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
- APY-ATAL PENSION YOJANA is applicable to all citizen of India aged between 18-40 years.
- 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.
- 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
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
- Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
- The benefit of minimum pension would be guaranteed by the Government of India.
- The Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum,whichever is lower.
- Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
- 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.
- 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.