Exit policy for Atal pension Yojana

 

Exit policy for Atal pension Yojana

Atal pension Yojana is a lately introduced pension scheme by the Government of India. With the help of this scheme the candidates can pay a little cash amount to the pension account till the time they acquire the age of sixty years.

After reaching the age of 60 years 

To get hold of the assured return through the pension on monthly basis, the candidate is required to put forward the application to the respective bank. If unluckily death of the candidate takes place after 60 years the Pension would be transferred to his/her spouse if alive. After that corpus amount would be given to nominee. Corpus amount varies from rs 1.7 lakhs to rs 8.5 lakhs based on the premium plans you have opted.

Exit policy for Atal pension Yojana

Before reaching the age of 60 years 

Now you can Exit from Atal pension Yojana at any time. You just have to walk to your bank and ask them to close your APY account. There will be a small penalty and all your money with interest would be given to you. Pleas read this article for more details.

 

What Atal Pension yojana is all about?

Atal Pension Yojana is a newly introduced pension scheme by the government of India. This Scheme was launched by the finance minister in a budget speech by him. Atal pension Scheme is a pension plan for all the individuals who belong to the unorganized sector and have a keen desire to be a part of the national pension system. But, the condition of joining the scheme for these people is that they should not be the participants of any sort of social security scheme.

In the other way, we can say that this pension scheme is particularly introduced for the individuals who earn their living through the private sector and want to obtain a fixed cash amount in the form of pension after they permanently leave the job. With the assistance of this pension plan, an individual can easily get hold of a fixed pension of 1000 rupees to 5000 rupees on a monthly basis. The maximum age limit for this scheme is 60 years. On the other hand, the amount of pension they get completely depends on their contributions according to the age of getting registered to the pension scheme.

Eligibility criteria for the Atal Pension Scheme

The subscriber can get registered to this pension scheme only in the case if his or her age is between eighteen to forty years. Moreover, any person who is already a member of a legal social security scheme will not be provided with the facility of to getting enrolled to the Atal Pension scheme.

Get the scheme:

In order to avail the scheme, the candidate is required to have aadhar card as well as an account in any of the banks located in India. The subscriber has to link up the aadhar card with his or her bank account. After getting done with these required basic steps, the next step is filling up and submitting an application form. Furthermore, the subscriber is required to get the scheme renewed on a yearly basis on 1st of june.

Atal Pension Yojana mainly focuses on the employees of the small scale sector. The candidates should go for the Atal Pension Yojana in order to get hold of the pension profits after getting retired from work. Adding more to this point, the contribution of the governmrnt in this pension plan will be fifty percent of the premium. On the other hand the upper limit of the contribution by the Indian government has been set to pay off one thousand rupees.           

Information Alerts:

While getting enrolled to the pension scheme, the candidate requires to put forward his/her valid mobile number so as to receive the monthly information regarding the auto-debit from his/her savings account, contribution credits, balance amount and more through these SMS alerts.

The Effect of discontinuation of payment on the Scheme:   

If discontinuation of the required monthly payment takes place for a particular duration, it may go ahead to even the closing of the account. Some other consequences of non-contribution of the required cash amount are mentioned here:

  • After the duration of six months, the account will be frozen
  • After the duration of twelve months, the account will be deactivated
  • After the duration of twenty four months, the account will be blocked

Other Articles

  1. APY Exit Policy
  2. APY vs PPF
  3. APY Penalty

  44 Responses to “Exit policy for Atal pension Yojana”

  1. After becoming a member in the Atal pension scheme, if one get into an organised job where there is also a social security scheme, then in that case what is his position in the Atal Pension?

    • still then that person can avail the benefits of APY

      • Dear Concern,

        I’m physicall challeged and availed APY scheme.

        till now havent paid any Income Tax since my net income is below the taxable limit.

        In future what if my salary gets hiked and had to pay income tax. In this scenario what happens to the amount paid so far and will I be able to continue the APY scheme?

        • there will be no impact on the amount already paid. You wont get the government contribution for the period you will pay income tax.

    • Sir i have enrolled for apy scheme but now i got a job with pension scheme so how can i stop the apy scheme please suggest

  2. Sir i want to quit form this policy.
    I had concernd to my bank they told they had deactived me but then also premium id debited from my account.

