Atal Pension Yojana Benefits and Advantages

 

Atal Pension Yojana Benefits and Advantages

India’s Finance Minister declared the introduction of a new scheme in his 2015-16 Budget Speech. The Atal Pension Yojana (APY) is directed towards the citizens working in the unorganized sector who desire to join the National Pension System (NPS). However, one important requisite of the scheme is that individuals interested in benefiting out of APY should not be a member of any other social security system.

Atal Pension Yojana Benefits and Advantages

The Atal Pension Yojana, which is estimated to take-off from 1st June, 2015, has advantages like fixed pension for the subscribers. The amount of pension received can be between Rs. 1000 to Rs. 5000 depending on the age at which the contributor joins the scheme. Any Indian citizen between the age of 18 and 40 years can apply for this scheme. If the subscriber joins early the amount to be paid towards the scheme would be low and if he/she joins late, the amount would increase accordingly.

The APY will benefit citizens by providing them security during their old age. Additionally it will also encourage the culture of investment and saving among the lower middle and poor strata of the society.

Another benefit of the scheme is that every year (for a period of five years) the Indian government would contribute 50 percent of the user’s contribution or INR 1000 (whichever is less) towards the scheme. This facility can be enjoyed by those subscribers who join the scheme before December 31, 2015 and those who are not income tax payers.

The APY will address the old age income security of the 88% of the total labour force that constitute the workers in unorganised sector. It will also encourage these workers to join the National Pension System.

Besides the Atal Pension Yojana, the government of India also launched two separate insurance schemes recently. These are namely, the Pradhan Mantri Suraksha Bima Yojana and the Pradhan Mantri Jeevan Jyoti Bima Yojana. These insurance schemes will benefit a large population of the country who are without a cover of any kind.

Other Articles

  1. APY Calculator
  2. APY Forms
  3. How to Join APY

  50 Responses to “Atal Pension Yojana Benefits and Advantages”

  1. I want to contribute in this scheme and currently I am not a tax payer. But in future what will be the situation if start paying the tax. Will I be applicable for this scheme at that time.
    What is the exact situation please let us know

  2. i want to know whether govt servants are eligigible

  3. However, one important requisite of the scheme is that individuals interested in benefiting out of APY should not be a member of any other social security system.
    plz clear the meaning of social security system?

    • you will get a government contribution of maximum rs 1000 per year for 5 years if you do not have any epf account or you are not a tax payer.

  4. Which documents should be provided by concerned authorities i.e govermment/bank which confirm that individual holds APY policy… How we can avail these documents.

    As of know we do not have any documentary prooof other than deduction taking place from our accounts.

    Please confirm.

    • banks or either government are not providing any sort of documents. Money deducted from banks s a big proof that you are enrolled in apy.

  5. I am working in Pvt sector want to know if I can enroll for Atal Pension Yojana.

  6. sir, my age is 40. I want join APY but i do not understand the system of life risk. I deposit 10 year. but unfortunately lost my life. that time my police will automatically continuity. I want the solution.

    • If a subscriber dies before 60 years then the amount that he had deposited with the accumulated interest would be credited to his/her wife/nominee.

  7. Sir i want to about the after death benefit of nominee and after 60 year is any provision of gratuity amount along with pension

    • there is no gratuity benefit in this scheme. If you would complete 60 years of age then you would get the pension amount that you have opted. then it would be given to your wife after both of you are dead then your nominee will get the fixed amount mentioned in the chart.

  8. I HAVE JOINED APY AND REQUIRED AMMOUNT HAVE BEEN DEDUCTED FROM MY ACCOUNT. BUT I HAVE NO RECIEPT OR SOMETHING LIKE THAT. PRAN NO. HAVE BEEN GENERATED. MY QUES. IS… WILL I GET A PRAN KIT IN FUTURE AND HOW CAN I KNOW THE STATUS OF MY APY CONTRIBUTION. MY BANK DOES NOT KNOW ANYTHING ABOUT THIS. PLEASE TELL ME.

  9. How would i be able to know wheather govt has contributed 1000 rupees in my APY account or not?
    Why bank/govt is not giving any certificate of the enrollment in yojna?
    How will i be able to know wheather my nominee is registered or not..?

    Please reply soon.

  10. sir,
    I am serving in Govt PSU and having a Tax Payer, can I am eligible for Atal Penson yojana

  11. 8.5 LAC INSURANCE ONLY ACCIDENTAL CASE OR ANY CASE

  12. Sir,
    I am a govt employee, I am a tax payer. Can I apply for atal pension yojana scheme.

  13. Sir / Madam
    I worked in private sector for almost 11 years and now i am doing my business sisnce last 3 years. As i worked for 11 years and i was paid PF i am eligible for EPF after 60yrs, Now my question is am I eligible for APY ??

    If i am eligible for this please explain after 60yrs if i dead what benifits my wife gets and what benifits nominee will get??

  14. I have Joined APY recently , and amount is deducting from my account every month. So far I have no receipt or certificate regarding this, Bank people dont have any idea about it , and even I am not getting any SMS or any thing like this. and I am worrying about it my polocy and money .
    i will be better if we have some APY # , so that we can track. please respond.

    • You should get a PRAN number for your APY

      • Hi ,

        I got my PRAN # ,

        1) could you please tell me what is the procedure to claim ?
        2) if some thing happen to me how can my spouse claim ?
        3) how soon can we get the money?
        4)whom we can approach for any query ?

  15. In APY if subscriber is died before his age of 60 years. In such case, when pension to his/her spouse would start. Immediate after death of subscriber or when spouse reaches to age of 60.
    (2) If spouse is not interested for pension, will he/she get fund accumulated immediately on submission of required documents ?

    • 1) In this case spouse wont get the pension, she will get the amount deposited by the subscriber with interest at that time.
      2) Same as above

  16. if i start policy and after 1 or 2 yrs of commencing of policy if any thing goes with me ie death or pemanant disability and i cant able to pay premium then what benefits my nominee will get

  17. i m a govt employee and im under new pension scheme and PRAN no is already assign to me from CRA is im eligible to join this scheme and if yes is same PRAN no consider or NEW PRAN No is alloted to me

    • yes you are eligible. You will get anew PRAN for APY

      • My Doubt is that, what is the tracking mechanism of APY,, is there any website were we can check out the status as well as the amount accumalated,,, and also Please answere the quiery for the point number 8 and 14 mentioned above , which you have missed out,,

  18. at the time of join APY scheme subscriber is not tax payer but in future subscriber pay income tax. can he take benefits of scheme.

  19. My APY account no is *****38. how to check my ac details.

  20. If I die before 40 age what Benefits for after my family

  21. In Atal Pension Yojana If I die before 40 age what Benefits for my family after me????

  22. Hi , I have following question, Please reply me
    1) I am income tax payer, can I get 5000 monthly pension plan with benefit of govt 50 % contribution.
    2) Can I change the bank / Account no after registration to APY.

    Thanks in advance

  23. How I can calculate the exact premium amount for DOB

  24. I have joint account. I only is tax payee. Is my wife elligible for APY. Date of birth is 10/11/1977. Also calculate premium amount. Which docc has been provided by concerned bank regarding APY after joining.

  25. I am applied APY Scheme, But no any acknowlodgement and bond. what is the proof of APY

  26. what will be the benefits after completing the premium for the due period… how much will get on maturity, nominee and others

  27. i want to quit from sceme immideatly, will be refund my amount.
    what will be the benefits after completing the premium for the due period… how much will get on maturity, nominee and others

  28. Is corpus amount or maturity amount is taxable or tax exempted.

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