If you are troubled by the tension of regular income in old age, then Atal Pension Yojana can be helpful for you. Through this you can arrange a pension of up to Rs 5000 for yourself. But only those people who are not taxpayers and whose age is between 18 years to 40 years can invest in it. In Atal Pension Scheme, the investor has to invest till he completes the age of 60 years and after that the pension starts.

But suppose a person starts investing in Atal Pension Yojana and dies after continuously investing for 10 to 15 years, then what will happen to his deposited amount. Will that amount be returned to the nominee or will his nominee be given pension benefits? Know what the rules are-

What is the rule if subscriber dies before 60?

According to Atal Pension Yojana, if the applicant investing in it dies due to some disease or accident before completing the age of 60 years, then his invested amount does not go waste. In such a situation, the spouse or nominee has the right to withdraw the entire amount deposited by the APY subscriber. Apart from this, if the spouse wishes, he can continue contributing to the APY account and receive pension after 60. The subscriber’s spouse will be entitled to receive the same pension amount that the subscriber was to receive.

What is the rule in case of death of a pensioner?

Whereas if a person taking the benefit of Atal Pension Yojana dies after completing the age of 60, then the same pension will be paid to his spouse and on the death of both the subscriber and the spouse, the amount is deposited till the age of 60 years. The pension amount will be returned to the nominee.

Apply for APY like this

If you also want to apply under Atal Pension Yojana, then first of all open a savings account in a bank. If you already have a savings account in the bank, then you will have to get the application form of the scheme from there. Fill all the information correctly in the form like name, age, mobile number, bank account number etc.

Attach all the necessary documents asked for. After this submit the form to the bank. After this all your documents will be verified and your account will be opened under Atal Pension Yojana.

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To get a pension of Rs 5000 through this, you will have to balance the age and contribution. Today we will tell you that you can get a pension of Rs 5000 by investing how much money every month. Along with this, you will also be told for how long this contribution will have to be made.

Combination of rupee and age

Suppose an 18 year old person starts investing in APY. If he wants a pension of Rs 5000 every month, then he will have to deposit Rs 210 every month till the age of 60 years. On depositing this Rs 168, Rs 4000, on depositing Rs 84, Rs 2000, on depositing Rs 126, Rs 3000 and on depositing Rs 42, he will get a monthly pension of Rs 1000 after 60 years.

If a 40-year-old person starts investing in it, then he will have to deposit Rs 1454 every month to get a pension of Rs 5000. If he deposits Rs 291 every month, then after the age of 60, he will get a monthly pension of Rs 1000. Similarly, Rs 582 will have to be deposited for Rs 2000 pension, Rs 873 for Rs 3000 pension and Rs 1164 for Rs 4,000 pension. You can find out your age-specific contribution online.

What are the facilities

It is not necessary that you pay the installment every month. In Atal Pension Yojana, you get the facility to pay your installment in 3 months and 6 months as well. If you want, you can turn on the feature of auto debit for this from your bank account. This will automatically deduct that amount at the specified time.

If the subscriber dies, the pension will be given to his spouse. If both of them die then the amount deposited by subscription for 60 years will be returned to the nominee. You can open an account for this scheme in any bank.

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Pension is given to the eligible person under the Atal Pension Yojana of the Central Government (Modi Government). This is a social security program, through which people get the benefit of pension in old age (Pension Scheme). Giving information on Thursday, the Finance Ministry said that this scheme has recently completed its 8 years. So far, a total of 5.25 crore subscribers have been added under this scheme.

This scheme was launched by Prime Minister Narendra Modi in the year 2015. The aim behind the introduction of APY was that every senior citizen of the country could get the benefit of fixed pension. This scheme is specially designed for the people working in the unorganized sector.

So many people joined in the financial year 2022-23

According to the information given by the Finance Ministry, in the financial year 2022-23, there has been an increase of 20 percent in the number of new subscribers as compared to the previous year. Along with this, investors have got 8.92 percent return from this scheme so far. The total Assets Under Management under this scheme has reached Rs 28,434 crore.

The poor got the benefit of pension

Giving information about the Atal Pension Yojana, the Finance Ministry said that the success of this scheme lies in the fact that it will help in providing pension benefits to the poor and weaker sections of the country. It is noteworthy that in the Atal Pension Yojana, people between the age of 18 to 40 years can invest in the scheme. For this you should have a savings bank account and you should not be a taxpayer.

