19 May 2015

Pradhan Mantri Atal Pension Yojana

Named after the ex-prime minister of India, Atal Bihari Vajpayee, Atal Pension Yojana was launched in continuation to the Jan Dhan Yojana Scheme to bring those employed in rural and unorganized sector under the ambit of Pension Schemes.  The idea of the scheme is to provide a definite pension to all Indians.

However, in order to get pension during your old age, you need to contribute accordingly.  The more you can contribute the more pensions you would get during old age.  The scheme is backed by Ministry of Finance, Government of India.  The scheme would mostly touch those working under unorganized sector.

Eligibility for Atal Pension Yojana
Any Indian national within the age group of 18 to 40 years is eligible to contribute under Atal Pension Yojana.  However, any member of a statutory social security scheme is not eligible for this pension scheme.

How to get Atal Pension Yojana?
In order to apply for Atal Pension Yojana, an Indian national needs to have an Aadhar Card and a working bank account.  Moreover, the Aadhar number should be duly linked with the respective bank account.  The last date for submission of forms for Atal Pension Yojana is 01st June 2015.  The pension account needs to be renewed every year before 01st of June.

Premium payable under Atal Pension Yojana
There is also a policy under the scheme, wherein if the pension account holder dies, the contributions would go to the family or the nominee of the account.  The premiums to the pension account would be paid through your bank account and it would be auto-debited from the bank account that is linked to Aadhar card.

Atal Pension Yojana is custom made for workers employed with the unorganized sector.  These workers live an insecure life since banking and pension products do not reach them from the employers and thus Atal Pension Yojana would at least ensure them of the basic requirement for life.

Indicative Contribution for Various Pension Options (in INR)

Moreover, those who join Atal Pension Yojana before 50 years of age can also enjoy the risk cover under the scheme.

Can Government Employees open Atal Pension Yojana Account ?

Yes Government employees can open Atal Pension account but will not be eligible for the government contribution on this account

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