Atal Pension Yojna (2020)

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atal pension yojana
atal pension yojana 2020

Atal Pension Yojna

Financial planning has been redefined again by the government, this time improvisation came in benefit of the unorganized sector like drivers, maid, and watchman, etc under Atal Pension Yojna introduced in June 2015 by the government. 

Atal pension yojana Eligibility

  • One should in between 18 to 40 years old. 
  • One should be an Indian citizen. 
  • One Should have a Bank Account.  

How much to pay and how to pay. 

Atal pension yojana is a systematic pension plan and promises to give a certain amount ie between Rs 1000 to 5000 as a pension. Monthly contribution relies upon how much you want as monthly pension. Contributions end and pension start at 60 years of age. For example, if someone takes Atal pension yojana at 40 years of age he needs to pay a premium for 20 years to avail of the pension. You can ask the bank for further details. 

Advantages of scheme 

Atal pension yojana provides a guaranteed pension of Rs 1,000 to Rs 5,000 to who enrolls in the scheme. The scheme also the person to change the pension amount (increase or decrease) till the age of 60 and this is allowed to do once in a year only. 

In case of policy, the holder dies the spouse will get the money on his place till she dies. And if the policyholder and spouse dies, the nominee gets the amount that the policyholder had saved till the 60 years of age. 

In the case where the policyholder dies before 60 years, the spouse will have the right to either exit, take the accumulated amount or continue the scheme the account under the policy holder’s name for the remaining years. The spouse of the policyholder will get the same amount as in the case of policyholder it was. 

Atal pension yojana Exceptions

However if you are already taxpayer or in another social security scheme, then you are not eligible for the scheme. For example, if one is getting benefits from the below social security scheme or through any other scheme :

1. Employees’ Provident Fund & Miscellaneous Provision Act, 1952.

2. The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.

3. Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.

4. Seamen’s’ Provident Fund Act, 1966.

5. Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.

6. Any other statutory social security scheme.

How to apply 

Contact bank branch or post office where you operating savings bank account or if you not having one currently, fill the scheme form to take the policy. 

If you are friendly with internet services you can do the same procedure online and can do transactions via net banking. The premium will be auto-debited from account till you attain 60Years of age. 

Withdrawal procedure

How to close your Atal pension yojana.

Step 1: Contact the respective bank’s branch where your Atal pension yojana account is maintained.

Step 2: Fill the required form asked by the bank to close Atal pension yojana and submit to the office of that particular branch and write an application to close the account.

Step 3: Wait for the one or two months, your contributed amount so far will get credited in the account.

What’s the minimum contribution in Atal Pension Yojna

You can contribute anywhere between ₹ 42 to 210 per month if you are taking these schemes from 18 years of age.

If you are starting your Atal pension scheme from the 40+ age group, the contribution will be ₹ 291 to 1454 per month.

When completing 60 years of age:

After attaining the age of 60 years, contact your concerned bank or post office and do the withdrawing formalities. 

 If in case of policyholder dies after 60 years, the same amount of monthly pension will be payable to the spouse. 

Exit before 60 Years:

As per official circular dated May 2, 2016, voluntary exit from Scheme is not allowed. However certain case of exceptional circumstances like illness death of the policyholder it can be allowed.

https://www.india.gov.in/

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