A pension scheme started by the Government of India to provide a secure future for all its citizens, the Atal Pension Yojana is mainly targeted towards those working in the unorganized sector. This scheme aims to provide a monthly pension amount between Rs. 1000 to Rs. 5000 to subscribers every month and is based on the amount paid monthly by them after availing this scheme. All citizens between the ages of 18 to 40 can procure this pension and they will receive the amount after they have attained the age of 60.
Although it is essential for everyone to enjoy their day-to-day life, it is also imperative for individuals to ensure a secure future. Spending and purchasing behaviour among youngsters today have undergone a change and a majority do not worry about their future financial security. Pension plans such as the Atal Pension Yojana are some of the best options available to all those looking to secure their future financially. This scheme is backed by the Pension Fund Regulatory and Development Authority (PFRDA) through the NPS architecture.
Important benefits and features of Atal Pension Yojana
- This scheme is available for all Indian citizens between the ages of 18 to 40.
- The pension amount can be claimed by subscribers after the age of 60.
- The amount received as pension varies between Rs. 1000 to Rs. 5000 and is based on the amount contributed by the subscriber every month over a period of at least 20 years.
- In order to procure this scheme, customers will have to possess a savings bank account in any bank as the monthly contribution amount will be auto debited from their account each month.
- Subscribers who do not benefit from any Statutory Social Security Scheme or are not income taxpayers can avail a co-contribution of 50% of the subscriber’s contribution or Rs. 1000 from the Government of India.
- Individuals who subscribe to the scheme between June 1, 2015 to December 31, 2015 can benefit from a co-contribution from the Government of India for a period of 5 years.
- Only one account can be opened by a subscriber under this scheme and fee between the amounts of Re.1 to Rs.10 will be charged by the bank in case of delayed payments.
- The subscriber must compulsorily provide a nominee while availing this scheme.
- Based on the date when the contribution amount is first deposited to the Atal Pension Yojana account, the due date for payment is decided.
- In case payments are discontinued, the account is either frozen, deactivated or shut down completely.
Eligibility and documentation required for Atal Pension Yojana
- This pension scheme can be subscribed by Indian citizens between the ages of 18 to 40.
- Subscribers must possess a savings account as the contribution amount will be directly deducted from their account every month.
- While subscribing to this scheme, individuals will have to provide their mobile number and Aadhaar card details.
Withdrawal Procedure for Atal Pension Yojana
Although initially this scheme did not permit exiting before the subscriber reached the age of 60, the Atal Pension Yojana withdrawl procedure have been slightly modified.
- If the subscriber has attained the age of 60 then he/she can exit this scheme with a complete annuitization of the pension amount. The subscriber will have to visit the bank manager in this regard and apply for the same.
- Exit before the subscriber attains the age of 60 is permitted only in exceptional circumstances such as terminal illness or death. In case the subscriber expires before the age of 60 then the pension amount will be provided to the spouse. In case both the subscriber and spouse have expired then the amount would be returned to the nominee.
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