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Home » Lic General » Atal Pension Yojana Scheme

Atal Pension Yojana Scheme

April 1, 2016 By onlinelic

Contents

  • 1 Atal Pension Yojana Scheme Introduction
  • 2 Government Atal Pension Yojana Scheme Eligibility Conditions
  • 3 Government APY Scheme Monthly Contribution Chart
  • 4 Atal Pension Yojana Government Scheme Key Features
  • 5 APY Scheme Delay Charges
  • 6 Atal Pension Yojana Government Scheme Withdrawal
  • 7 Govt. Atal Pension Yojana Scheme Forms and Documents

Atal Pension Yojana Scheme Introduction

Atal Pension Yojana Scheme was introduced by Government of India in the year 2015-16. Main aim of starting this Pension Yojana Scheme was to provide income security to society in the old age. This Government Atal Pension Yojana Scheme provides Guaranteed Pension as monthly income after retirement age. Under this APY scheme a guaranteed minimum pension of Rs. 1,000 and upto maximum Rs. 5,000 per month will be given at the age of 60 years which depends on the contributions by the scheme holder.

Atal Pension Yojana Scheme

All account holders who are interested can join under this Government APY Scheme and can pay premium through savings bank account or open a savings bank account to join in this Government Pension Scheme. Premiums are based on the Pension selected by the scheme holder and based on the starting age of APY scheme. Detailed information about Monthly Premiums to be paid, entry age, starting age of Pension and other benefits of Atal Pension Yojana Scheme are given below.

Government Atal Pension Yojana Scheme Eligibility Conditions

Entry age to join in APY Scheme
  • Minimum – 18 years
  • Maximum – 40 years
Guaranteed Monthly Pension
  • Minimum – Rs. 1000
  • Maximum – Rs. 5000
Starting Age to receive Pension
  • 60 Years
Contribution Period
  • Based on Entry Age of Scheme holder
Mode of Paying Premium
  • Monthly Premium will be Auto-debited by the bank from the Scheme holder’s account.
Date of Implementation
  • 1st June 2015
Primary KYC
  • Aadhar number

Government APY Scheme Monthly Contribution Chart

EntryAge Number of Years of Paying Contribution (in Years) Based on Pension Needed, the Monthly Contribution has to Pay in Rs.
For Monthly Pension of Rs. 1000  For Monthly Pension of Rs. 2000 For Monthly Pension of Rs. 3000 For Monthly Pension of Rs. 4000 For Monthly Pension of Rs. 5000
18 42 42 84 126 168 210
19 41 46 92 138 183 228
20 40 50 100 150 198 248
21 39 54 108 162 215 269
22 38 59 117 177 234 292
23 37 64 127 192 254 318
24 36 70 139 208 277 346
25 35 76 151 226 301 376
26 34 82 164 246 327 409
27 33 90 178 268 356 446
28 32 97 194 292 388 485
29 31 106 212 318 423 529
30 30 116 231 347 462 577
31 29 126 252 379 504 630
32 28 138 276 414 551 689
33 27 151 302 453 602 752
34 26 165 330 495 659 824
35 25 181 362 543 722 902
36 24 198 396 594 792 990
37 23 218 436 654 870 1,087
38 22 240 480 720 957 1,196
39 21 264 528 792 1,054 1,318
40 20 291 582 873 1,164 1,454

Atal Pension Yojana Government Scheme Key Features

Main Key features of Government Atal Pension Yojana Scheme are as follows

  • Any Citizen of India from un-organized sector can join in this Atal Pension Yojana Scheme.
  • Monthly Contribution will be Auto-debited by the bank from the Scheme holder’s account.
  • Guaranteed Minimum monthly pension of Rs. 1000 and Maximum Rs. 5000 is given to the scheme holder and spouse with return of corpus to the nominees after 60 years of age.
  • Government Co-contribution is 50% of the total contribution amount or Rs. 1000 per annum, whichever is lower, for a period of 5 years.
  • In case of Discontinuation of payments
    • After 6 months account will be frozen.
    • After 12 months account will be deactivated.
    • After 24 months account will be closed.

APY Scheme Delay Charges

In case of late payments, banks are required to collect additional amount as penalty. This for delayed payments will vary from minimum Rs. 1 per month to Rs. 10 per month as shown below

  • Rs. 1 per month for contribution upto Rs. 100 per month.
  • Rs. 2 per month for contribution upto Rs. 101 to 500 per month.
  • Rs. 5 per month for contribution between Rs. 501 to 1000 per month.
  • Rs. 10 per month for contribution beyond Rs. 1001 per month.

Note: The fixed amount of interest or penalty will remain as part of the pension corpus of the subscriber.

Atal Pension Yojana Government Scheme Withdrawal

On attaining the age of 60 years:

  • Exit will be permitted at the age of attaining 60 years only.
  • After exit, Pension will start to scheme holder based on his contribution.

In case of death of the Subscriber due to any cause:

  • In case of death of scheme holder, pension would be available to the spouse
  • On the death of both of them (subscriber and spouse), then the pension corpus would be returned to his nominee.

Exit Before the age of 60 Years:

  • In case of exit before 60 years of age then such conditions are not permitted.
  • But, in case of death of Scheme holder or terminal disease such cases are exceptional under this APY Scheme.

Govt. Atal Pension Yojana Scheme Forms and Documents

Required documents to join in Atal Pension Yojana Government Scheme are attached below

Atal Pension Yojana Scheme Brochure

Atal Pension Yojana Scheme Circular in English

Atal Pension Yojana Scheme Circular in Hindi

APY Govt Scheme Application form in English

APY Govt Scheme Application form in Hindi

APY Scheme FAQ’s in English

APY Scheme FAQ’s in Hindi

Filed Under: Lic General Tagged With: APY Government Scheme, Atal Pension Yojana Government Scheme, Government Pension Scheme, Government Scheme

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