There are various pension schemes administered by banks and insurance companies in India which offer an array of general and market linked pension schemes in urban and semi urban areas. On the flipside, the pension services for poor and unorganized sector largely remains disoriented. In line with the Government of India’s efforts to provide social security schemes for financial inclusion, it launched the Atal Pension Yojana, an ambitious scheme to provide pension services to citizens over the age of 60 years. This scheme is exclusively designed to address the pension needs of workers employed in the unorganized sectors of the society to help them live a respectable life after retirement age.
As a leading commercial bank in the country that stretches its network across the length and breadth of India, ICICI Bank is registered with the Pension Fund Regulatory and Development Authority (PFRDA) to provide APY services to customers.
Overview of ICICI Atal Pension Yojana
This is a two way contribution scheme where the enrollee and the government pool monies into the corpus that can be availed as a monthly pension after the age of 60 by the subscriber. Depending on the pensioner’s willingness, the APY can be opted for a fixed pension per month in denominations of Rs.1,000, 2,000, 3,000, 4,000 and 5,000. The main determinants of the final pension amount are the age of the pensioner and the amount contributed. To fulfill the objectives of the Pradhan Mantri Jan Dhan Yojana(PMJDY), the government will pool 50 percent of the user’s contribution or Rs.1,000(Whichever is Lower) for a period of 5 years into the scheme.
By registering for Atal Pension Yojana with ICICI bank, you can make monthly contributions to the fund and also avail pension through your bank account with ICICI after retirement.
Features and Benefits of ICICI Atal Pension Yojana
- ICICI Atal Pension Yojana scheme can be availed by all Indians between the age group of 18 to 40. The applicant should not be a taxpayer and must have not subscribed to any other social security scheme.
- By just paying a paltry sum per month after subscription, the enrollee is eligible to avail a monthly pension amount ranging from Rs.1,000 to Rs.5,000 that helps in managing expenses after retirement.
- ICICI Atal Pension Yojana scheme is open to the labor class working in unorganized sectors who’re guaranteed a fixed sum in return for a small contribution.
- The scheme extends flexibility to choose a pension amount of the subscriber’s choice.
- Existing members of Swavalamban scheme will be automatically transferred to the APY to ensure a unified pension scheme for all.
- As stated earlier, the Government of India (GOI) will contribute to this scheme for a period of 5 years, creating more value to the fund.
The table below provides further details on the required contribution per month for various fixed pension amounts for different ages.
|Age||Number of years you’re required to contribute||Pension of Rs.1,000 per month||Pension of Rs.2,000 per month||Pension of 3,000 per month||Pension of 4,000 per month||Pension of Rs 5,000 per month|
|18 years||42 years||Rs 42||Rs 84||Rs 126||Rs 168||Rs 210|
|19 years||41 years||Rs 46||Rs 92||Rs 138||Rs 183||Rs 228|
|20 years||40 years||Rs 50||Rs 100||Rs 150||Rs 198||Rs 248|
|21 years||39 years||Rs 54||Rs 108||Rs 162||Rs 215||Rs 269|
|22 years||38 years||Rs 59||Rs 117||Rs 177||Rs 234||Rs 292|
|23 years||37 years||Rs 64||Rs 127||Rs 192||Rs 254||Rs 318|
|24 years||36 years||Rs 70||Rs 139||Rs 208||Rs 277||Rs 346|
|25 years||35 years||Rs 76||Rs 151||Rs 226||Rs 301||Rs 376|
|26 years||34 years||Rs 82||Rs 164||Rs 246||Rs 327||Rs 409|
|27 years||33 years||Rs 90||Rs 178||Rs 268||Rs 356||Rs 446|
|28 years||32 years||Rs 97||Rs 194||Rs 292||Rs 388||Rs 485|
|29 years||31 years||Rs 106||Rs 212||Rs 318||Rs 423||Rs 529|
|30 years||30 years||Rs 116||Rs 231||Rs 347||Rs 462||Rs 577|
|31 years||29 years||Rs 126||Rs 252||Rs 379||Rs 504||Rs 630|
|32 years||28 years||Rs 138||Rs 276||Rs 414||Rs 551||Rs 689|
|33 years||27 years||Rs 151||Rs 302||Rs 453||Rs 602||Rs 752|
|34 years||26 years||Rs 165||Rs 330||Rs 495||Rs 659||Rs 824|
|35 years||25 years||Rs 181||Rs 362||Rs 543||Rs 722||Rs 902|
|36 years||24 years||Rs 198||Rs 396||Rs 594||Rs 792||Rs 990|
|37 years||23 years||Rs 218||Rs 436||Rs 654||Rs 870||Rs 1,087|
|38 years||22 years||Rs 240||Rs 480||Rs 720||Rs 957||Rs 1,196|
|39 years||21 years||Rs 264||Rs 528||Rs 792||Rs 1,054||Rs 1,318|
|40 years||20 years||Rs 291||Rs 582||Rs 873||Rs 1,164||Rs 1,454|
ICICI Atal Pension Eligibility
- Open to all Indians between the age group of 18-40.
- To facilitate monthly contributions, a KYC compliant active bank account is required for enrollment.
Subscription to Atal Pension Yojana From ICICI Bank
Since ICICI is an authorized agency to facilitate APY, the applicant is required to submit the Subscriber Registration Form at the nearest branch. A copy of the Atal Pension Yojana form can be downloaded from the website of the bank. The branch representatives will keep you updated on the opening of the pension account. Auto debit arrangements can be made for seamless monthly debits.
Penalty for Default and Discontinuation
As per the rules of this scheme, subscribers are required to ensure contributions to the pension on a monthly basis. ICICI is authorized to collect penalty for delayed payments that varies from Rs.1 to Rs.10 as per the slabs below.
- Rs.1 per month if the subscriber's contribution is up to Rs.100 per month.
- Rs.2 per month if the contribution ranges from Rs.101 to Rs.500.
- Rs.5 per month if the contribution ranges from Rs.501 to Rs.1,000.
- Rs.10 per month for all contributions whose value is beyond Rs.1000 each month.
If no payment is received into the account for 6 months or more, the pension account will be frozen. If this continues for 12 months or more, the pension account will be considered dormant and closed by the authorities.
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