APY scheme was formally announced by the honorable Prime Minister of India Narendra Modi on 9th May 2015 in Kolkata.As of now only 11% of the Indian population have some pension scheme, So basically this scheme is to target rest 89% people.
Eligibility Criteria for Atal Pension Yojna
For all bank account holders aged between 18 and 40 years. So, the minimum period of contribution by the subscribers under the APY is 20 years.
Government Contribution for APY
In this scheme Indian Government had taken gurantee for giving all benefits of this scheme. One main benefits of this scheme is that Indian Government will provide 50% contribution of user's contribution or maximum of ₹1000 per year upto 5th years of commencement.
The Government contribution for Atal Pension Yojna is limited to the people who will join the national pension scheme (Atal Pension Yojna) before 31st of Decemeber 2015, who are not members of any statutory social security scheme and those are not income tax payers. So, basically the benefits is for weaker sections or who is not earning higher income.
Benefits/Contribution of Atal Pension Yojna
Monthly pension will be based on the contribution made by the person.Like- When one join the Atal Pension Yojna at the age of 18 and contributing ₹42 to ₹210 per month then one can avail of life long pension of ₹1,000 to ₹5,000 from the age of 60 years onwards.
From the age of 60 - You and after your death, your life partner will get a certain pension amount per month. After your life partner, your nominee will get up to ₹1,70,000 - ₹8,50,000 of lumpsum amount as per your opted scheme and premium amount.
Premium Chart for Atal Pension Yojna
Below is the indicative APY contribution/premium chart (Age - Wise) to get pension of ₹1,000 , ₹2,000 , ₹3,000 , ₹4,000 and ₹5,000 per month -
|Age||Prem. Years||For ₹1,000||For ₹2000||For ₹3000||For ₹4000||For ₹5000|