Atal Pension Yojana 2020-2021: The Government of India has started this scheme is focussed on the unorganized sector workers to received pension after retirements.
Those who are looking for pension schemes in India shall know Atal Pension Scheme because it is the most popular scheme that Indian govt has started in 2015. The Pension Fund Regulatory and Development Authority (PFRDA) administered the scheme through the National Pension Scheme (NPS).
Atal Pension Yojana 2020-2021 Details
Pension holders of this scheme will get a guaranteed amount of pension ranging from Rs. 1,000 to Rs. 5,000 per month depending on the contribution made by the Atal Pension Yojana holders. However, the holder’s pension will start from the age of 60 years.
|Scheme||Atal Pension Yojana|
|Govt||Central Government (India)|
|Benefit||Rs. 1,000 or 2,000 or 3,000 or 4,000 or 5,000/- per month|
|Eligible Age||18 to 42 years|
Atal Pension Scheme Benefits
Under this Atal pension scheme, pension holders will receive a fixed amount of Rs. 1,000 or 2,000 or 3,000 or 4,000 or 5,000 per month according to his/her plan. The amount here is a guaranteed amount because it is provided by NPS (National Pension Scheme). Other benefits are-
- Fixed pension of Rs. 1000 to Rs 5000 per month after the age of 60 years.
- After the death of the subscriber, the spouse will continue to receive the pension.
- Nominee will receive corpus up to Rs. 8,50,000 in case both the subscriber and spouse death.
- Another advantage by Govt of India, they will contribute 50% of the amount or Rs. 1,000 p.a or whichever is lower for a period of 5 years.
- The amount will be remitted monthly through linked Savings Bank Account of the subscriber.
For ex– If a subscriber has selected a plan of Rs. 5,000 per month pension at the age of 18 then he/she’s contribution amount will be Rs. 2,520 p.a. But as per the Govt of India contribution- As we see Rs. 1,000 is lower than 50% of the subscriber’s contribution, so govt of India will pay Rs. 1000 p.a. and the remaining Rs. 1,520 will be the subscriber’s contribution.
APY Scheme Plans
Contribution chart under the APY Scheme 2020 and their monthly wise plans are listed below. You can also check it as per age wise.
for Pension of Rs. 1,000
for Pension of Rs. 2,000
for Pension of Rs. 3,000
for Pension of Rs. 4,000
for Pension of Rs. 5,000
|18||42||Rs. 42/-||Rs. 84/-||Rs. 126/-||Rs. 168/-||Rs. 210/-|
|19||41||Rs. 46/-||Rs. 92/-||Rs. 138/-||Rs. 183/-||Rs. 228/-|
|20||40||Rs. 50/-||Rs. 100/-||Rs. 150/-||Rs. 198/-||Rs. 248/-|
|21||39||Rs. 54/-||Rs. 108/-||Rs. 162/-||Rs. 215/-||Rs. 269/-|
|22||38||Rs. 59/-||Rs. 117/-||Rs. 177/-||Rs. 234/-||Rs. 292/-|
|23||37||Rs. 64/-||Rs. 127/-||Rs. 192/-||Rs. 254/-||Rs. 318/-|
|24||36||Rs. 70/-||Rs. 139/-||Rs. 208/-||Rs. 277/-||Rs. 346/-|
|25||35||Rs. 76/-||Rs. 151/-||Rs. 226/-||Rs. 301/-||Rs. 376/-|
|26||34||Rs. 82/-||Rs. 164/-||Rs. 246/-||Rs. 327/-||Rs. 409/-|
|27||33||Rs. 90/-||Rs. 178/-||Rs. 268/-||Rs. 356/-||Rs. 446/-|
|28||32||Rs. 97/-||Rs. 194/-||Rs. 292/-||Rs. 388/-||Rs. 485/-|
|29||31||Rs. 106/-||Rs. 212/-||Rs. 318/-||Rs. 423/-||Rs. 529/-|
|30||30||Rs. 116/-||Rs. 231/-||Rs. 347/-||Rs. 462/-||Rs. 577/-|
|31||29||Rs. 126/-||Rs. 252/-||Rs. 379/-||Rs. 504/-||Rs. 630/-|
|32||28||Rs. 138/-||Rs. 276/-||Rs. 414/-||Rs. 551/-||Rs. 689/-|
|33||27||Rs. 151/-||Rs. 302/-||Rs. 453/-||Rs. 602/-||Rs. 752/-|
