The Atal Pension Yojana is a plan supported by the Government of India administered by the Pension Funds Regulatory Authority of India. It was launched primarily to help the unorganised sector. It assists household helpers, labourers, delivery staff, etc., working with private organisations to get pension benefits. They can benefit from this scheme. This scheme intends to offer a sense of wellbeing with a fixed pension amount to all Indian citizens in their old age.
The APY offers the option of receiving a fixed pension amount of INR 1,000, INR 2,000, INR 3,000, INR 4,000 or INR 5,000 upon reaching the age of 60. The pension is agreed depending upon the age and contribution amount of an individual. The Government of India contributes 50 per cent of the total pension contribution or INR 1,000 per annum for all subscribers of APY scheme
Eligibility conditions
For availing the benefits of Atal Pension Yojana, you must fulfil the following criteria:
- Must be an Indian citizen between 18-40 years.
- Must have a valid mobile number and bank account linked to Aadhaar card.
- Must contribute a minimum of 20 years.
Application process
- All nationalised banks offer APY benefits. You can visit your nearest branch to open an APY account.
- You can also avail the APY form online from the official website.
- Besides English and Hindi, the APY form is available in regional languages such as Gujarati, Marathi, Tamil, Kannada, Telegu, Bengali and Odia.
- Submit the duly filled application form to your bank along with a photocopy of your Aadhaar card.
- Make sure you provide a valid and active phone number to your bank during the application.
- You get a confirmation message on the same number once your application gets approved.
How to start the pension?
Once you are 60 years old, you can submit a request to the bank to start your pension. In case of your death, your family members can claim the pension. In case of the death of both spouses, the nominee is eligible for getting the accrued amount. In the event of the bread earner’s death before the age of 60, the spouse can seek the option of getting the payments for the balance period or withdraw from the scheme and claim the corpus.
With a fixed pension post-retirement, Atal Pension Yojana Scheme has brought a security cover to all Indian citizens. It also intends to encourage the habit of investment and savings among the middle and low-income part of society.
