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atal pension yojana (apy) scheme 2021 details and apy scheme age limit

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atal pension yojana: apy scheme was launched in order to ensure social security and welfare of the citizens during their old age, atal pension yojana age limit of beneficiaries should be 18 to 40 years. The Government of India in association with the Pension Fund Regulatory and Development Authority (PFRDA) has started the atal pension yojana, which provides guaranteed pension to its subscribers.

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APY scheme has been launched and atal pension yojana eligibility, people engaged in the unorganized sector or those whose income is below the poverty line. Under the atal pension yojana scheme, more than 3.3 crore citizens have registered until August 2021. The policyholder and their spouses will receive a fixed pension every month after 60 years of age. After registration, the policyholders are issued an ePRAN Card which has all the contribution details of the pension plan. In this article, we have described in detail atal pension yojana scheme, atal pension yojana benefits, atal pension yojana eligibility, atal pension yojana online apply, atal pension yojana age limit.

atal pension yojana 2021 latest news

Latest Update: atal pension yojana online application link given below

atal pension yojana overview

CategoryYojana
Scheme atal pension yojana
Launched Year2015
APY age limitBeneficiary age from 18 – 40 years
Pension Amount Rs. 1000/- to Rs. 5000/-
Official website www.npscra.nsdl.co.in

Atal Pension Yojana Scheme details

atal pension yojana scheme details: The Government of India under the leadership of Prime Minister Narendra Modi has started the atal pension yojana under which a minimum pension of Rs.1000/- is guaranteed to its policyholders after completion of 60 years of age. The maximum pension that can be given under atal pension yojana is Rs. 5,000/- This amount is given to the subscriber and their spouse equally every month after the subscriber reaches 60 years.

In case both of them expire, the total amount collected by the subscriber is given to the nominee mentioned in the policy. The Atal Pension Yojana has been one of the most successful national pension schemes for the social welfare of citizens launched by the government.

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Until August 2021, almost 3.35 crore citizens have enrolled for benefits under the APY 2021. Of these, 28 lakh new subscribers are in the current financial year 2020-21 itself. Of the total subscribers, about 78% of them have opted for an Rs. 1,000/- pension plan while 14% of them have opted for Rs. 5,000/- pension plan. Also, more than 40% of the enrollments have come from people between the ages of 18 to 25 years.

atal pension yojana online apply process

In order to enroll for the benefits of the APY 2021, the interested people should follow the guidelines given below:

For atal pension yojana online apply forms:

atal pension yojana online apply
  • On the left hand column, click on the “Forms” link. 
atal pension yojana online apply form
  • This will open a new page, with links to two different forms 
    • APY Subscriber Registration Form – For new registrations
    • APY Subscriber Registration Form (Swavalamban Yojana Subscribers) – For people who want to migrate from the Swavalamban Yojana to APY.
  • Click on the PDF icon in front of the form applicable to you.
  • This will open the form in your browser window.
  • Download this form and take a printout.
  • Fill in all the details mentioned in the form such as personal, bank, pension, FATCA declaration and most importantly nominee details.
  • Attached the relevant documents with this form and submit it to your bank.
  • The bank will then process the application and you will receive a confirmation message on the registered mobile number upon successful policy registration.

For Offline Forms:

The forms are also available with the bank where you hold an account. You can take the form from them, fill in all the details, attach the relevant documents and submit them to the bank.

APY Pension Account Statement / ePRAN Card Download Process

To download the APY account statement the policyholder can check the details of his contribution made to the pension policy online and also check his ePRAN Card. For this, they will be required to follow the guidelines given below:

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  • Visit the official NSDL website at www.npscra.nsdl.co.in
  • In the left hand column, click on the “Enrollment details of APY” link.
  • This will open a new page, where you will have to click on the link for account statement or ePRAN Card
  • In the new window, you will have an option to search using PRAN number or name.
  • Click on the relevant option and fill in the details asked such as registered bank account number, date of birth.
  • After this select the type of information required from the drop down.
  • Enter the captcha code given and then click on the “Submit” button.
  • This will open the details in your browser.
  • You can Download this information or take a printout as per your choice.

atal pension yojana benefits

The policyholders will receive the following benefits under the atal pension yojana scheme:

  • Upon registration, the subscriber will receive a Permanent Retirement Account Number (PRAN) which is to be used for all pension related transactions.
  • The spouse of the policy holder will also receive an equal amount of pension every month as that of the policy holder.
  • In case of death of both policy holder and spouse, the entire accumulated amount will be given to the nominee.
  • The Central Government will contribute Rs. 1,000/- or 50% of yearly contribution (whichever is lower) to the pension fund.

atal pension yojana eligibility

The PFRDA has laid down the following guidelines for people who can avail of the benefits of this scheme:

  • The policy holder must not be paying income taxes in India.
  • The policy holder should not be availing benefits under other any statutory social security schemes.
  • They must be a citizen of India and ages between 18 and 40 years.
  • The policyholders are required to make contributions towards the policy for a minimum of 20 years.
  • They must hold a bank account with any bank in India and the account must be linked to their Aadhaar card.
  • They must have a registered and valid mobile number for all messages.

atal pension yojana chart

atal pension yojana chart
atal pension yojana chart

Precautions to be taken for APY Pension Plan

The policyholders must take care to ensure that the following care is taken while handling the APS Policy:

  • Since the contributions to the APY are periodic and deducted from your bank account automatically; ensure that sufficient balance is kept at all times in the bank account.
  • In case of defaults in contribution payments, a penalty of Rs. 1 per Rs. 100 contribution is levied every month.
  • The APY 2021 account is frozen in case the default in contributions is more than six months.
  • If the contribution is defaulted for more than 12 months, then the account is automatically closed and the accumulated balance is transferred to the policy holder’s account.
  • The pension fund amount can only be withdrawn in case the terminal illness or death of policy holder. 
  • The government will not pay the co-contribution of 50% of annual contribution or Rs.1,000 (whichever is less) in case the pension amount is withdrawn or policy is closed before maturity. In such cases, only accumulated contribution plus interest on the amount will the given back. 

It must be noted that in case the policyholder dies before 60 years, the spouse (or nominee) can continue the contribution up to 60 years and receive a pension as per policy or they can withdraw the entire amount contributed till that date. 

APY scheme 2021 FAQs

Can I open an Atal Pension Yojana account without holding a savings account?

It is mandatory to hold a savings bank account while applying for the APY scheme.

How much pension will be received under APY?

Minimum guaranteed monthly pension of Rs 1,000/- or 2,000/- or 3,000/- or 4,000 or
5,000/- per month will be given from the age of 60 years onwards depending on the
contributions by the subscribers.

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