Main features of Atal Pension Yojana
Atal Pension Yojana
The Atal Pension Yojana was launched in 2015, to provide financial security by way of pension to persons employed in the unorganized sector across the country along the lines of Jan Dhan Yojana Scheme. Atal Pension Yojana is open to all Indian citizens who is aged between 18 to 40 years. Individuals can choose pension plans ranging from Rs.1000 to Rs.5000. Contribution varies depending on the age and pension plan chosen. One of the unique features of Atal Pension Yojana is that individuals who are already members of other pension and provident fund plans such as PPF and EPF can join Atal Pension Yojana as well. Atal Pension Yojana, therefore, offers guaranteed pension every month after retirement depending on the contributions. There are no tax benefits available for the premiums under section 80C of the Income Tax Act, 1961. Also, the pension which you will receive at the end of the term is taxable.
Premiums
Individuals who wish to join Atal Pension Yojana should pay their premiums via their savings bank account. If they do not already have a savings bank account, they should open one for Atal Pension Yojana. It is important to note that premiums depend on the contributions and age of the account holder under the Atal Pension Yojana.
Main Features of Atal Pension Yojana
The main features of Atal Pension Yojana are listed in the table below:
Features | Description |
Entry Age | Minimum: 18 years Maximum: 40 years |
Eligibility | Indian citizens from the unorganised sector |
Premium Payment | Premium is debited from the account |
Monthly Pension | Minimum: Rs.1000 Maximum: Rs.5000 |
Contribution Period | Depends on entry age of account holder |
Pension Payment | 60 years |
Government Contribution | 50% of total contribution amount or Rs.1000 p.a (whichever is lower) for 5 years |
Discontinuance | 6 months : Account is frozen. 12 months: Account is deactivated 24 months: Account is closed |
Death of subscriber | In the unfortunate event of the death of the subscriber, pension is paid to his or her spouse. Upon death of both spouse and subscriber, pension is paid to the nominee |
Atal Pension Yojana Contribution Chart - Monthly
The following table shows the monthly contribution chart of Atal Pension Yojana
Age | Monthly Pension (Rs.1000) | Monthly Pension (Rs.3000) | Monthly Pension (Rs.5000) |
18 | 42 | 126 | 210 |
28 | 97 | 292 | 485 |
38 | 240 | 720 | 1196 |
40 | 291 | 873 | 1454 |
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