jansuraksha.gov.in APY 2015 Atal Pension Yojana : Ministry of Finance

Organization : Ministry of Finance
Scheme Name : APY 2015 Atal Pension Yojana
Applicable For : All Bank Account Holders
Applicable States/UT : All India
Enrolment Last Date : 31st December, 2015

Website : http://jansuraksha.gov.in/
Scheme Details: https://www.statusin.in/uploads/9282-APY.pdf
Rules : https://www.statusin.in/uploads/9282-Rules.pdf
Application Form: http://jansuraksha.gov.in/Forms-APY.aspx

Atal Pension Yojana :

1. Atal Pension Yojana (APY) is open to all bank account holders.

Related : PMSBY 2015 Pradhan Mantri Suraksha Bima Yojana Ministry of Finance : www.statusin.in/9278.html

The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the APY before 31st December, 2015, and who are not members of any statutory social security scheme and who are not income tax payers. Therefore, APY will be focussed on all citizens in the unorganised sector.

2. Under APY, the monthly pension would be available to the subscriber, and after him to his spouse and after their death, the pension corpus, as accumulated at age 60 of the subscriber, would be returned to the nominee of the subscriber.

3. Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. Therefore, the benefit of minimum pension would be guaranteed by the Government. However, if higher investment returns are received on the contributions of subscribers of APY, higher pension would be paid to the subscribers.

4. A subscriber joining the scheme of Rs. 1,000 monthly pension at the age of 18 years would be required to contribute Rs. 42 per month. However, if he joins at age 40, he has to contribute Rs. 291 per month. Similarly, a subscriber joining the scheme of Rs. 5,000 monthly pension at the age of 18 years would be required to contribute Rs. 210 per month. However, if he joins at age 40, he has to contribute Rs. 1,454 per month. Therefore, it is better to join early in the Scheme. The contribution levels, the age of entry and the pension amounts are available in a table given in frequently asked questions (FAQs) on APY, which is available on www.jansuraksha.gov.in.

5. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more.

National Toll-Free : 1800-180-1111 / 1800-110-001

Benefit of APY :
** The Guaranteed minimum pension for the subscriber ranging between Rs. 1000 to Rs. 5000 would be available, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.

** The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the Government in the sense that if the actual realised returns on the pension contributions are less than the assumed returns, for minimum guaranteed pension, over the period of contribution, such shortfall shall be funded by the Government.

On the other hand, if the actual returns on the pension contributions are higher than the assumed returns for minimum guaranteed pension, over the period of contribution, such excess shall be credited to the subscriber’s account, resulting in enhanced scheme benefits to the subscribers.

Eligibility for APY :
** Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers.

However, the scheme will continue after this date but Government Co-contribution will not be available.

** The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.