Atal Pension Yojana (APY)

Atal Pension Yojana (APY)

Atal Pension Yojana (APY) Is A Pension Scheme Launched By The Government Of India For The Benefit Of Individuals, Especially Those Working In The Unorganised Sector. The Scheme Was Launched In 2015 And Replaced The Previously Launched Government Scheme, Swavalamban Yojana. The Underlining Objective Of This Scheme Is To Provide Social And Financial Security To People In Their Old Age By Enabling Them To Make Regular Savings During Their Productive Years.

Atal Pension Yojana Aims At Providing Minimum Guaranteed Monthly Pension After The Age Of 60 Years In Different Slabs Viz. Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000 And Rs. 5,000. Apart From Workers In The Unorganised Sector For Which The Scheme Is Highly Beneficial, Employees From The Private Sector Can Also Apply For APY To Avail Its Numerous Advantages. The Pension Amount Will Be Fixed Depending On The Age Of The Subscriber And The Contribution Made By Him Or Her.
A Subscriber’s Spouse Is Entitled To Claim The Pension Amount Under The Atal Pension Yojana Upon His Or Her Death. The Spouse Have Two Options Before Them If A Subscriber Dies Before Completing The Age Of 60 Years – To Exit The Scheme And Claim The Entire Pension Amount Or Continue With The Scheme For The Remaining Period. In Case Of Death Of Both The Subscriber And The Spouse, The Accumulated Pension Amount Can Be Claimed By The Nominee. In Accordance With The Investment Pattern Set By The Government,
The Collected Amount Under APY Is Managed By The Pensions Funds Regulatory Authority Of India (PFRDA). The Central Government Also Co-Contributes 50% Of The Total Contribution Or Rs. 1,000 Per Annum, Whichever Is Lower, To Each Eligible Subscriber Who Joined The Scheme Between Before 31st December 2015, For Financial Year 2015-16 To 2019-20. This Is Applicable If Subscribers Are Not Income Tax Payers Or Part Of Any Other Social Security Scheme.
Benefits of Atal Pension Yojana
The Atal Pension Yojana Is An Excellent Saving Scheme For Individuals And Offers Ample Benefits At A Time When A Person’s Income-Earning Capacity Is Low. The Savings Made Through This Scheme Enables People To Deal With Rising Cost Of Living And Lead A Dignified Life Even After Retirement. Some Of The Advantages Of APY Are Given Below:
The Subscribers Can Increase Their Premium As Per Their Choice And Can Look Forward To Huge Monthly Pension Amounts, Ranging Between Rs. 1,000 And Rs. 5,000, By Making Significant Contributions.
Regular Updates Such As Status Of Contribution Are Provided To The Subscribers Via SMS Alerts And Physical Account Statement.
The Account Is Portable And Will Be Linked To Bank Account So That The Subscriber Can Operate It From Anywhere In The Country.
APY Is An Affordable Scheme And Is Available At Ultra-Low Cost And Investment Can Be As Low As Rs. 42 Per Month, Provided The Age At Entry Is 18 Years.
It Is Regulated By PFRDA With Transparent Investment Norms. The Money Contributions Made By Subscribers Of APY Are Maintained Safely.
At The Time Of Investment, Individuals Can Claim Income Tax Benefit Of Up To Rs. 1.5 Lakh Under The Section 80C Of The Income Tax Act Of 1961. Moreover, They Can Also Avail Deductions Of Up To Rs. 50,000 Under Section 80CCD (1B).
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.

Atal Pension Yojana Contribution Chart

Important Links : Atal Pension Yojana

👉Atal Pension Form Click Here
👉Gujarati Brochure Click Here

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