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

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