Atal Pension Yojana, formerly known as swavalamban Yojana, is a government-initiated pension scheme for unorganized sector workers, including drivers, labour, gardeners, home maids, etc. The scheme was launched in the year 2015. The prestigious Atal pension Yojana is a guaranteed pension scheme. The plan is administered under the pension fund regulatory and development authority (PFRDA). 

Since the start of the scheme, many workers have benefited with final assistance. The plan has provided many pension benefits to the unorganized sector since the Atal pension Yojana scheme. Also, the organized sectors are not allowed to get enrolled with the Atal Pension Yojana scheme.

What is Atal Pension Yojana (APY)?

Atal Pension Yojana is the extension of the national pension Yojana scheme. The scheme has already replaced the earlier institutionalized swavalamban pension yojana scheme. The general population poorly received that scheme. Therefore, India’s government took the initiative and has improvised a lot with this current Atal pension Yojana scheme. https://www.npscra.nsdl.co.in/scheme-details.php

The pension scheme is targeted to reach the essential final obligations on individual workers of the unorganized sector. The amount of pension received by every individual depends on the monthly contribution they decide to make and on their age.

Suppose at all due to any condition, the beneficiary of the Atal Pension Yojana dies. In that case, their spouse will continue to get the benefits of the Yojana every month. If both the spouses are dead, then the nominee receives the lump sum amount of the Atal Pension Yojana at once.

Some exclusive features of the Atal Pension Yojana

Mentioned below are essential features of the Atal Pension Yojana you will get once you enroll in this scheme. 

  1. One of the best conveniences provided by the Atal pension Yojana is automatic debit. Generally, the beneficiary’s account is linked to their pension account. Then the monthly contributors are directly debited. Individuals who have subscribed or enrolled in this scheme need to make sure that they maintain the minimum balance to entertain such debits. Otherwise, they may need to face the penalty charges. 
  2. One of the best conveniences provided by the Atal pension Yojana is automatic debit. Generally, the beneficiary’s account is linked to their pension account. Then the monthly contributors are directly debited. Individuals who have subscribed or enrolled in this scheme need to make sure that they maintain the minimum balance to entertain such debits. Otherwise, they may need to face the penalty charges. 
  3. One of the best conveniences provided by the Atal pension Yojana is automatic debit. Generally, the beneficiary’s account is linked to their pension account. Then the monthly contributors are directly debited. Individuals who have subscribed or enrolled in this scheme need to make sure that they maintain the minimum balance to entertain such debits. Otherwise, they may need to face the penalty charges. 
  4. One of the best conveniences provided by the Atal pension Yojana is automatic debit. Generally, the beneficiary’s account is linked to their pension account. Then the monthly contributors are directly debited. Individuals who have subscribed or enrolled in this scheme need to make sure that they maintain the minimum balance to entertain such debits. Otherwise, they may need to face the penalty charges. 

Benefits of Atal pension Yojana scheme

Mentioned below are benefits that all the scheme holder beneficiaries are awarded once they enroll in this scheme- 

  • The beneficiaries are awarded a steady source of income once they reach their 60’s. This eventually helps them meet their medical needs and other financial needs in old age, which is relatively standard. 
  • The Atal Pension Yojana scheme is backed by the Indian government and regulated by India’s pension funds’ regulatory authority. Hence, the individual’s money is wholly secured, and the beneficiary doesn’t have to worry about any security-related issues. 
  • The scheme’s focus is to help the people working in the unorganized sector and first have an assured income source for their future of old age. 
  • Along with all these benefits, the government has given the nominee facility, which allows the beneficiaries to assign a name who will be the lump sum amount of pension Yojana scheme after they die. 

Who can all invest in the Atal Pension Yojana scheme?

Not everyone is allowed or eligible to invest in Atal Pension Yojana; hence mentioned below are the people who can invest in the scheme:

  1. The individual should be an Indian citizen.
  2. He or she should contribute to the scheme for a minimum of 20 years. 
  3. The applicant should possess an active mobile number.
  4. The applicant Should also be in the age bracket of 18-40 years of age.
  5. He or she should also hold a bank account linked with an aadhar card.
  6. The beneficiary should not take any financial assistance from any other social welfare scheme. 

Other than these benefits, people who were part of the earlier swavalamban yojana scheme are automatically enrolled with Atal Pension Yojana.

Conclusion

You can hence apply for the Atal Pension Yojana by visiting the nearby branch of the bank. All you need to do is to fill out the required form and submit with good detail. This scheme is an excellent way to create a passive source of income. Ensure you provide the bank your active mobile number to have all the latest updates about your Atal Pension Yojana scheme. This pension Yojana has helped many older adults to meet their financial needs in tough times.

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