Atal Pension Yojana Eligibility Criteria
The Indian finance minister had publicized in the speech of previous year budget to introduce atal pension Yojana scheme. The Atal Pension Yojna Eligibility Criteria has been given below through which the interested people can subscribe this scheme. This scheme aims to unite the employees to link the NPS i.e. national pension system that is operated by the governing authorities namely PFRDA i.e. pension fund regulatory and development authority of India.
If we talk about past time period, the people of lower income class are not allowed to subscribe the pensions scheme which assured pension on monthly basis after retirement. Therefore, Indian government is taking a step in betterment and enhancement of economy.
The main motive to launch this scheme is to cover the gap between higher and lower income group and offered them with a good pension scheme service to live happy and satisfied life after the retirement. So, if you are also interested to subscribe this scheme, have a look at below provided eligibility criteria.
Atal Pension Yojana Eligibility Criteria
There are some eligibility requirements that has to be fulfilled by the Indian citizens to subscribe APY –
- The individual must be in between the age of 18-40 years to get eligible for this scheme. The contribution period is 20 years during which the people can draw their monthly pension.
- The person must not be member of any social security Yojana or schemes.
- The scheme subscriber should be having a bank account of KYC compliant to assist contributions on monthly basis and there must be minimum required amount in bank account of individual.
- The individuals who want to be part of this Yojana must be an Indian citizen and belong from the unorganized sectors.
- He/s she must make sure that they contribute monthly till the retirement age. If you miss nay one contribution, this will leads to account closure.
- All the people who are the part of Swavalamban Yojana NPS Lite are to be immigrating to this new scheme.
Atal Pension Yojna Details
With the help of this Yojana, every Indian civilian can contribute as per their wish to get the benefits of pension after retirement age. Those who were working in unorganized sector are to comply with some pension Plans that had been stated by the Indian government but this new scheme is completely free from the provisions regarding return of specified time period. This yojna laid its emphasis on the lower/poor class of people. And try hard for their betterment.
Atal Pension Yojana Subscription
Indian civilian can uninterruptedly apply for this Yojana by just filling up its official form online as well as offline at the participating bank branches and submit the completely filled form.
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Atal Pension Yojana Features
The new atal pension scheme is comprises of some brilliant features. Out of them , its most significant feature is that amount of pension is starting from 1000 Rs till 500 Rs that will be received by the contributor after retirement age i.e. 60 years and in case death of subscriber, the nominee will be liable .
The spouse of the subscriber will get the whole pension after his death. There are outstanding benefits to subscribe this Yojana, but make sure to comply with the eligibility Criteria and age requirements before applying for the same.
Atal Pension Scheme Benefits
There are some tremendous benefits for subscribing atal pension’s scheme that are listed below-
- After 60 years, the subscriber will be offered with continuous pension on monthly basis.
- Civilians are allowed to choose any amount for this pension between 1000 Rs to 5000 s as per their choice.
- There will be 50 % contribution of the civilian’s payment by Indian administration till five consecutive years in the form of incentive to subscriber.
- If the subscriber dies in between the scheme activation, his/her spouse and the nominee will be liable to attain the pension monthly.
- The input on monthly basis is nominal which not any kind of burden on the contributor.
So, that’s all about Atal Pension Yojana Eligibility Criteria. For more interesting facts and information, stay tuned with coolexample.in
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