    Kindly guide me

  3. Dear Sir,

    Myself Kalyan Mondal, I have registered under the Pension Scheme from 1st July,2015-PRAN-50000199915 & A/c in SBI Dum Dum Cantoment A/C No XXXXX for Rs.990/- p.m. as per age limit & pension amount.

    Unfortunately abiding by the terms & condition I am also enjoying other social security & having PAN no as well. For last 2 months I am continuing the same, requesting you to confirm should I continue & will get the benefited amount after completion of 60 years Rs.5000 as pension or not.

    In case if not how to cancel the same & get refund the amount as invested.
    Looking forward for your humble & confirm response to guide me out at the earliest.

  4. Dear Sir,

    I am an Assistant Professor in Deemed University under UGC post. So, at the time ofjoining 4 years back i also joined National Pension Scheme through university. But now i also applied for APY and two installments are already debited from my account and i have another PRAN number.

    My question is, i already have a PRAN number form NPS, so should i continue APY.
    Will there be a problem after 60 years?

    Please confirm.

    Thankyou.

  5. If contribution discontuned after five years what will be fate of money already deposited?
    Will the sum alongwith interest thereon be forfited?

  6. Me atal pension yujna ( apy) band ( close) karwana chahta hon, kese karo

  7. I have started APY before 5 month, unfortunately if I met with an accident and its resulted in DEATH.
    what amount i or my nominee will get through APY.

  8. I want to deactivate my APY scheme. Please guide me the procedure for the closure of the scheme and how do i get the refund of my money already invested. Thank you.

    • a person cannot deactivate his scheme in between. He can stop paying the premiums. All his accumulated money will be refunded with interest after he turns 60

  9. IF DUE TO SOME REASON I AM UNABLE TO PAY PREMIUM FOR APY THEN WHETHER I GET MONEY BACK AND IF I STOP THE PRIMIUM FOR 6 MONTH THEN CAN RESTART SCHEME AGAIN

    • you have the buffer time of 2 year to start the scheme again. If you had crossed this limit and suffering from serious heath issues then you can terminate the scheme. If you do not have any reason then the amount that you have deposited would be given to you with interest once you have turned 60.

  10. Can this plan be taken separately by husband and wife? And if the couples has no child. What about the last payment?

  11. Sir, i just paid two premiums from one bank account which is very far from my residence, so i just opened a fresh account near to my residence. Is there is any option to change my premium payment from one account to another account?

  12. dear sir

    i am not intersted in this plan ,how to deactivate or change the plan ,,

  13. dear sir

    how to stop APY account ? last two months operating in this plan , please help need full

  14. I have Paid 2 months premium amount rs as 990/- in SBI. But still i am not getting any documenter like bond and other details with respect to my PRAN. when i will be receiving those documents.

  15. Will I be able to check my contribution through internet?? As you are not providing any passbook or written document how will I be able to check my contribution?? Also how I will be able to change my nominee name in future?? Policy is good but a long way to go in context to be user friendly.

  16. can i surrender atal pension yojana policy

  17. Sir, I want to quite this scheme because of i have already paid of my home loan and there i can’t make the ecs of this type of pension plan. I already have a LIC policy for live cover and and also pay my premium regularly so i can not able to payment this scheme.

  18. sir,
    though i have paid 4 installments, due to certain financial issues, i would like to discontinue. please guide what is the process. will i get my installments amount back.thanks

  19. though i have paid 4 installments, due to certain financial issues, i would like to discontinue. please guide what is the process. will i get my installments amount back.thanks

  20. Is the premium annual or monthly. The premium is getting deducted monthly from my account.

  21. how to stop APY account ? please help need full

  22. Dear Sir/Madam

    I want to exit from the APY scheme as I have already contribute for last 6 months.
    Kindly let us know the process for exit from the policy. Will I get the refund or not.

    Request to to please tell me the process for exit…

  23. Date of birth filled by Clerk is mistake in Atal Pension Yojna .Then how to modyfy it. Please Suggest me.

  24. I opened my APY scheme to day .
    pls tell me how to exit my APY account .

  25. Can u please tell me procedure to exit from apy

  26. Can u please tell me procedure to exit from APY scheme. How we can deal with the concern bank to stop the payment. Please guide the procedure.

  27. Dear Sir,
    I have APY, I am decide this scheme cancel please guide for APY cancel procedure.

  28. How do I get the proof of Atal Pension Yojna policy; there are no policy documents.

  29. I want to cancel/withdrawn from the schme,how it can be done,can i get back my mpney back?

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