- Atal Pension Yojana is Government Backed Pension Scheme announced in the 2015-16 budget to extend pension benefits to people who are working in the unorganized sector. This pension scheme for the unorganized sector workers offers monthly pension in slabs between Rs.1000 to Rs.5000.
- The scheme is administered by the Pension Fund Regulatory and Development Authority(PFRDA) through NPS platform
- APY is eligible to all citizen of India. The age of the subscriber should be between 18 – 40 years. He / She should have a savings bank account.
- The exit from APY is permitted at the age of 60. On exit, the pension would be available to the subscriber.
- In case of death of the subscriber, the pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
- Exit before 60 years of age is not permitted however it is permitted only in exceptional circumstances, i.e., in the event of the death of a beneficiary or terminal disease.
- A subscriber can open only one APY account and it is unique.
- The subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in a year during the month of April.
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