ATAL PENSION YOJANA :A GORERNMENT PENSION SHEME Key Features

India Government is much concern about poor or lower income working people for having retirement at old age .

This government pension scheme is for both organised or on organised sector worker one can not afford huge provision for their old age.

This scene has been started in 2015-16 with the Name of our previous Prime Minister Sri Atal Bihari Bajpeyi, very much focused on Unorganised worker.

Atal Pension Yojna is regulated by Pension Fund Regulatory and Development Authority (PFRDA) ,where as National Pension Scheme is the main architecture.

Key feature of Atal Pension Yojna

• Monthly pension should be in the range of Rs 1000 to Rs 5000
• Pension is guaranteed by Government of India (GOI)
• GOI wil also participate 50% of the contribution or Minimum Rs 1000 which ever is lower.
• All bank holders may apply in the Yojna through their account
• GOI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.

Who are not eligible to receive Government Contribution under Atal Pension Yojna?

• Beneficiaries who are covered under statutory social security schemes are not eligible to receive Government co-contribution. 
• For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:
• One who are pay Income ax ,can not take this Pension Scheme
• Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
• The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
• Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955.
• Seamens’ Provident Fund Act, 1966.
• Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
• Any other statutory social security scheme.

Eligibility

• Must have a bank account in India
• Age of the person should be in the range of 18 to 40
• Aadhar card is compulsory document
• Mobile number is also compulsory on the name of contributor

Lets see the above chart to understand, If you age is 40 and you want pension of Rs 5000 monthly at the age of 60 then you have to contribute Rs 1454 monthly.

Bank Charges

Bank will charge you if you fail to make payment on time ,it will be minimum Rs 1 and maximum Rs 10.

Rs 1 if your contribution is Rs 100 monthly

Rs 2 monthly if your contribution is Rs 101 to 500 monthly

Rs 5 monthly if your contribution is Rs 501 to 1000 monthly

Rs 10 monthly if your contribution is beyond Rs 1000 monthly

Key Informations for subscriber of Atal pension Yojna:

If you discontinue to make payment ,in such case

1. After 6 month ,your account will be frozen.
2. After 12 month ,your account will be deactivated.
3. After 24 month ,your account will be closed.

So you must opt auto debit facilities from banker deduction of such contributions.

When Pension will Start n Atal Pension Yojna?

At the age of your 60, you will get pension for live time

Exit form Atal Pension Yojna 

• If you want to  exit from Atal Pension Yojna then it is permitted at the age with 100% annuitisation of pension wealth.
• On exit, pension would be available to the subscriber.
• Age 60 is not permitted 

In case of death of the Subscriber due to any cause:

• Nominee will get this pension.

Note:

LIC is  selling Govt Pension Scheme for Senior citizen that is Pradham Mantri Vayo Vridh Yojna.