atal pension yojana
atal pension yojana

Atal Pension Yojana is a very good retirement facility for the workers of the country, in which you can safeguard their future by depositing some money out of their hard-earned money.

There are many schemes which you can avail in old age. Atal Pension Yojana is a premium and good return scheme. Every citizen of the country can avail of the benefits of Atal Pension Yojana. People between the age of 18 years and 40 years can avail of this scheme.

What is Atal Pension Yojana

The Atal Pension Yojana was launched by Prime Minister of India, Narendra Modi in May 2015. This is done by the PFRDA (Pension Fund Regulatory and Development Authority). The Government of India started the Atal Pension Yojana for the people living in the unorganized sector.

The purpose of this scheme is to benefit the workers who are spending their living through daily wages, people coming to the unorganized sector like weavers. Handloom workers, fishermen, extract leather workers. 

The Workers Social Security Act was passed in 2008 by the government in view of the safety of the workers of the country, including plantation workers, etc. Under the Act, workers were given disability cover, health services, old age security, benefits to the family after death.

must read : What is Pradhan Mantri Suraksha Bima Yojana ?

Atal Pension Yojana Important Points

  1. All the people between the age of 18 to 40 years can take the benefit of this Atal Pension Scheme.
  2. Through the Atal Pension Yojana, you are given a monthly pension.
  3. In case of premature death of the pensioner, the pension will be given to the spouse of the person but if both of them die then the pension will be given to their nominee.
  4. To avail of this scheme, you have to maintain continuity in it, in such a situation, if your contribution goes, then there is a possibility of your account freezing or the account may be closed.
  5. If any of the workers living in the unorganized sector invest in the Atal Pension Yojana, then after 60 years, they can get from one thousand to five thousand.
  6. The biggest benefit of the Atal Pension Yojana is that the benefit of this scheme continues after the death of the plan holder, after the death, this amount gets to the family members or his nominee.
  7. If you did not add any money to your account for 6 months, then your account will be frozen.
  8. If you do not add money to the account after registering under this scheme, your account will be closed.
  9. Those who are depositing income tax for government jobs or availing schemes like EPF (Employees Provident Fund), EPS (Employees’ Pension Scheme), cannot be a part of this scheme.

Do You Know : What is Senior Pension Insurance Scheme ?

Benefits of Atal Pension Scheme

  • A person is given the benefit of tax exemption under IT section 80 CCD on depositing premium under the Atal Pension Scheme.
  • Under this scheme, only one account can be opened in the name of a person.
  • To avail the Atal Pension Yojana, countries are offering the facility of opening many government bank accounts.
  • You do not have to worry again and again for depositing premium in this plan. If you deposit money in your account, then your premium will be deposited from your account on time.
  • The minimum pension for the beneficiaries of the Atal Pension Scheme is 1000 rupees and the maximum pension is five thousand rupees.

Also Read : What is Pradhan Mantri Jan Dhan Scheme ?

How much pension will be paid on depositing so much premium?

1. If you deposit a premium of Rs 42 under this scheme from the age of 18, then after the age of 60, you will get a monthly pension of one thousand rupees.

2. If you deposit a premium of Rs 210 per month under the Atal Pension Insurance Scheme from the age of 18, then after the age of 60, you will be given a monthly pension of five thousand rupees.

3. If you start this scheme at the age of 40, then you will have to pay a premium of Rs 291 per month to get a monthly pension of Rs 1000.

4 To get a monthly pension of 5 thousand after the age of 40, you have to pay a premium of Rs 1454 per month.

Must Read : PMAY- Pradhan Mantri Awas Yojana

How to apply for Atal Pension Yojana ?

To avail of the Atal Pension Yojana, you have to have an Aadhaar card and a bank account. Not only this, but your bank account should also be linked to the Aadhar card so that your premium will be debited from the bank itself through the Aadhaar number.

The premium amount in this plan is very low, the minimum premium is Rs 42, the maximum premium is Rs 210 per month. The sooner you apply in this scheme, you will have to deposit the lesser premium if you apply at the age of 35 instead of 18 years. So you have to deposit a more premium amount than before. So apply as early as 20 to 25 years of age.

Also Read : How to get HDFC Life Insurance ?

How to apply offline in Atal Pension Yojana ?

The procedure to apply in this scheme is very simple. Take the form of an Atal Pension Scheme from whichever bank your bank account is in and submit the form by filling all the necessary information and adding the necessary documents in it.

After submitting the form, the bank will verify you based on your documents. If your papers are found correct, then you are valid for availing the Atal Pension Yojana.

The premium of this plan, monthly or yearly, will be deducted from your bank account. All you have to do is deposit the amount in your account according to your premium! After 60 years, you will be able to take advantage of this scheme.

Also Read : What is Education Loan

How to apply online in Atal Pension Yojana?

To apply online at Atal Pension Yojana,

  • You have to visit the website https://enps.nsdl.com/eNPS/NationalPensionSystem.html
  • Once the website is open, you have to click on the Atal Pension Yojana option.
  • Here you have to type the number of the Aadhaar card, after that, an OTP will come on the mobile number linked to the Aadhar card! OTP you need to fill in the bracket.
  • Now you have to type your bank account number and your place of stay.
  • Fill your nominee and premium amount in the form itself.
  • You have to fill all the necessary information in this form correctly.
  • After that, the bank will verify all your information.
  • Finally, for verification, you have to sign e on the form after which your registration will be considered complete.
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