Atal Pension Yojana
By Sandeep nagyaan · 16 Sep 2018
Atal Pension Yojana (previously known as Swavalamban Yojana) is a government-backed pension scheme in India targeted at the unorganised sector.It was launched by Prime Minister Narendra Modi on 9 May in Kolkata.
Aim of APY:- APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement. The scheme also promises a co-contribution by Central Government of 50% of the total prescribed contribution by a worker, up to Rs. 1000 per annum.
Elegibility:- 1. An Indian citizen 2. Have a valid bank account 3. Are between 18 and 40 years of age.
Contribution and mode of payment:- APY is a periodic contribution based pension plan and promises a fixed monthly pension of Rs 1000/ Rs 2000/ Rs 3000/ Rs 4000 or Rs 5000. Your monthly contribution depends upon the fixed amount of monthly pension you want and the age when you start Contributions end and pension starts at 60 years of age.
Benefits of APY:- APY provides guaranteed pension of Rs 1,000 to Rs 5,000 (as explained above) to the subscribers. The scheme also allows a subscriber to decrease or increase pension amount during the course of accumulation phase, once an year.