Subscribers of Atal Pension Yojana get the benefit of monthly pension ranging from Rs 1,000 to Rs 5,000 after attaining the age of 60 years. This amount is decided on the basis of your investment. This is a government-backed pension scheme, for which you need to have a savings account, Aadhaar number and a mobile number. You can open this account in any bank or post office.

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Now the Union Minister of State in the Ministry of Finance Dr. Bhagalat Karad has clarified the government’s stand on this matter. He said that at present the maximum amount is Rs 5,000 for which the account holder has to pay a premium of Rs 42 to 1454. If the maximum amount of pension is increased, then the premium will also increase.

He said that this would put additional burden on the subscriber and hence the government decided that the maximum pension limit under the Atal Pension Yojana would not be increased. At present, monthly pension of Rs 1,000, 2,000, 3,000, 4,000 and 5,000 is available under the Atal Pension Yojana. The amount to be charged for the premium depends on the age of the subscriber at the time of joining the scheme and the amount of pension he wants.

Karad’s statement

Dr. Karad said, “The recommendation of the Pension Fund Regulatory and Development Authority (PFRDA) to increase the pension amount under the Atal Pension Yojana was considered. APY ensures a minimum guaranteed pension and any increase in the amount of pension means an increase in the subscription amount which will be borne by the account holder. Therefore, it was decided to run the scheme with the existing terms and conditions and not to increase the pension or subscription amount further.

What is Atal Pension Yojana

PFRDA only operates the Atal Pension Yojana. Any Indian in the age group of 18-40 years can invest in this. In this, money has to be put till the age of 60 years and after that you get a fixed pension every month. You have already decided this pension at the time of starting investment in the scheme and you have contributed accordingly. If an account holder dies before the age of 60 years, then the deposited amount is returned to his nominee. On the other hand, if the spouse of the deceased is alive, then he can continue this scheme.

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This investment can be done monthly, quarterly or half-yearly. If you want to withdraw its money, then you can withdraw it through the methods mentioned here.

1. Atal Pension Yojana (APY) is a special pension scheme for the citizens of India, in which anyone can invest for retirement. Under APY, a minimum pension of Rs 1,000 or 2,000 or 3000 or 4000 or 5000 per month is guaranteed at the age of 60 years depending on the contribution made by the subscribers.

After 60 years of age- On completion of 60 years, the subscriber will submit a request to the concerned bank to receive Guaranteed Minimum Monthly Pension or Higher Monthly Pension, if the investment returns are more than the Guaranteed Returns embedded in APY.

On death of the subscriber, an equal amount of monthly pension is given to the spouse (default nominee). On the death of both the nominee subscriber and the spouse, the accumulated pension wealth is returned till the age of 60 years.

In case of death of subscriber due to any reason after 60 years- In case of death of subscriber, the pension will be given to the spouse and on the death of both of them (subscriber and spouse), the pension will be given to the subscriber till the age of 60 years. The pension amount deposited till the age will be returned to the nominee.

Exit before 60 years: Exit from the scheme before 60 years is not allowed. This can be permitted by PFRDA only in exceptional circumstances. That is, there is no provision for pre-mature exit in case of death or terminal illness etc. of the beneficiary.

On death of the subscriber before 60 years: Entire amount accumulated under APY will be returned to the spouse/nominee. However, pension will not be payable to the spouse/nominee. The government started NPS in 2004 for government employees.

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On depositing money in this scheme, pension is received every month after the age of 60 years. Overall, after investing in this scheme, you will not have to worry about post-retirement expenses.

Let us tell you that the Central Government started Atal Pension Yojana in May 2015. Earlier there was no scheme like Atal Pension Yojana for the people working in the unorganized sector. Any Indian citizen between the age of 18 to 40 years can register in it. Here we are telling the important things related to this scheme…

Who can be enrolled in Atal Pension Yojana?

From October 1, 2022, the central government has banned taxpayers from investing in this scheme.

Eligibility Criteria

Any Indian citizen between the age of 18 to 40 years can register in it.

To be enrolled in the scheme, the subscriber should have a savings bank account or post office account .

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What is Atal Pension Yojana?

Atal Pension Scheme is such a government scheme in which the investment made by you depends on your age. Under this scheme, you can get a minimum monthly pension of Rs 1,000, Rs 2000, Rs 3000, Rs 4000 and a maximum of Rs 5,000. This is a safe investment.

Who can invest?

