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    Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply

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    10 minutes, 49 seconds

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    en

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    Atal pensan yojna

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    Atal pensan yojna

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    Pension ✓ Pensioner ✓ Contribution ✓ Subscribers

    Summary:    

    • Ever since the BJP found to generator at the centre, PM Narendra Modi, FM Arun Jaitley and the Cabinet have worked towards promulgation of recent schemes that give financial security to the common man.
    • The strategy intends to bring pension benefits to people of the unorganised sector so that they can enjoy social security with a minimal contribution per month.
    • How to trail ‘Atal Pension Yojana’ account A scarce months back, the mortgage ministry had also begun a facility whereby subscribers can view online their statement of the transaction.

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      disclosed on: November 22, two thousand and eighteen | restored on: August 27, two thousand and nineteen fiscal addition and a universal social security system have been active on the NDA government’s agenda. Ever since the BJP found to generator at the centre, PM Narendra Modi, FM Arun Jaitley and the Cabinet have worked towards promulgation of recent schemes that give financial security to the common man. The first path towards the achievement of social security was the rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY). With stage I being proclaimed a serious success and 1.8 crore accounts having been opened across the country, the government flagged off three new schemes on May 9, 2015: two insurance schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana) and one pensioner scheme (Atal Pension Yojana). This is asked step II of the PMJDY since it was critical to get people into mainstream banking before any benefits could be extended to them . Atal pensioner Yojana “ As our youthful nation ages, it is also leaving to be pension-less. provided by the success of the Pradhan Mantri Jan Dhan Yojana, I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in obsolete age,” said Finance Minister Jaitley in his 2015-16 Union Budget speech. In continuing with this ideal, a racial pensioner Scheme, the Atal Pension Yojana was effected from May 2015. The strategy intends to bring pension benefits to people of the unorganised sector so that they can enjoy social security with a minimal contribution per month. People who work in the privileged sector or are engaged in occupations that do not give them the benefit of pension can apply for this scheme. They check opt for a fixed pensioner of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on obtaining the adolescence of 60. The number of contribution and the individual’s age fing determine the pension. Upon the contributor’s death, the husband of the contributor keep claim the pension and after the spouse’s death, the nominee will be returned the corpus accrued. The quantity examined under the scheme is to be managed by Pension Funds Regulatory and Development Authority of India (PFRDA) as per the business pattern interpret by the Government of India. specific claimant fing have no choice of pension funds or investment allocation Benefits of Atal Pension Yojana (APY) The Atal pensioner Scheme fing bring security to ageing Indians while at the equal time promote a culture of savings and investment among the lower and lower-middle-class sections of society. One of the crucial interest of the scheme may be enjoyed by the inferior sections of society. The country of India settled to contribute 50% of the user’s contribution or INR 1,000 a year (whichever is lower) for a period of five years. This contribution, however, was reveled only by those who were not earnings taxpayers and those who joined the scheme before December 31, 2015. tariff Benefits: Also, as per the round escapinged by the wealth Tax department, contributions to the Atal Pension Yojana (APY) are now single for the equal tariff benefits as the National Pension System (NPS). The tariff benefits involve an extra deduction of up to Rs 50,000 under section 80CCD(1) of the Income Tax Act, over and above 80C tax benefits. Other Benefits: One admits a guaranteed monthly pensioner ranging from Rs. 1000-5000. In example of the death of the subscriber, the pension brings to his/ her spouse. In case both dies, then the entire corpus is given to the nominees. Exit Policy: The subscribers to the scheme are even allowed to have a premature