Atal Pension Yojana: Both central and state governments run numerous schemes to benefit the public, and the government has also focused on the needs of the elderly by launching the Atal Pension Yojana. Investing in this scheme at a young age ensures a pension during one’s old age.
Not only does it allow you to qualify for a substantial monthly pension by depositing a small amount, but it also provides benefits to your family in the event of your untimely death. You can open an account under this scheme in just five minutes. Let us explore the details of this scheme.
Who can avail the benefits?
Any Indian citizen can avail the benefits of the Atal Pension Yojana. However, the government has set specific minimum and maximum age limits. To be eligible, an individual must be between 18 and 40 years of age; those older than 40 cannot join the scheme. Similarly, individuals under the age of 18 are not eligible for registration.
Documents required for Atal Pension Yojana
To avail the benefits of the Atal Pension Yojana, you must have a bank account linked to your Aadhaar card. When applying—whether online or offline—you will need to provide your Aadhaar number and bank account details to facilitate the automatic deduction of the monthly premium. Additionally, you need a mobile number and an identity proof document to verify your address.
Understanding the premium amount
The premium payable for the Atal Pension Yojana is quite low. For instance, if you are 18 years old and wish to receive a monthly pension of ₹1,000, you need to deposit only ₹42 per month. If you aim for a monthly pension of ₹5,000, the monthly premium would be ₹2,210. The required contribution amount increases with age.
Find out the pension amount.
Beneficiaries of the Atal Pension Yojana receive a monthly pension ranging from a minimum of ₹1,000 to a maximum of ₹5,000. This pension is paid monthly for the rest of your life after you turn 60. In the event of the beneficiary’s death, the spouse continues to receive the full monthly pension amount. After the demise of both the husband and wife, the accumulated corpus under the Atal Pension Yojana is handed over to the children.
How to become a beneficiary?
Applying for the Atal Pension Yojana is quite simple. You can obtain the application form from the bank where you hold an account. Fill out the form correctly and submit it to the bank. Once the form is submitted, your Atal Pension Yojana account will be opened. The scheme’s premium will be automatically deducted on a monthly or annual basis. You will start receiving pension benefits upon reaching the age of 60.
How to apply
To apply for the Atal Pension Yojana, first visit the mobile app or the link: https://enps.nsdl.com/eNPS/NationalPensionSystem.html.
Next, click on the APY application option.
Fill in all the details from your Aadhaar card.
An OTP will be sent to the mobile number linked to your Aadhaar; enter this OTP in the designated field.
Then, fill in your bank details, including your account number and address.
The bank will verify this information, and your account will be activated.
After this, provide details regarding the nominee and premium payment.
Once the form is e-signed following verification, the registration process for the pension scheme will be complete.