April 30, 2015

How to Apply for Atal Pension Yojana?

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Atal Pension Yojana (APY) has been announced in the budget speech for 2015-16 by Finance minister of Government of India. Atal pension Yojana will mainly cover all the people who are working under unorganized sectors. 

Atal pension Yojana would be launched on 1st June 2015. People who are under Swavalamban Scheme would be automatically migrated to Atal pension Yojana.

Eligibility for Joining Atal Pension Yojana (APY):
  • Age: Minimum age is 18 years and maximum age is 40 years for subscription or joining the Atal Pension Yojana (APY)
  • Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme. The main focus of this Pension scheme is to cover all the workers who are working under unorganized sectors.
  • All eligible individuals as mentioned above, having bank account can join this pension scheme.  The contribution will be deposited in the pension scheme through auto debit process.

Benefits of Atal Pension Yojana (APY):
  • The Central Government would also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from 2015-16 to  2019-20, who join the NPS before 31st December, 2015 and who are not income tax payers.
  • Under this scheme, subscriber would receive a monthly pension amount of minimum Rs 1000 to maximum Rs 5ooo depending upon the subscriber contribution as well as the age of joining this pension scheme.
Age of Joining (In Years)
Years
of
Contribution
(In Years)
Monthly Contribution for Pension of Rs. 1000

Monthly Contribution for Pension of Rs. 2000

Monthly Contribution for Pension of Rs. 3000

Monthly Contribution for Pension of Rs. 4000

Monthly Contribution for Pension of Rs. 5000

18
42
Rs. 42
Rs. 84
Rs. 126
Rs. 168
Rs. 210
20
40
Rs. 50
Rs. 100
Rs. 150
Rs. 198
Rs. 248
25
35
Rs. 76
Rs. 151
Rs. 226
Rs. 301
Rs. 376
30
30
Rs. 116
Rs. 231
Rs. 347
Rs. 462
Rs. 577
35
25
Rs. 181
Rs. 362
Rs. 543
Rs. 722
Rs. 902
40
20
Rs. 291
Rs. 582
Rs. 873
Rs. 1164
Rs. 1454
Corpus   at age of 60 years payable to the nominee of subscriber
1.7 Lakh
3.4 Lakh
5.1 Lakh
6.8 Lakh
8.5 Lakh
Reference: Press Information Bureau Government of India Ministry of Finance