exit but only in exceptional circumstances, like in the case of terminal disease or death. Who is Eligible for Atal Pension Yojana? The Atal pensioner Yojana (APY) is available to all Indians between the age of eighteen and 40. This accepts an individual to contribute for at least twenty years before reaping the benefits of the scheme. Any bank finance holder who is not a member of any authoritative social security scheme check avail of the scheme. All persisting body of the government’s ‘Swavalamban Yojana NPS Lite’ will automatically be migrated to the Atal Pension Yojana. It will now replace the Swavalamban scheme, which did not gain much popularity across the country. How to Enroll for Atal Pension Scheme? To notice up for the Atal Pension Yojana, an account holder should fill in an authorisation form and submit it to his/ her bank. The application urge require comprehensive details including account number, spouse and nominee details, and authorization for auto debit of the contribution amount. number holders confirming up for the scheme need to ensure that enough balance is maintained in the account every month, failing to do so will attract a monthly fine of – INR one for a monthly obligation up to INR one hundred INR two for a monthly obligation between INR one hundred and one and INR five hundred INR five for a monthly obligation between INR five hundred and one and INR 1,000 INR ten for a monthly obligation beyond INR 1,001 If no payoff is run towards the scheme for six months, the holder’s account will be frosty for twelve months, the holder’s balance fing be deactivated for twenty-four months, the holder’s balance fing be closed For those who does not have a bank account: A claimant needs to free a bank account first by allowing the KYC document and Aadhar card. He/she is also required to submit the APY proposal form. Exiting the scheme: Under everyday circumstances, an finance holder who has enrolled for the Atal Pension Yojana will not be capable to exit the scheme before the age of 60. Exiting the scheme is only possible in special circumstances such as in the event of the death of the beneficiary. APY applicant Form The application form can be downloaded from http://www.jansuraksha.gov.in/FORMS-APY.aspx . The application are free in several languages – English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil. illustrative obligation for different Pension Options (in INR) Entry Age Years of Contribution Monthly Pension INR one thousand Monthly Pension INR two thousand Monthly pensioner INR three thousand Monthly pensioner INR four thousand Monthly pensioner INR five thousand eighteen forty-two forty-two eighty-four 126 168 210 19 41 46 92 138 183 228 20 40 50 100 150 198 248 21 39 54 108 162 215 269 22 38 59 117 177 234 292 23 37 64 127 192 254 318 24 36 70 139 208 277 346 25 35 76 151 226 301 376 26 34 82 164 246 327 409 27 33 90 178 268 356 446 28 32 97 194 292 388 485 29 31 106 212 318 423 529 30 30 116 231 347 462 577 31 29 126 252 379 504 630 32 28 138 276 414 551 689 33 27 151 302 453 602 752 34 26 165 330 495 659 824 35 25 181 362 543 722 902 36 24 198 396 594 792 990 37 23 218 436 654 870 1,087 38 22 240 480 720 957 1,196 39 21 264 528 792 1,054 1,318 40 20 291 582 873 1,164 1,454 * Data from Atal Pension Yojna brochure shoot Across the Country The Atal Pension Scheme and the other insurance schemes were launched on nine May two thousand and fifteen simultaneously by unity and Chief Ministers. Prime Minister Narendra Modi launched the scheme from Kolkata. adolescence of uniting Years of Contribution typical Monthly Contribution (in Rs.) Monthly pensioner to the subscribers and his spouse (in Rs.) illustrative reversal of Corpus to the nominee of the subscribers (in Rs. ) eighteen forty-two forty-two one thousand 1.7 Lakh twenty 40 50 1000 1.7 Lakh twenty-five thirty-five seventy-six one thousand 1.7 Lakh thirty thirty one hundred and sixteen one thousand 1.7 Lakh thirty-five 25 181 1000 1.7 Lakh forty twenty two hundred and ninety-one one thousand 1.7 Lakh list of contribution levels, for put monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana Age of following Years of Contribution typical Monthly Contribution (in Rs.) Monthly pensioner to the subscribers and his spouse (in Rs.) illustrative exchange of Corpus to the nominee of the subscribers (in Rs. ) eighteen forty-two eighty-four two thousand 3.4 Lakh twenty 40 100 2000 3.4 Lakh twenty-five thirty-five one hundred and fifty-one two thousand 3.4 Lakh thirty 30 231 2000 3.4 Lakh thirty-five twenty-five three hundred and sixty-two two thousand 3.4 Lakh forty twenty five hundred and eighty-one two thousand 3.4 Lakh list of contribution levels, for put monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana Age of following Years of Contribution typical Monthly Contribution (in Rs.) Monthly pensioner to the subscribers and his spouse (in Rs.) illustrative exchange of Corpus to the nominee of the subscribers (in Rs. ) eighteen forty-two one hundred and twenty-six three thousand 5.1 Lakh twenty forty one hundred and fifty three thousand 5.1 Lakh twenty-five 35 226 3000 5.1 Lakh thirty thirty three hundred and forty-seven three thousand 5.1 Lakh thirty-five twenty-five five hundred and forty-three three thousand 5.1 Lakh forty twenty eight hundred and seventy-three three thousand 5.1 Lakh list of contribution levels, for put monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana Age of following Years of Contribution typical Monthly Contribution (in Rs.) Monthly pensioner to the subscribers and his spouse (in Rs.) illustrative exchange of Corpus to the nominee of the subscribers (in Rs. ) eighteen forty-two one hundred and sixty-eight four thousand 6.8 Lakh twenty 40 198 4000 6.8 Lakh 25 35 301 4000 6.8 Lakh 30 30 462 4000 6.8 Lakh thirty-five twenty-five seven hundred and twenty-two four thousand 6.8 Lakh forty 20 1164 4000 6.8 Lakh list of contribution levels, for made monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana Age of following Years of Contribution typical Monthly Contribution (in Rs.) Monthly pensioner to the subscribers and his spouse (in Rs.) illustrative exchange of Corpus to the nominee of the subscribers (in Rs. ) eighteen forty-two two hundred and ten five thousand 8.5 Lakh twenty 40 248 5000 8.5 Lakh twenty-five thirty-five three hundred and sixty-seven five thousand 8.5 Lakh thirty 30 577 5000 8.5 Lakh thirty-five twenty-five nine hundred and two five thousand 8.5 Lakh 40 20 1454 5000 8.5 LakhRecent Developments The authority urge extend the benefit of the APY via Post Offices all over the country so as to bring senior people under its ambit. The implementation of the scheme through post offices is expected to be more helpful for the people in rural areas. In March 2016, the government amended the scheme’s provisions to give the subscriber’s spouse an option to continue contributing to the account for the balance period on the premature death of the subscriber. The Government released Rs 100 crore towards its co-contribution for Atal Pension Yojana (APY) in 2015-16 fiscal. Also, as per the round escapinged by the wealth Tax department, contributions to the Atal Pension Yojana (APY) are now single for the equal burden benefits as the National Pension System (NPS). The tariff benefits involve an extra deduction of Rs 50,000 under section 80CCD(1) introduced in the year 2015 Budget. To profits the outreach of Atal Pension Yojana (APY) among the prospective subscribers in the country, The Pension Fund Regulatory and Development Authority of India (PFRDA), on August 19, 2016, has adapted the APY module with the bank’s core banking system, allowing enrollments to happen through people’s saving accounts. It fing not only make the procedure pertinent but a whole lot faster and hassle-free. The customers would not be required to submit physical forms to the bank from now on, and a web-based APY subscriber registration mode has been allowed for customers with net-banking accounts. APY Subscribers Are Now More than 1.24 Crore As current twenty-seven lakh subscribers follow the Atal Pension Yojana in the FY 2018-19, the total number of subscribers to the scheme has crossed the mark of 1.24 crore. In the plan enrolment, the top contributors are people from the states of Karnataka, Maharashtra, Andhra Pradesh, Bihar, and Uttar Pradesh. As of twenty-seven October 2018, the APY subscribers from Karnataka are 9.15 lakh, from Andhra Pradesh are 11.28 lakh, from Maharashtra are ten lakh, from Bihar are 11.16 lakh, and from Uttar Pradesh are 17.90 lakh. How to trail ‘Atal Pension Yojana’ account A scarce months back, the mortgage ministry had also begun a facility whereby subscribers can view online their statement of the transaction. This would welfare senior than forty-five lakh subscribers of the Atal Pension Yojana. The subscriber include view his or her account statement by providing the savings bank account number and the perpetual Retirement Account Number. APY balance holder include check their transaction details here: https://npslite-nsdl.com/CRAlite/EPranAPYOnloadAction.doNational Toll-Free Number – 1800-180-1111 / 1800-110-001Click here to view Atal Pension Yojana (APY) in Hindi – अटल पेंशन योजना (एपीवाई) Read Also:Atal Pension Yojana – Why Is It Struggling? 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      Atal Pension Yojana (APY) - Details, Benefits, Eligibility & How to apply
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