In 2015, pension options for the unorganized sectors finally became a reality in India. Atal Pension Yojana or APY was introduced in place of the Swavalamban Yojana that existed before. The latter provision was not well received, which is why the APY replaced it. Here is a look at some of the features of the scheme and what it brings to the table.
Eligibility for the scheme
You are eligible for the scheme if you are a citizen of India with a valid bank account. You should also be between the ages of 18 and 40 in order to qualify for the pension yojana.
Monthly payments or premiums
The premium depends on the amount of pension you want to receive after you turn 60. The scheme offers pensions starting from Rs. 1000 and go all the way to Rs. 5,000 every month. So, if you want a pension of Rs. 5,000 after you turn 60, you will have to pay higher premiums compared to the amount of premium you will have to pay for receiving Rs. 3,000 after reaching 60 years of age.
The premium also depends on the age at which you enrol for APY. The earlier you join, the lower will be the amount of your monthly premium and vice versa.
Benefits of the pension scheme
1. The scheme allows people working in the unorganized sector to receive a steady flow of money even after retirement. This pension is guaranteed and can be very useful for economically challenged people in the society.
2. Even if the subscriber dies, the spouse will continue to receive the same amount of pension for the rest of his/her life. Furthermore, after the death of both the subscriber and his/her spouse, the nominee in the plan will be set to receive the pension every month.
3. Atal Pension Yojana offers a flexible range for the amount of pension that a person wants. Moreover, the subscriber can change the amount at any point of time prior to turning 60. This can be very useful in case of financial emergencies, which may prevent the subscriber from paying the premium required for receiving a higher amount of pension.
How to apply for APY?
Signing up for the Atal Pension Yojana is very simple. All you need to do is to visit the bank or post office where you have a savings account. If you do not have such an account, you can open one prior to opting for APY. Next, fill up the APY form and submit the same. You can also opt for the pension scheme online.
The Atal Pension Yojana (APY) is a great financial tool that will empower all individuals employed in the unorganized sector by providing them a steady flow of money every month after retirement.
Eligibility for the scheme
You are eligible for the scheme if you are a citizen of India with a valid bank account. You should also be between the ages of 18 and 40 in order to qualify for the pension yojana.
Monthly payments or premiums
The premium depends on the amount of pension you want to receive after you turn 60. The scheme offers pensions starting from Rs. 1000 and go all the way to Rs. 5,000 every month. So, if you want a pension of Rs. 5,000 after you turn 60, you will have to pay higher premiums compared to the amount of premium you will have to pay for receiving Rs. 3,000 after reaching 60 years of age.
The premium also depends on the age at which you enrol for APY. The earlier you join, the lower will be the amount of your monthly premium and vice versa.
Benefits of the pension scheme
1. The scheme allows people working in the unorganized sector to receive a steady flow of money even after retirement. This pension is guaranteed and can be very useful for economically challenged people in the society.
2. Even if the subscriber dies, the spouse will continue to receive the same amount of pension for the rest of his/her life. Furthermore, after the death of both the subscriber and his/her spouse, the nominee in the plan will be set to receive the pension every month.
3. Atal Pension Yojana offers a flexible range for the amount of pension that a person wants. Moreover, the subscriber can change the amount at any point of time prior to turning 60. This can be very useful in case of financial emergencies, which may prevent the subscriber from paying the premium required for receiving a higher amount of pension.
How to apply for APY?
Signing up for the Atal Pension Yojana is very simple. All you need to do is to visit the bank or post office where you have a savings account. If you do not have such an account, you can open one prior to opting for APY. Next, fill up the APY form and submit the same. You can also opt for the pension scheme online.
The Atal Pension Yojana (APY) is a great financial tool that will empower all individuals employed in the unorganized sector by providing them a steady flow of money every month after retirement.
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