Atal Pension Yojana APY Benefits | Eligibility | Required Documents & Check details

WHAT IS ATAL PENSION YOJANA?

Atal Pension Yojana (APY) is a very beneficial social security scheme for people working in the unorganized sector.  By investing in APY, you get regular income for post-retirement expenses.  APY was started by the central government in May 2015.

The Atal Pension Scheme was launched on 1st June 2015 by the Prime Minister of our country, Mr. Narendra Modi.  Under this scheme, after the age of 60, the beneficiaries will be given an amount of Rs.1000 to Rs.5000 as pension.  Under the Atal Pension Scheme, the amount of pension will be decided on the basis of age and investment of the beneficiaries.  To find out more about this scheme such as Amount Chart, Registration Process, Eligibility, Required Documents etc. Read this article carefully till the end.

APY 2021: The applicant applying under this scheme will have to deposit the premium every month.  Then, after completion of 60 years of age of the applicant, financial assistance will be provided in the form of monthly pension in old age by the government in the form of monthly pension.  In Atal Pension Yojana 2021, not only can you be entitled to more pension every month by depositing less amount, but you can also get the benefit of your family in case of untimely death.

To apply in this scheme, the age of the beneficiaries should be 18 to 40 years, only then they can take advantage of this scheme.  If any beneficiary wants to join this scheme at the age of 18 years, he has to pay a premium of Rs. 210 per month and those who are 40 years of age have to pay a premium of Rs 297 to Rs 1,454.To join the Atal Pension Scheme 2021, it is mandatory for the beneficiaries to have a bank account and the bank account should be linked to the Aadhar card.  People who are income taxpayers and have government jobs cannot avail the benefits of this scheme.  Any interested beneficiary can visit any National Bank of India and open an account of Atal Pension Yojana.

OBJECTIVES OF ATAL PENSION YOJANA 2021:

The main objective of this scheme is to secure future by giving pension to the workers of unorganized sectors and make them self reliant.  It is a social security scheme aimed at providing social security to the beneficiaries joining the scheme.  Empowering the people through PM Atal Pension Yojana

After investing in APY 2021, the beneficiaries will receive pension every month after the age of 60 years.  With this pension, the beneficiary can live his life well.  Under this scheme, if the beneficiary dies, then the pension amount given to the beneficiary will be given to the wife of the candidate and if both (husband, wife) dies, then this pension amount will be given to the Mentioned Nominee.  The Pension Fund Regulatory and Development Authority (PFRDA) acts as a nodal agency. 

BENEFITS OF ATAL PENSION YOJANA 2021

1. Only the people of India can benefit from this scheme.
2. Under the Atal Pension Scheme, the Central Government will provide a monthly pension of Rs.1000 to Rs.5000 only after reaching the age of 60 years.
3. Under Atal Pension Yojana, the amount of pension will be provided on the basis of age and investment made by the beneficiaries.
4. Like the PF account, the government will also contribute on its behalf in this pension scheme.
5. If you want a pension of 1000 rupees per month and you are 18 years old, then you have to deposit a premium of Rs 210 every month for 42 years
6. At the same time, people who are 40 years old will have to pay a premium of Rs 297 to Rs 1,454, only after that they can take advantage of APY 2021

IMPORTANT DOCUMENTS (ELIGIBILITY) OF ATAL PENSION YOJANA 2021

1. Applicant must be an Indian citizen
2. Candidate age should be 18 to 40 years 
3. Applicant should have bank account and bank account should be linked with Aadhar card
4. applicant's aadhar card
5. mobile number 
6. identity card
7. proof of permanent address
8. passport size photo 

PENALTY FOR DEFAULT :

Under APY, the individual subscribers shall have an option contribution on a monthly basis. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Rs. 1 per month to Rs 10/- per month as shown below:

1. Rs. 1 per month for contribution upto Rs. 100 per month.
2. Rs. 2 per month for contribution upto Rs. 101 to 500/- per month.
3. Rs. 5 per month for contribution between Rs 501/- to 1000/- per month.
4. Rs. 10 per month for contribution beyond Rs 1001/- per month.

The fixed amount of interest/penalty will remain as part of the pension corpus of the

subscriber.

DISCONTINUATION OF PAYMENTS OF CONTRIBUTION AMOUNT SHALL LEAD TO FOLLOWING:

1. After 6 months account will be frozen.
2. After 12 months account will be deactivated.
3. After 24 months account will be closed.

EXIT AND PENSION PAYMENT:

Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed monthly pension.

Exit before 60 years of age is not permitted, however, it is permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.

HOW TO APPLY FOR ATAL PENSION YOJANA 2021? 

Interested persons who wish to apply under the Prime Minister's Atal Pension Scheme should first open their savings account in any National Bank.  Then fill in all the required information like Aadhar Card, Mobile Number etc. in the application form for Prime Minister's Atal Pension Scheme.  After filling the application form, submit it to the bank manager.  Your bank account will then be opened under the Atal Pension Scheme after verification of all your letters.