Atal Pension Yojana: Check eligibility, benefits and other details

New Delhi: In recent years, the Indian government has introduced a host of schemes for the benefit of the common people. These schemes have been designed for the advantage of those people who are deprived of the amenities needed to lead a comfortable life. One of them is the Atal Pension Yojana which has benefited the marginalised people greatly.

The Atal Pension Yojana (APY) is a pension scheme for the Indian citizens. The aim of the scheme is to benefit the unorganized sector workers. Under the APY, the guaranteed minimum pension of Rs 1,000 or Rs 2,000 or Rs 3,000 or Rs 4,000 or Rs 5,000 per month will be given at the age of 60 years depending on the contributions by the subscribers.

Returns of the Atal Pension Yojana

As has been mentioned, the Atal Pension Yojana is a pension scheme for unorganised sector workers. Under the EPY, each subscriber shall receive a guaranteed minimum pension of Rs 1000 per month or Rs. 2000 per month or Rs 3000 per month or Rs 4000 per month or Rs 5000 per month, after the age of 60 years until death.

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Eligibility of Atal Pension Yojana

• To join the APY, the minimum age is 18 years and the maximum age is 40 years.
• The age of exit and start of pension is 60 years.
• The applicant should have a savings bank account or post office savings bank account.
• The subscribers have to contribute the prescribed contribution amount from the age of joining APY till the age of 60 years.

Benefits of Atal Pension Yojana

• The government guarantees the benefit of a minimum pension under the scheme. If the actual realized returns on the pension contributions are less than the assumed returns for minimum guaranteed pension, the government would fund the shortfall.
• If the subscriber passes away, the spouse will receive the same pension amount as that of the subscriber until death.
• If both the subscriber and the spouse pass away, the nominee of the subscriber will receive the pension wealth, as accumulated till the age of 60 years of the subscriber.
• The money deposited to the Atal Pension Yojana is eligible for tax benefits like the National Pension System (NPS) under Section 80CCD(1).
• Above all, the Atal Pension Yojana has been designed to help the workers of the unorganised sector and provide them with a fixed income after the age of 60.