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Atal Pension Yojana - Features, Benefits, Details etc.

Updated On Aug 09, 2021

Atal Pension Yojana is a government introduced scheme, which was announced in the 2015-16 budget with a major purpose of helping individuals who are working in the unorganized sector. Atal Pension Yojana helps the people who are working in the unorganized sector to save their money for their retirement. Atal Pension Yojana is a risk-free savings scheme. This scheme provides you a pension of Rs. 5,000 per month. The government also co-contributes in the Atal Pension Yojana. 

Objectives of Atal Pension Yojana 

Following are the main objectives of Atal Pension Yojana Scheme:

  • Financial protection of the senior citizens against illness, accidents, diseases etc.
  • This scheme is curated for people who are 60 years and above and are working in the unorganized sector. 
  • Risk-free savings scheme for senior citizens

Eligibility Criteria for Atal Pension Yojana

Below mentioned is the eligibility criteria for Atal Pension Yojana:

  • When applying for Atal Pension Yojana you must an Indian citizen
  • Anybody who is between the age of 18 - 40 years can apply for Atal Pension Yojana
  • You should have an active mobile number
  • You should have a bank account linked to your Aadhaar card
  • You shouldn't have an existing Atal Pension Yojana Account

Features and Benefits of Atal Pension Yojana

Following are the features and benefits under the Atal Pension Yojana account:

  • Government of India promises to provide minimum pension to the to an individual after retirement
  • All bank holders can join the Atal Pension Yojana Scheme
  • An individual shall start receiving pension as soon as he/she completes 60 years of age
  • Any person from the private sector who is not provided with pension benefits are also eligible to apply for Atal Pension Yojana
  • Flexibility to receive a fixed pension of Rs. 1,000, 2,000, 3,000, 4,000 and 5,000 once you complete the age of 60 years.
  • In case of your unforeseen demise during the Atal Pension Yojana Scheme, the beneficiary can choose to claim the contributions or complete the duration of the scheme. 

How to Apply for Atal Pension Yojana?

Mentioned below are the steps which will help you apply for Atal Pension Yojana:

  • Visit your nearest bank branch office to apply for the Atal Pension Yojana
  • Atal Pension Yojana Subscriber Registration Form is available on the bank websites and you can download the application form.
  • The application form available in several languages such as Gujrati, English, Telugu, Tamil, Marathi, Bangla etc. 
  • The form must be filled with Bank, Personal and Pension Details and should be submitted.
  • You must provide a valid mobile number and photocopy of your Aadhar Card.

Atal Pension Yojana Withdrawal Procedure

Although Atal Pension Yojana does not allow exiting the scheme before the individual turns 60 but following is withdrawal procedure of Atal Pension Yojana:

  • If an individual completes 60 years of age: Once an individual completes 60 years of age, he/she can exit the scheme with complete annuitisation of the pension amount. You can visit the bank and apply for pension as per your requirements.
  • Exiting the scheme before an individual turns 60 years of age: You can only exit the scheme before turning 60 years of age under difficult circumstances such as terminal illness of untimely demise during the Atal Pension Scheme tenure. In case of your unforeseen demise during the Atal pension scheme, your spouse will have an option to complete the duration of the scheme or claim the total contributions. 

Must Read: 

All About National Pension Schemes

Top 9 Best Retirement Plans In 2021

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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