Atal Pension Yojana:
Atal Pension Yojana (APY) is a new and helpful yojana announced by Finance Minister for the people who are not members of any Social Security Scheme. In lay man’s language, this scheme is for the people working in private sector, whose jobs are not pensionable. Who have spent their whole life in private jobs dreaming of one or the other way to get pensions for rest of their lives. So, our FM has made their dream come true. Read on to know more about the yojana.
A person gets a certain amount as pension that depends upon the age of joining the scheme and the amount they contribute. This may vary from 1000 to 5000 per month.
Benefits:
One of the major benefits and contribution by the central government is that they will contribute either 50% of the user’s contribution or Rs. 1000 per year for 5 years time period. If you are an Income Tax payee and you enroll for this scheme before 31st December, 2015**. Another benefit is to the members of Swavalamban scheme, those will be transferred automatically to this scheme.
**The scheme has already been launched on 1st June, 2015.
Eligibility:
Anyone who has:
- a bank account.
- not a member of statutory social security scheme.
- age between 18 and 40 years.
That’s it.. This also concludes to a fact that minimum time of contribution to the scheme is 20 years.
Contribution:
A total of 5 plans are provided under this scheme out of which you can choose one for yourself. Each plan has different pension payments and contributions. The pension will be provided to the user and his spouse. A fixed amount – nominal one is to be paid every month by the enrolled person.
For example, the below given table is for the people who are willing to have a fixed pension of Rs. 1000.
| Age Of Joining | Years Of Contribution | Indicative Monthly Contribution (in Rs.) | Monthly Pension To Subscribers and to his spouse (in Rs.) | Indicative Return Of Corpus To the Nominee Of the Subscriptions (in Rs.) |
| 18 | 42 | 42 | 1,000 | 1.7 Lakh |
| 20 | 40 | 50 | 1,000 | 1.7 Lakh |
| 25 | 35 | 76 | 1,000 | 1.7 Lakh |
| 30 | 30 | 116 | 1,000 | 1.7 Lakh |
| 35 | 25 | 181 | 1,000 | 1.7 Lakh |
| 40 | 20 | 291 | 1,000 | 1.7 Lakh |
Similarly is the contribution amount for 2000, 3000, 4000 and 5000 respectively.
| Age Of Joining | Years Of Contribution | Indicative Monthly Contribution (in Rs.) | Monthly Pension To Subscribers and to his spouse (in Rs.) | Indicative Return Of Corpus To the Nominee Of the Subscriptions (in Rs.) |
| 18 | 42 | 84 | 2,000 | 3.4 Lakh |
| 20 | 40 | 100 | 2,000 | 3.4 Lakh |
| 25 | 35 | 151 | 2,000 | 3.4 Lakh |
| 30 | 30 | 231 | 2,000 | 3.4 Lakh |
| 35 | 25 | 362 | 2,000 | 3.4 Lakh |
| 40 | 20 | 582 | 2,000 | 3.4 Lakh |
| Age Of Joining | Years Of Contribution | Indicative Monthly Contribution (in Rs.) | Monthly Pension To Subscribers and to his spouse (in Rs.) | Indicative Return Of Corpus To the Nominee Of the Subscriptions (in Rs.) |
| 18 | 42 | 126 | 3,000 | 5.1 Lakh |
| 20 | 40 | 150 | 3,000 | 5.1 Lakh |
| 25 | 35 | 226 | 3,000 | 5.1 Lakh |
| 30 | 30 | 347 | 3,000 | 5.1 Lakh |
| 35 | 25 | 543 | 3,000 | 5.1 Lakh |
| 40 | 20 | 873 | 3,000 | 5.1 Lakh |
| Age Of Joining | Years Of Contribution | Indicative Monthly Contribution (in Rs.) | Monthly Pension To Subscribers and to his spouse (in Rs.) | Indicative Return Of Corpus To the Nominee Of the Subscriptions (in Rs.) |
| 18 | 42 | 168 | 4,000 | 6.8 Lakh |
| 20 | 40 | 198 | 4,000 | 6.8 Lakh |
| 25 | 35 | 301 | 4,000 | 6.8 Lakh |
| 30 | 30 | 462 | 4,000 | 6.8 Lakh |
| 35 | 25 | 722 | 4,000 | 6.8 Lakh |
| 40 | 20 | 1164 | 4,000 | 6.8 Lakh |
| Age Of Joining | Years Of Contribution | Indicative Monthly Contribution (in Rs.) | Monthly Pension To Subscribers and to his spouse (in Rs.) | Indicative Return Of Corpus To the Nominee Of the Subscriptions (in Rs.) |
| 18 | 42 | 210 | 5,000 | 8.5 Lakh |
| 20 | 40 | 248 | 5,000 | 8.5 Lakh |
| 25 | 35 | 376 | 5,000 | 8.5 Lakh |
| 30 | 30 | 577 | 5,000 | 8.5 Lakh |
| 35 | 25 | 902 | 5,000 | 8.5 Lakh |
| 40 | 20 | 1454 | 5,000 | 8.5 Lakh |
So get benefit of this Govt. scheme as soon as possible to make your future more secure and live happily in old age with out any kind of money problem.