Government Scheme Atal Pension Scheme: Atal Pension Yojana is a pension scheme for the poor and unorganized sector workers. Under the scheme, lifelong pension is available after 60 years. The maximum pension available in Atal Pension is Rs 5,000 per month and Rs 60,000 per year. Atal Pension Yojana (APY) is the flagship scheme of the Central Government of Prime Minister Narendra Modi, which aims to provide social security to all citizens of India, especially the poor, underprivileged and unorganized sector workers. This scheme was launched on 9 May 2015. It is run by the Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojana is a great help for the poor and unorganized sector workers. This scheme provides lifelong pension security and provides financial stability to the family.
According to the Finance Ministry, more than 56 lakh new account holders have been registered so far in the financial year 2024-25. The total enrollment under the scheme has crossed the seven crore mark. In its tenth year, the scheme has achieved great success in bringing the most vulnerable sections of the society under the ambit of pension coverage.
Benefits of Atal Pension Yojana
Under this scheme, beneficiaries get a guaranteed pension of minimum Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month after the age of 60 years. The pension amount depends on your contribution. For example, if a person starts saving money for a monthly pension of Rs 1,000 at the age of 18, he or she will have to pay only Rs 42 per month. For a monthly pension of Rs 5,000 at the age of 40, a maximum monthly contribution of Rs 1,454 will have to be made. The special thing about this plan is that it provides ‘complete security cover’. If the beneficiary dies, his/her spouse gets the same pension. After the spouse, the nominee gets the entire amount deposited till the age of 60 years.
eligibility
The scheme is open to all Indian citizens between the age of 18 to 40 years
Applicant must have a bank account
Income tax payers are not eligible for this scheme
Contribution amount varies according to pension amount
how to apply?
offline process
Go to your bank, where you have your savings account
Take the registration form from the bank or download it from their website
Fill correct information in the form and select pension option
Submit your Aadhar Card and other required documents along with the form
After accepting the application, a message will come on your registered mobile number.
online process
Go to your bank portal or mobile banking app
Login with login ID and password
Search ‘Social Security Scheme’ or ‘Irrevocable Pension Scheme’
Fill the application form and provide all the required information
Agree to auto-debit for monthly contributions
Before submitting the form, check the information and then submit.
