Age Limit in Atal Pension Yojana
There are majority of people working in unorganized sector in India who do not have access to social security services. One such service is pension scheme, which is not accessible to those working in unorganized sector. Such people are often engaged into unorganized sector and generally belong from the economically backward section of society.
As per the scheme, a meager amount of few hundred would be deducted from the subscribers saving account every month and the subscriber would get a consolidated pension of Rs 1,000 to Rs 5,000 per month after the age of 60 years. The more a subscriber invests in the scheme, the more pensions he/she would get after 60 years.
What is the age limit to subscribe for Atal Pension Yojana?
Anyone between the age of 18 years to 40 years is eligible to subscribe for Atal Pension Yojana. This means that if a subscriber is 35 years or age, he would have to contribute for next 25 years in order to get a pension after 60 years. This way, the minimum number of years a subscriber needs to contribute to the scheme is 20 years.
How to get enrolled into Atal Pension Yojana?
In order to get enrolled under Atal Pension Yojana, the subscriber needs to have a saving account under Jan Dhan Yojana and an Aadhar Number. If you do not have an Aadhar card, you can apply for one.
If someone who yet do not has a saving account can walk up to any bank and get a saving account opened under the Jan Dhan Yojana. After this saving account is opened, Atal Pension Account can be opened for the subscriber and the premiums would directly get transferred from the saving account through auto-debit facility.
What is the age from which you start getting pension under Atal Pension Yojana?
The age after which you start getting pension under Atal Pension Yojana is 60 years. However, in order to get pension after this age, one needs to contribute at least for 20 years under the scheme. Anyone who is over 40 years or age is not eligible for subscribe under Atal Pension Yojana.
The schemes are good only if they are implemented well. Atal Pension Yojana specifically caters to the weaker section of society living in slums and rural areas. These are people who are living on daily wage and it could be a challenge for them to maintain the minimum balance required for auto-debit into the Atal Pension Account.