Atal Pension Yojana :
Relevant Points
Atal Pension Yojana (APY) is a scheme for
all those people of the unorganized sector who wish to join the National
Pension System and are not the member of any other social security scheme. It
has been launched on 1st June 2015.
According to NSSO Survey of 2011-12, in
India, 88% of the total labour force do not have any pension provision for
their after retirement life. In 2015-16 budget, government has announced Atal
Pension Yojana (APY) which will provide the defined pension, depending on
contribution and investment period.
Under this scheme, a person can get a
fixed pension of Rs 1000/2000/3000/4000/5000 per month after completing the age
of 60. However, the pension amount depends on their own contribution which
varies on the age of joining the scheme.
The people who are looking to join this
scheme must be a citizen of India. The eligibility age for this scheme is 10 to
40 years of age and the person must have a valid bank account. The minimum
period of contribution by any person would be 20 years or more.
The bank will deduct the amount on
monthly basis of the account of APY subscriber. If subscriber fail to
contribute the penalty would be levied as per structure.
·
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 upto Rs 501 to 1000/- per month.
·
Rs 10 per month for
contribution beyond Rs 1000 per month
If payment not received till 6 months
then account will be frozen. After 12 months account would be deactivated. After
24 months account will be closed. Exit from the scheme before 60 is not
allowed. It is only permitted in the event of death or terminal disease. After
the age of 60 the subscriber have to request to their bank branch and the fixed
amount would be credited each month to subscriber and his spouse. After the
death of subscriber the nominee would get the corpus which is invested by
subscriber.
The nominee will get Rs 1.7 lakh if
monthly pension is Rs 1000, Rs 3.4 lakh if monthly pension is Rs 2000, Rs 5.1
lakh if monthly pension is Rs 3,000, Rs 6.8 lakh if monthly pension is Rs 4000
and Rs 8.5 lakh if monthly pension is Rs 5,000.
The govt. would also contribute 50% of
the total contribution or Rs 1000 per annum, whichever is lower, to each
subscriber account, for a 5 year. The eligibility for this benefit is the
person should not member of any other statutory social security scheme and
should not be tax payer. The person should also join the NPS between the period
of 1’st June 2015 and 31st December 2015.
The toll free no. for Atal Pension Yojana
(APY) are 1800-180-1111, 1800-110-001. There is also dedicated no. for each
state. I am not mentioning all here. If anyone need particular state toll free
no. please ask me.
If you have doubt about investment
product and want more information regarding investment or you need investment
services, feel free to ask us. We also conduct the seminar on investment and
financial planning. If you are interested for conducting seminar in your city,
just drop the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