Atal Pension Yojana was started in the year 2015. At that time it was started for the people working in the unorganized sectors, but now any Indian citizen of 18 to 40 years can invest in this scheme. In this scheme, the depositors start getting pension after 60 years.

How to get Rs 3,000 pension

People below the age of 39 years can apply in this scheme. If your wife is 25 years old, then you have to contribute Rs 226 every month to the APY account. If your wife’s age is 39 years, then you have to put Rs 792 in your APY account every month. In addition to the guaranteed monthly pension, if the account holder dies, the nominee will get Rs 5.1 lakh along with full life pension every month.

Benefits of the plan

Under this scheme, people of 18 to 40 years can make their nomination in Atal Pension Yojana. For this, the applicant must have a savings account in a bank or post office. You can have only one Atal Pension Account. The sooner you invest under this scheme, the more benefit you will get. If a person joins the Atal Pension Yojana at the age of 18, then after the age of 60, he will have to deposit just Rs 210 per month for a monthly pension of Rs 5000 every month. In this way, this plan is a good profit plan.

Tax Benefit Scheme

If you pay income tax then you will also get tax benefit in this scheme. People investing in Atal Pension Yojana get a tax benefit of up to Rs 1.5 lakh under Income Tax Act 80C. In case of untimely death of the person who is associated with this scheme, then his family continues to get the benefit. 

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The new quarter and second half have started from the month of October. Meanwhile, a major change has taken place in the Atal Pension Yojana (APY), the popular scheme of the Modi government. The government has decided that from October 1, those people who pay taxes will not be able to join this scheme. This information has been given in a notification issued by the government. Earlier, no such condition was applicable for joining the Atal Pension Yojana of the Central Government.

Under the existing rules, all Indian citizens in the age group of 18 to 40 years can become a member of APY. For this, they have to apply through that branch of the bank or post office. Where he has a savings account.

Advantages

It is necessary to deposit money in this scheme monthly for at least 20 years. How much to contribute every month depends on your age. For 5000 months he has to contribute Rs 210 every month. On joining at the age of 25, Rs 376 per month, while for 30 years this contribution has to be deposited Rs 577, for 35 years old Rs 902 and for 39 years old Rs 1318. If both husband and wife accounts are opened, then they will have to separate this contribution separately.

The government had started this pension scheme to provide financial security to the people working in the unorganized sector. Those investing in this scheme get a fixed pension every month after crossing the age of 60 years. From October 2022, such people will not get the benefit of this scheme who pay income tax. Such taxpayers who have already been investing in this scheme, they will continue to get the benefit of this scheme in future also.

According to media reports, more than 99 lakh new APY accounts were opened during the last financial year. Including these, the total number of citizens subscribing in this scheme had become 4.01 crore by the end of March 2022.

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With the help of de-remit from this UPI handle, money can be deposited in NPS and Atal Pension Yojana (APY). Till now, money could be deposited in NPS and APY schemes only through net banking. In net banking, money was deposited with the help of IMPS, NEFT or RTGS. Now a new facility of UPI has been added to it. With the help of this, customers will be able to deposit money in the account in real time and they will also know the status immediately.

As per PFRDA, the UPI handle for de-remit has been introduced whose address is PFRDA.15digitVirtualAccount@axisbank. PFRDA has told that if money is deposited through UPI before 9.30 am, it will be counted in the payment of the same day. If money is deposited in NPS or APY after 9.30 am, then it will be considered as investment for the next day.

PFRDA runs two types of pension schemes. This includes the National Pension System i.e. NPS and Atal Pension Yojana. NPS is for those working in the organized sector while employees of the non-organized sector can also take advantage of APY. NPS was started in 2003. Central employees who have been joining since January 1, 2004, they are required to join NPS. Armed forces have been kept out of this. In May 2009, private sector employees and people working in the unorganized sector were included in the NPS.

To deposit money in NPS and APY, you have to create a virtual account first. Only after that money can be deposited through UPI.

How to deposit money with UPI

1. Visit the Central Recordkeeping Agency (CRA) system and log on to the ENPS website
2. Fill the details to verify the Permanent Retirement Account Number (PRAN)
3. Enter the OTP received on the mobile and select the account (Tier 1 or II) for which the virtual account is to be created
4. Further, select the option ‘Generate Virtual Account’. An acknowledgment number will appear
5. Enter the 15-digit VAN in the UPI handle. Then type ‘PFRDA.15digitVirtualAccount@axisbank’ to make payment
6. Now enter the amount you want to deposit, make the payment

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