ATAL PENSION YOJNA (JAN DHAN TO JAN SURAKSHA)

The Atal Pension Yojana (APY) is a government-backed pension scheme in India that provides a steady income to citizens after they turn 60. The scheme is designed to help people in the unorganized sector save for retirement and address longevity risks. 

Here are some details about the APY:-

Eligibility:-

The scheme is open to Indian citizens between the ages of 18 and 40 who are not income tax-payers. 

Contributions:-

The amount of the monthly subscription depends on the age at which a person joins the scheme. 

• Guaranteed pension:-
• At age 60, subscribers receive a guaranteed minimum monthly pension of either Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000. The amount depends on the contributions made by the subscriber. 
• Penalties:-
• There are penalties for late payments. The penalty amount depends on the size of the late payment. 
• Beneficiaries:-
• After the subscriber dies, the pension goes to their spouse. If both the subscriber and their spouse die, the pension corpus is returned to the subscriber’s nominee. 
• Application:-
• The APY scheme can be applied for through the bank where the applicant has an account. Most bank branches have forms for the scheme. 

The APY was launched by Prime Minister Narendra Modi in 2015. It was previously known as the Swavalamban Yojana.

The Pension Fund Regulatory and Development Authority (PFRDA) regulates the Atal Pension Yojana (APY): 

The Pension Fund Regulatory and Development Authority (PFRDA) regulates the Atal Pension Yojana (APY): 

HIGHLIGHTS OF ATAL PENSION YOJNA:-

IN THE APY SCHEME, THERE IS GUARANTEED MINIMUM MONTHLY PENSION BETWEEN RS 1000/- TO RS 5000/-.

GOVERNMENT OF INDIA WILL CO-CONTRIBUTE 50 PERCENTAGES OF THE SUBSCRIBERS CONTRIBUTION OR RS 1000/- PER ANNUM, WHICHEVER IS LOWER. GOVERNMENT CO-CONTRIBUTION IS AVAILABLE FOR THOSE WHO ARE NOT COVERED BY ANY STATUTORY SOCIAL SECURITY SCHEMES AND WHO ARE NOT INCOME TAXPAYER.

SUBSCRIBERS CAN CONTRIBUTE FOR A MINIMUM OF 20 YEARS AND START RECEIVING THEIR PENSION AT AGE OF 60. THE AMOUNT OF THE PENSION IS BASED ON THE SUBSCRIBER CONTRIBUTIONS.

APY CONTRIBUTIONS ARE ELIGIBLE FOR AN INCOME TAX EXEMPTION OF RS 50,000/- UNDER SECTION 80 CCD (1B) OF THE INCOME TX ACT 1961.

THE MONTHLY CONTRIBUTION REQUIRED FOR THE ATAL PENSION YOJNA (APY) DEPENDS ON THE AGE OF THE SUBSCRIBER AND THE DESIRED MONTHLY PENION.

APY CAN BE OPENED IN ANY BANK OR POST OFFICE ALSO.

ELIGIBILITY:-

AGE: – BETWEEN 18 TO 40 YEARS.

            A SUBSCRIBER JOINING AT THE AGE 18 WOULD NEED TO CONTRIBUTE BETWEEN RS 42 AND RS 210 PER MONTH TO RECEIVE A MONTHLY PENSION BETWEEN RS 1000/- AND RS 5000.

AADHAR WILL BE PRIMARY KYC. IF AADHAR IS NOT AVAILABLE AT THE TIME OF REGISTRATION, IT MAY BE SUBMITTED AT A LATER STAGE.

MOBILE NO, SPOUSE NAME FOR THOSE WHO ARE MARRIED AND NOMINEE DETAILS ARE MANDATORY TO JOIN UNDER APY

EXIT:-

ON ATTAINING THE AGE OF 60YEARS:-

THE EXIT FROM APY IS SUBMITTED AT THE AGE OF 60 YEARS WITH 100 PERCENTAGES ANNUITISATION OF PENSION WEALTH.ON EXIT, PENSION WOULD BE AVAILABLE TO SUBSCRIBER.

IN CASE OF DEATH OF SUBSCRIBER DUE TO ANY CAUSE:-

IN CASE OF DEATH OF SUBSCRIBER, PENSION WOULD BE AVAILABLE TO SPOUSE AND IN CASE DEATH OF BOTH (SUBSCRIBER AND SPOUSE), THE PENSION CORPUS RETUNED TO NOMINEE.

EXIT BEFORE THE AGE OF 60 YEARS:-

EXIT BEFORE 60 YEARS IS NOT PERMITTED. HOWEVER, IT IS PERMITTED ONLY IN EXCEPTIONAL CIRCUMSTANCES I.E. IN THE EVENT OF DEATH OF BENEFICIARY OR TERMINAL DISEASE.

 INDICATIVE APY CONTRIBUTION CHART (AGEWISE):-

SL NO	AGE OF ENTRY	YEARS OF CONTRIBUTION	MONTHLY PENSION OF RS 1000	MONTHLY PENSION OF RS 2000	MONTHLY PENSION OF RS 3000	MONTHLY PENSION OF RS 4000	MONTHLY PENSION OF RS 5000
1.	18	42	42	84	126	168	210
2.	19	41	46	92	138	183	228
3.	20	40	50	100	150	198	248
4.	21	39	54	108	162	215	269
5.	22	38	59	117	177	234	292
6.	23	37	64	127	192	254	318
7.	24	36	70	139	208	277	346
8.	25	35	76	151	226	301	376
9.	26	34	82	164	246	327	409
10.	27	33	90	178	268	356	446
11.	28	32	97	194	292	388	485
12.	29	31	106	212	318	423	529
13.	30	30	116	231	347	462	577
14.	31	29	126	252	379	504	630
15.	32	28	138	276	414	551	689
16.	33	27	151	302	453	602	752
17.	34	26	165	330	495	659	824
18..	35	25	181	362	543	722	902
19.	36	24	198	396	594	792	990
20.	37	23	218	436	654	870	1087
21.	38	22	240	480	720	957	1196
22.	39	21	264	528	792	1054	1318
23.	40	20	291	582	873	1164	1454

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