I come to know about this excellent pension scheme just now after listening respected Prime minister Narendra Modi Ji's independence day speech. Since many Indians works in private sector where there is no pension and Indian provides no social security to its citizen like European nations, it's very important for individuals to take care of their retirement and pension need. In order to encourage and help people, Narendra Modi government has launched Atal Pension Yojna on 1st June 2015. It's like Swablamban Scheme already running with NPS (New Pension System).
After launching couple of popular scheme like Sukanya Samriddhi Yojna to increase saving for girl child, Pradhan Mantri Jan Dhan yojna to encourage peoples to open bank account by offering them insurance coverage at free and lower cost and Pradhan Mantri Suraksha Bima Yojana to provide Rs 2 lakh insurance coverage at an annual premium of just Rupee 12 a year, Atal Pension Yojna is a new scheme in Social Security Sector from our beloved Prime minister Narendra Bhai Modi. The aim of Atal Pension Yojna or APY is to provide a pension up to Rs 5000 per month to all citizen working in unorganized sector after age of 60.
My hunger to know more about new scheme launched by Modi Ji's government led me to know about this scheme, but why not launch a social security scheme like developed country, of course with some contribution from citizen and some contribution from the government? I am afraid too many yojanas or scheme will lead dilution of goals and create more confusion among citizen who already thinks finance and banks are hectic.
After launching couple of popular scheme like Sukanya Samriddhi Yojna to increase saving for girl child, Pradhan Mantri Jan Dhan yojna to encourage peoples to open bank account by offering them insurance coverage at free and lower cost and Pradhan Mantri Suraksha Bima Yojana to provide Rs 2 lakh insurance coverage at an annual premium of just Rupee 12 a year, Atal Pension Yojna is a new scheme in Social Security Sector from our beloved Prime minister Narendra Bhai Modi. The aim of Atal Pension Yojna or APY is to provide a pension up to Rs 5000 per month to all citizen working in unorganized sector after age of 60.
My hunger to know more about new scheme launched by Modi Ji's government led me to know about this scheme, but why not launch a social security scheme like developed country, of course with some contribution from citizen and some contribution from the government? I am afraid too many yojanas or scheme will lead dilution of goals and create more confusion among citizen who already thinks finance and banks are hectic.
What is Atal Pension Yojna?
As I said its a scheme to provide pension up-to Rs 5000 per month to people working in the unorganized sector like agriculture in their older age i.e. after 60 years, but all citizens of India aged between 18 to 40 years can join this scheme. Only KYC compliant bank account is mandatory.The scheme was launched on 1st June 2015 and will be governed by Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension yojna will be mainly focused on people joining National Pension System or New Pension System, also known as NPS from unorganized sector. Now let's learn some eligibility criteria and some fact about Atal Pension Yojna
What are the minimum and maximum age to Join Atal Pension Scheme?
The minimum age to join this scheme is 18 years and maximum is 40 years.
How much pension will you receive by joining Atal Pension Yojna?
The amount of Pension you receive after the age of 60 years per month is in the range of Rs 1,000 to 5,000 per month, which mainly depends on upon your own contribution and how long you contributed. Since maximum age to join APY is 40 years and you start getting pension once you turned 60 years, at minimum 20 years you have to contribute and build your corpus.
What is the guarantee of receiving pension?
The fixed pension is guaranteed by Government but how much you will get depends on your own contribution.
What will happen to people who has already joined Swavlamban Scheme in NPS?
All the existing subscriber of Swavlamban Yojna would be automatically migrated to the Atal Pension Yojna unless they choose not to join.
How to join Atal Pension Yojna?
You can open Atal Pension Yojna by visiting branches of major banks registered with PFRDA, they are authorized to open the account as well as to provide more information e.g. ICICI Bank is registered with PFRDA to provide APY related services. For joining this scheme you can also submit Subscriber Registration Form to your nearest ICICI bank.
Who can join Atal Pension Yojna?
Initially it was for people from unorganized sector e.g. labors, fruit sellers, hawkers, workers working in small shops, factory and another outlet who do not enjoy any benefit can join this scheme, but now any Indian citizen of age 18 to 40 years with a KYC complaint bank account can join this scheme.
That's all about Atal Pension Yojna, which is quite similar to existing Swavlamban Yojna available along with National Pension Scheme (NPS). It's not for NRI, PIO, Software Engineers, people working in offices but for poor peoples working on streets, houses, farms etc. As they are the one who is mostly away from the internet, its highly unlikely they will come to know about this scheme but we can at-least spread the word using WhatsApp, Facebook, and Twitter. Though, Thanks to PM for mentioning this scheme on his Independence Scheme, at-least many more people will know about it and take benefit
What are the minimum and maximum age to Join Atal Pension Scheme?
The minimum age to join this scheme is 18 years and maximum is 40 years.
How much pension will you receive by joining Atal Pension Yojna?
The amount of Pension you receive after the age of 60 years per month is in the range of Rs 1,000 to 5,000 per month, which mainly depends on upon your own contribution and how long you contributed. Since maximum age to join APY is 40 years and you start getting pension once you turned 60 years, at minimum 20 years you have to contribute and build your corpus.
What is the guarantee of receiving pension?
The fixed pension is guaranteed by Government but how much you will get depends on your own contribution.
What will happen to people who has already joined Swavlamban Scheme in NPS?
All the existing subscriber of Swavlamban Yojna would be automatically migrated to the Atal Pension Yojna unless they choose not to join.
How to join Atal Pension Yojna?
You can open Atal Pension Yojna by visiting branches of major banks registered with PFRDA, they are authorized to open the account as well as to provide more information e.g. ICICI Bank is registered with PFRDA to provide APY related services. For joining this scheme you can also submit Subscriber Registration Form to your nearest ICICI bank.
Who can join Atal Pension Yojna?
Initially it was for people from unorganized sector e.g. labors, fruit sellers, hawkers, workers working in small shops, factory and another outlet who do not enjoy any benefit can join this scheme, but now any Indian citizen of age 18 to 40 years with a KYC complaint bank account can join this scheme.
That's all about Atal Pension Yojna, which is quite similar to existing Swavlamban Yojna available along with National Pension Scheme (NPS). It's not for NRI, PIO, Software Engineers, people working in offices but for poor peoples working on streets, houses, farms etc. As they are the one who is mostly away from the internet, its highly unlikely they will come to know about this scheme but we can at-least spread the word using WhatsApp, Facebook, and Twitter. Though, Thanks to PM for mentioning this scheme on his Independence Scheme, at-least many more people will know about it and take benefit
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