The system is managed by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS architecture.
As part of Atal Pension Yojana, there is a guaranteed minimum monthly pension for the subscribers between 1,000 and 5,000 rupees per month. A minimum pension would be guaranteed by the Government of India.
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The pension regulator PFRDA announced in a tweet that “You can increase / decrease the APY pension amount at any time and / or change the frequency of the automatic debiting (monthly / quarterly / semi-annually) of the APY contributions by submitting an application to the bank branch concerned APY service provider. ”
Under the program, the government will also contribute 50 percent of the subscriber’s contribution, or Rs 1,000 per year, whichever is lower. A state contribution is available for those who are not subject to statutory social insurance and who are not income taxpayers.
Who can subscribe to APY?
Any citizen of India can join the APY program. The admission criteria are: –
1) The age of the subscriber should be between 18 and 40 years.
2) He / she should have a savings bank account / postal savings account
Potential applicants can provide the bank with their mobile phone number during their registration under APY in order to receive regular updates on their APY account and the APY program. Aadhaar can also be provided at the time of enrollment if the APY program is notified of this.
At the age of 60, it is possible to leave Atal Pension Yojana with 100 percent retirement of the pension assets. When leaving, the pension would be available to the subscriber.
In the event of the subscriber’s death for any reason, the pension is due to the spouse and in the event of the death of both (subscriber and spouse) the pension corpus would be returned to his agent.
And what if Atal Pension Yojana leaves before the age of 60? Well, leaving before the age of 60 is not permitted, but only in exceptional cases, ie in the event of the death of a beneficiary or an incurable illness.
What are the advantages of the APY program?
At the age of 60, the subscriber receives the following three benefits:
1) Guaranteed Minimum Pension Amount: Each subscriber under APY will receive the Government of India guaranteed minimum pension of Rs 1,000 per month or Rs 2,000 per month or Rs 3,000 per month or Rs 4,000 per month or Rs 50.00 per month, after old age from 60 years to death.
2) Guaranteed minimum pension amount to the spouse: After the death of the draftsman, the draftsman’s spouse is entitled to the same pension amount as the draftsman until the death of the spouse.
3) Return of the plan assets to the nominee of the subscriber: After the death of the subscriber and the spouse, the nominee of the subscriber is entitled to the plan assets accumulated up to the age of 60 of the subscriber.
