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    Atal Pension Yojana

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    krithik
    The Atal Pension Yojana (APY) scheme was launched in 2015 to provide pension benefits to Indians working in the unorganized sector. The scheme, named after former Prime Minister Atal Bihari Vajpayee, allows individuals between 18-40 to contribute small amounts monthly or annually until they turn 60, at which point they will receive a guaranteed minimum monthly pension ranging from Rs. 1,000 to Rs. 5,000. Contributions and the age of the contributor determine the pension amount. If the contributor dies, their spouse will receive the pension, and if the spouse dies, the nominee will receive the total corpus accrued. The scheme is administered by the Pension Fund Regulatory and Development Authority

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    Atal Pension Yojana

    Uploaded by

    krithik
    104 views2 pages
    The Atal Pension Yojana (APY) scheme was launched in 2015 to provide pension benefits to Indians working in the unorganized sector. The scheme, named after former Prime Minister Atal Bihari Vajpayee, allows individuals between 18-40 to contribute small amounts monthly or annually until they turn 60, at which point they will receive a guaranteed minimum monthly pension ranging from Rs. 1,000 to Rs. 5,000. Contributions and the age of the contributor determine the pension amount. If the contributor dies, their spouse will receive the pension, and if the spouse dies, the nominee will receive the total corpus accrued. The scheme is administered by the Pension Fund Regulatory and Development Authority

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    The Atal Pension Yojana (APY) scheme was launched in 2015 to provide pension benefits to Indians working in the unorganized sector. The scheme, named after former Prime Minister Atal Bihari Vajpayee, allows individuals between 18-40 to contribute small amounts monthly or annually until they turn 60, at which point they will receive a guaranteed minimum monthly pension ranging from Rs. 1,000 to Rs. 5,000. Contributions and the age of the contributor determine the pension amount. If the contributor dies, their spouse will receive the pension, and if the spouse dies, the nominee will receive the total corpus accrued. The scheme is administered by the Pension Fund Regulatory and Development Authority

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    104 views2 pages

    Atal Pension Yojana

    Uploaded by

    krithik
    The Atal Pension Yojana (APY) scheme was launched in 2015 to provide pension benefits to Indians working in the unorganized sector. The scheme, named after former Prime Minister Atal Bihari Vajpayee, allows individuals between 18-40 to contribute small amounts monthly or annually until they turn 60, at which point they will receive a guaranteed minimum monthly pension ranging from Rs. 1,000 to Rs. 5,000. Contributions and the age of the contributor determine the pension amount. If the contributor dies, their spouse will receive the pension, and if the spouse dies, the nominee will receive the total corpus accrued. The scheme is administered by the Pension Fund Regulatory and Development Authority

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    ATAL PENSION YOJANA

    The Inside n Out Episode Number Ten


    Named after the ex-prime minister of India, Atal Bihari Vajpayee, Atal Pension Yojana also
    known as APY Scheme was launched in continuation to the Jan Dhan Yojana Scheme to
    bring those employed in rural and unorganized sector under the ambit of Pension Schemes.
    The idea of the scheme is to provide a definite pension to all Indians.
    It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in
    February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May
    in Kolkata.
    How it works?
    People who work in the private sector or employed in occupations that do not give them the
    benefit of pension can apply for the scheme. They can opt for a fixed pension of INR 1,000 or
    2,000 or 3,000 or 4,000 or 5,000 on attaining the age of 60. The amount of contribution
    and the individuals age will determine the pension. Upon the contributors death, the spouse
    of the contributor can claim the pension and after the spouses death the nominee will be
    returned the corpus accrued.
    Who is Eligible?
    The Atal Pension Yojana (APY) is open to all Indians between the age of 18 and 40. This
    allows an individual to contribute for at least 20 years before reaping the benefits of the
    scheme. Any bank account holder who is not a member of any statutory social security
    scheme can avail of the scheme.
    Government Contribution in Atal Pension Yojana
    As all the previous schemes launched by Narendra Modi, this scheme to has an incentive
    attached with it. If a person enroll in it on or before 31st March 2016 then he or she would be
    getting a government contribution. Government will contribute maximum of Rs 1000 per
    year for first 5 years. The yearly contribution should be more then rs 2000 to get this
    amount. If the yearly contribution (X rs) is less then Rs 2000 then, the person will get Rs
    X/2 as government contribution.
    Important Atal Pension Yojana Features
    If a subscriber Joins APY and opts for a 5000 pension plan and pays his premium as
    mentioned in the chart then he will start getting Rs 5000 pension till he is alive after
    attaining 60 years of age. After subscriber is dead then his/her spouse will get the pension
    amount that subscriber was getting. After both are gone then Nominee will get the corpus
    amount of Rs 8.5 lakhs.

    The Inside n Out Atal Pension Yojana


    Operational Framework of APY
    It is Government of India Scheme, which is administered by the Pension Fund Regulatory
    and Development Authority. The Institutional Architecture of NPS would be utilised to enrol
    subscribers under APY.
    Enrolment agencies
    All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme
    would enrol subscribers through architecture of National Pension System. The banks, as POP
    or aggregators, may employ BCs/Existing non - banking aggregators, micro insurance
    agents, and mutual fund agents as enablers for operational activities. The banks may share
    the incentives received by them from PFRDA/Government, as deemed appropriate.

    THANK YOU!!!

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