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ATAL PENSION YOJANA SCHEME FULL DETAILS

The Government of India is announced a new scheme called Atal Pension Yojana (APY) in 2015-16 budget.The Atal Pension Yojana (APY) is focused on all citizens in the unorganized sector.

Breif details of The Atal Pension Yojana (APY) scheme

who are eligible for this scheme

  1.  APY-ATAL PENSION YOJANA is applicable to all citizen of India aged between 18-40 years.
  2. Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme.
  3. If these are not available at the time of registration, Aadhar details may also be submitted later stage.

What we get at the last

 a) On attaining the age of 60 years:  
                        The exit from APY is permitted at the age with 100% annuitisation of pension wealth. On exit, pension would be available to the subscriber.
b) In case of death of the Subscriber due to any cause: 
                         In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber  and spouse), the pension corpus would be returned to his nominee.
c) Exit Before the age of 60 Years:
                         Exit before 60 years of age is not permitted however it is permitted  only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

HIGHLIGHTS OF ATAL PENSION YOJANA SCHEME

  1. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
  2. Under the APY, there is guaranteed minimum monthly pension  for  the  subscribers ranging between Rs. 1000 and Rs. 5000 per month.
  3. The benefit of minimum pension would be guaranteed by the Government of India.
  4. The Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum,whichever is lower.
  5. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
  6. GoI will co-contribute to each eligible subscriber,for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015.
  7. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.

Indicative Monthly Contribution Chart

Age of Entry Years of
Contribu tion
Monthly pension
of Rs..1000
Monthly pension
of Rs 2000
Monthly pension
of Rs 3000
Monthly pension
of Rs 4000
Monthly pension
of Rs..5000
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318
40 20 291 582 873 1,164 1,454

Download subscriber registration form of Atal Pension Yojana Scheme here 
So dear friends for additional details of ATAL PENSION YOJANA SCHEME (APY) you may go through official website.These details are for information purpose only.




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