Atal Pension Yojana launched by the Government of India in 2015, is an important pension scheme, which aims to provide financial security to the people of the unorganized sector in old age. This scheme is named after former Prime Minister Shri Atal Bihari Vajpayee.
This scheme is specially designed for those who cannot avail the pension schemes of the government or organized sector. In this post, we will know in detail the information related to Atal Pension Yojana.
Objectives and benefits of the scheme
The main objective of Atal Pension Yojana is to make citizens self-reliant in old age. Under this scheme, a pension is available after the age of 60 years, which can range from Rs 1,000 to Rs 5,000 per month.
This amount depends on the contribution made by the person and his age. The biggest advantage of this scheme is that this pension scheme runs for a lifetime, which secures the future of the person’s old age.
Eligibility and required documents
The age of the applicant for Atal Pension Yojana should be between 18 to 40 years. Apart from this, the applicant must have a bank account and an Aadhar card.
Necessary documents like an Aadhar card, identity card, birth certificate, and bank account are required to join this scheme.
Process of joining the scheme
It is quite easy to join the Atal Pension Yojana. For this, the person has to go to the nearest bank branch and fill out the application form.
In the application form, the applicant has to enter his personal information, bank account number, Aadhar number, etc.
After this, the person has to select the amount of monthly contribution, which he will continue to deposit till the age of 60. After the age of 60, the applicant starts getting a monthly pension.
Features of the scheme
Guaranteed pension: Under this scheme, a guaranteed pension is available after the age of 60, which depends on the deposit amount and age of the person.
Government contribution: If a person joins the scheme between the ages of 18 to 40 years and contributes regularly, then the government also contributes to his account.
This contribution was made for 5 years, which was available to those who joined the scheme before 2020.
Nominee facility: If the pensioner dies, then his family also gets the benefit of a pension. For this, the information of the nominee has to be given at the time of application.
Contribution as per convenience: A person can choose the amount of contribution as per his convenience. Apart from this, he can also reduce or increase this amount once a year.
Importance of the scheme
The importance of Atal Pension Yojana also increases because the number of people in the unorganized sector in India is very high, who do not get the benefit of any kind of pension scheme in old age. Through this scheme, they can not only secure their old age but will not have to depend on anyone in the future.