Nov 242015

Enrollment Agencies in Atal Pension Yojana

There is a larger group of people who work under private sector or are self-employed. Private sectors do not have proper pension plans. Atal Pension Yojana is new welfare scheme for the people who belong to unorganized private sector of the society. Keeping the status of most of the common man, this scheme was launched in Feb 2015 by Finance Minister Arun Jaitley. This yojana is for those who are working under unorganized sector and does not have access to any pension schemes. By paying a low premium, an individual can enroll themselves under this scheme to enjoy pension benefits once retired. The premium of this scheme depends on certain factors like age of the applicant, the amount one wish to receive after retirement.

An Indian national falling under the age group of 18 to 40 years can enroll self under this scheme. An individual has to contribute minimum for 20 years and start getting pension benefits after the age of 60. An active savings account is must to avail benefits under the pension scheme. The amount of premium would automatically deduct from the savings account. Anyone enrolled under the scheme is entitled to get a pension ranging from Rs 1000 to Rs 5000.

As per reports, only 11% of the entire population fall under any pension scheme. In order to increase the number, this scheme has been introduced. Those who work on daily wages under small scale industries, cannot save for their future. After the Launch of Pradhan Mantri Jan Dhan Yojana Scheme, every individual has the option for opening a bank account for themselves and can save money by depositing a small portion of their income.

To enroll under this scheme, one has to fill up an authorization form and submit to the nearest bank. They require providing account details for auto debit, account number, and nominee details. A minimum balance is required to be maintained in the account, failing which might attract penalty.

All service provider and aggregators under Swavalamban Scheme would be entitled to enroll under the scheme. The scheme would be regulated by PFRDA (Pension Fund Regulatory and Development Authority) and National Pension System would supervise the enrollment of the entire process.

This plan surely acts as a security for most of the aging population and to secure their future by not depending on others. This scheme has shown results already. Around 7,35,857 people have subscribed for this pension scheme.

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