|34||26||Rs. 165/-||Rs. 330/-||Rs. 495/-||Rs. 659/-||Rs. 824/-|
|35||25||Rs. 181/-||Rs. 362/-||Rs. 543/-||Rs. 722/-||Rs. 902/-|
|36||24||Rs. 198/-||Rs. 396/-||Rs. 594/-||Rs. 792/-||Rs. 990/-|
|37||23||Rs. 218/-||Rs. 436/-||Rs. 654/-||Rs. 870/-||Rs. 1087/-|
|38||22||Rs. 240/-||Rs. 480/-||Rs. 720/-||Rs. 957/-||Rs. 1196/-|
|39||21||Rs. 254/-||Rs. 526/-||Rs. 792/-||Rs. 1054/-||Rs. 1318/-|
|40||20||Rs. 291/-||Rs. 582/-||Rs. 873/-||Rs. 1164/-||Rs. 1454/-|
Corpus Amount or Death Benefit under Atal Pension Yojana
Amount to be received by the nominee of the subscriber after his/her death along with spouse death. Under the Atal Pension Yojana, the nominee will get up to Rs. 8,50,000 as the death benefit. Complete amount as per the contribution amount is shown below-
|Monthly Pension Amount recieve by Subscriber / Spouse||Corpus Amount on Death of Subscriber and Spouse|
|Rs. 1000/-||Rs. 1,70,000/-|
|Rs. 2000/-||Rs. 3,40,000/-|
|Rs. 3000/-||Rs. 5,10,000/-|
|Rs. 4000/-||Rs. 6,80,000/-|
|Rs. 5000/-||Rs. 8,50,000/-|
Eligibility of the APY Scheme
There are some eligibility criteria for the Atal Pension Yojana. The candidate must fulfil these requirements to apply for the scheme. Those are-
- The applicant should be a Citizen of India and works on an unorganised sector.
- His/her age should be between 18 and 40.
- Candidate should have a savings bank account or post office savings bank account.
- Aadhaar Card is required during the opening of the APY account.
- Applicant mobile number should be a valid number registered with the bank account.
Documents required for opening Atal Pension Yojana account
You need to have some documents that are required for the opening an Atal Pension Scheme account. Those are-
- Aadhaar Card for KYC.
- Bank account passbook copy and number.
- Valid mobile number.
How to apply for Atal Pension Yojana?
If you want to apply for the Atal Pension Yojana scheme than you need to visit the NPS website. First of all, you need to open an NPS account and after that, you can select the scheme and the specific plan you want to contribute. Documents required in the application process is given. NPS website link will be given below.
Frequently Asked Questions (FAQs)
Q1. What is Atal Pension Yojana?
Atal Pension Yojana (APY), a pension scheme launched by Government of India is focused on the unorganized sector workers. Under the APY, minimum guaranteed pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will start after attaining the age of 60 years depending on the contributions by the subscribers for their chosen pension amount.
Q2. Whether an employee of Central/State Government or Public Sector Undertaking or an NPS subscriber can subscribe to APY Scheme?
YES, any Indian citizen within the age group of 18 – 40 years, can join APY Scheme irrespective of his/her employment status with Govt / Public Sector, for availing benefits guaranteed by Government of India under the scheme. Further, an existing NPS subscriber can also subscribe to APY, if he/she meets the basic eligibility criteria, for availing benefits guaranteed by Government of India; under the scheme.
Q3. What is the procedure for opening APY Account?
Approach the bank branch/ post office where an individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
For More Query, you can check the FAQs page here.