Everything You Need To Know About Atal Pension Yojana
Published On Jun 17, 2021
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More often than not, we tend to worry about our financial security after retirement. It is rightly so because we lose a form of regular and stable income when we retire. However, the Atal Pension Yojana is an effective pension scheme to soothe your worries regarding your income and financial stability after retirement.
What is Atal Pension Yojana?
Launched in 2015, the Atal Pension Yojana is a pension scheme by the Government of India and is regulated by the Pension Fund Regulatory and Development Authority. Both government, as well as non-government service employees, can apply under this scheme.
It is especially beneficial to all those who work in the private sector because they usually do not provide a pension scheme. The aim is to help every Indian citizen with their financial burdens even after they retire. However, applicants should not be part of any other social security schemes like provident funds.
What is Fixed Pension Benefit Under Atal Pension Yojana?
Under the Atal Pension Yojana scheme, there is also the option to avail of a fixed pension amount if you are 60 years and above. This amount can vary between 1000 INR to 5000 INR and usually depends on your age and funds.
This pension amount is also payable to the spouse in case of the death of the policyholder. If it is before you turn 60, your spouse can either exit the scheme or choose to continue it. Furthermore, in case of the spouse's death, it is passed on to the nominee, who receives the entire sum that had been saved up.
How to Apply For Atal Pension Yojana?
If you are interested in applying to the Atal Pension Yojana, follow these steps:
1. Visit any national bank or their website to avail of the Atal Pension Yojana form. All national banks are authorised to offer this pension scheme.
2. Once you are completed with the form, check all the information you have filled in and submit it to the bank.
3. Submit additional documents as instructed like passport-sized photographs, aadhar cards, etc.
4. Your application will be submitted for approval. Once it is issued, you will receive a confirmation message.
Advantages of the Atal Pension Yojana
There are several advantages to the Atal Pension Yojana. Take a look at them below.
1. Trustworthy Investment
One of the biggest advantages of this scheme is that it is trustable. Since it is a government scheme, it is regulated by authentic organizations.
2. Secured Investment
The Atal Pension Yojana is very beneficial when it comes to providing financial security to retired individuals. It is especially helpful if you work with a private organization as they do not provide pension schemes to their employees.
3. Easy to Maintain
Since the contribution to this pension scheme is auto-debited from your account, it is easier to maintain. This also ensures you do not forget to pay.
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.