Wednesday, 2 February 2022

Atal Pension Yojana (APY) 2022 – Benefits of APY; Married Couples can get Rs. 10,000 monthly after retirement

Atal Pension Yojana (APY) 2022 – Benefits of APY; Married Couples can get Rs. 10,000 monthly after retirement

Atal Pension Yojana | APY 2022 | Benefits of APY | Get Rs. 10,000 monthly | Open Atal Pension Yojana Account | 

 

Everyone is worried about their future after retirement. As such, retirement planning has become an important part of everyone’s life. Among all the schemes launched by the Government of India for the welfare of the needy people of India, Atal Pension Yojana is such a scheme that was launched to provide a minimum pension of Rs. 1000 to Rs. 5000 per month after the age of 60 years. Therefore, let us know all the information related to the Atal Pension Yojana.

 


    What is Atal Pension Yojana?

    Atal Pension Yojana (APY) is a pension scheme launched by Prime Minister Narendra Modi on 9 May 2015 to help individuals who are working in unorganized sector. Under this scheme, minimum pension of Rs. 1,000 to Rs. 5,000 per month will be provided at the age of 60 years depending on the contributions by the beneficiary.

     


    Benefits of Atal Pension Yojana

    The main benefits of the Atal Pension Yojana are provided below:

    1.  It guarantees a minimum pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 will be paid to the beneficiary depending on their contributions.

    2. The guaranteed pension will start receiving only after the age of 60 years.

    3. Under Section 80CCD, the beneficiary is eligible for tax benefits for the contributions made towards the scheme.

    4. In case of the demise of the beneficiary during the scheme, the spouse can either claim the contributions or complete the duration of the scheme.

    5. contributions can be made monthly or quarterly or yearly.

     

    Eligibility of Atal Pension Yojana

    The eligibility criteria of Atal Pension Yojana are mentioned below:

    1. He/she must be an Indian citizen.

    2. He/she must be between the ages of 18 and 40 years.

    3. He/she must have a bank account/post office saving account linked with the Aadhaar Number.

    4. He/she must have an active mobile number.

     

    Highlights of Atal Pension Yojana

    Name of the Scheme

    Atal Pension Yojana

    Date of launched

    9 May 2015

    Department

    Pension Fund Regulatory and Development Authority (PFRDA)

    Beneficiary

    All individuals in the unorganized sector

    Age limit

    18 years – 40 years of age

    Contributing years (minimum)

    20 years or till the age of 60 years

    Contribution mode

    Monthly/quarterly/yearly

    Guaranteed pension

    Rs. 1000 to Rs. 5000 per month

    Age to start receiving pension

    60 years of age

     

    How to Open Atal Pension Yojana Account

    • It is a must that the beneficiary must have a bank account or post office saving account to open an Atal Pension Yojana Account. The beneficiary must visit their respective Bank or Post Office. 
    • Get the Atal Pension Yojana Account opening form and fill up all the necessary details. 
    • The beneficiary doesn't need to provide Aadhaar or Mobile Number. However, if provided, all the information related to the APY account can be checked online.

     

    Documents required for Atal Pension Yojana Account

    1. A bank account or post office saving account.

    2. Identity card

    3. Passport size photograph

    4. Birth certificate

    5. Domicile certificate

     

    Premium Rules for Atal Pension Yojana Account

    1. The contributions or the premium amount can be paid monthly or quarterly or yearly.

    2. The premium amount should be deposited in his or her bank account or post office saving account from which the premium amount has to be deducted.

    3. If the APY account is opened at any age between 18 years and 40 years, then the beneficiary will have to pay the premium amount till the beneficiary attains 60 years of age.

    4. The premium amount will be different for the beneficiaries in the age between 18 to 40 years.

     

    Penalty charges for Atal Pension Yojana

    If the beneficiary fails to pay the premium amount in time, the below-mentioned penalty charges will be levied every month:

    1. Penalty of Re. 1: if the contribution is up to Rs. 100 per month.

    2. Penalty of Rs. 2: if the contribution is between Rs. 101 to Rs. 500 per month.

    3 Penalty of Rs. 5: if the contribution is between Rs. 501 to Rs. 1000 per month.

    4. Penalty of Rs. 10: if the contribution is more than Rs. 1000 per month.

    5. If the premium amount is not paid for 6 months, the APY account will be frozen.

    6. If the premium amount is not paid for 12 months, the APY account will be deactivated.

    7. If the premium amount is not paid for 24 months, the APY account will be closed.

     

    Withdrawal procedure for Atal Pension Yojana

    1. After attaining 60 years of age: The beneficiary will start getting a pension after attaining 60 years of age. If the beneficiary dies after attaining 60 years of age, the default nominee (the spouse) will get the pension. And if the default nominee dies, then the person who is made nominee by the default nominee will get the deposited amount.

    2. Death of the beneficiary before attaining 60 years of age: if the beneficiary dies before attaining 60 years of age, the default nominee will decide whether to continue the pension scheme or not.  If the default nominee wishes to continue, then the remaining premium amount has to be paid to get the pension after 60 years of age. If the default nominee does not want to continue the scheme, he/she can close the APY account and can claim the amount deposited till then.

     

    How to get monthly pension of Rs. 10,000 by married couple?

    1. A married couple should open two separate Atal Pension Yojana Accounts before they attain 30 years of age.

    2. Rs. 577 has to be deposited monthly in their respective APY accounts till they attain 60 years of age to get the desired pension of Rs. 10,000 monthly after they attain 60 years of age.

     

    Helpline Number for Atal Pension Yojana

    To seek any information regarding the Atal Pension Yojana, you can call 1800-180-1111

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