Atal Pension Yojana (APY)

Atal Pension Yojana is a scheme which is launched by our honorable Prime Minister Mr. Narendra Modi. According to this Yojana, a person can get a pension after the age of 60 by depositing some amount monthly, quarterly, or yearly this scheme is mainly beneficial for the person who is working in an unorganized sector. This scheme also promotes the habit of saving and investing money. The subscribers of this scheme can get Rs. 1000 to 5000 every month depending on the plan they have taken. The minimum age at which one can join this Atal Pension Yojana is 18 and the maximum age is 40. As per the survey conducted on May 2015, there are only 11% of the Indian who have any kind of pension scheme so the main objective of the government is to increase this number. Also, it will be helpful to the buyer after the age in which they can’t do a lot of work for his family that money will help them to meet their day to day needs.

Benefits of Atal Pension Yojana

  • After attaining the age of 60 the policy buyer will get a certain amount (Pension) as maturity benefit at a fixed interval to support their family and personal expenses.
  • Pension Between Rs.1000-Rs.5000
  • It also provides an auto-debit facility therefore the buyer will not have to go to the bank regularly and pay the premium.
  • The government of India will also be going to contribute 50% of the total user’s contribution towards the scheme.
  • There would be no tax on the amount which is paid to the Atal Pension Yojana. As it is tax-free according to Income Tax Act 80C.
  • In case the buyer dies the death benefit will be provided to the nominee of the buyer.
  • The minimum age for subscribing to Atal Pension Yojana is 18 so the youth can also give their contribution in this Yojana and the maximum entry age is 40.
  • The premium can be paid monthly, quarterly, half-yearly, or yearly.
Also Read  New Jeevan Dhara 1 - Pension Plan

Documents required for Atal Pension Yojana

  • Offline/Online filled application form.
  • Age proof of policy buyer.
  • Address proof.
  • PAN card and Aadhar card for KYC document
  • Accurate medical history. If required.
  • Medical examination report if required.

Essential conditions required for buying policy under Atal Pension Yojna.

  • The subscriber of Atal Pension Yojana should have a bank account
  • The subscriber should have a phone number
  • You should be an Indian citizen
  • The minimum age should be 18 and the maximum should be 40

To enroll in Atal Pension Yojana

  • The subscriber should fill the online/offline Atal Pension Yojana form
  • Fill all the field of the form
  • Mobile number is compulsory, therefore you have to fill that column.
  • If the subscriber have aadhaar card then provide the no in the form
  • Provide your nominee details (it is compulsory)
  • Select the pension amount you need in the future. It should be between 1000 to 5000 and it should be a multiple of 1000.

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