What is Atal Pension Yojana (APY)
Atal Pension Yojana is also one of the Jan Suraksha Schemes launched by NDA Government. Atal Pension Yojana aims to create social security at old age. The scheme provides a minimum pension of Rs. 1000 and Maximum Rs. 5000 per month after the age of 60 years.
To ensure that the old age Indians does not worry about expenditure on their food or illness, the Atal Pension Yojana was launched and has proved to be a very good initiative so far. The national pension scheme is active since 1st June 2015.
The scheme is specially for those working in private sector or employed where the employer does not offer the pension at old age. Such people can enroll into the scheme to get a pension benefit of Rs. 1000 to Rs. 5000 on attaining the age of 60 years.
Eligibility for Atal Pension Yojana
- Any Indian citizen between the age of 18 to 40 year is eligible to participate in the scheme. The scheme requires any individual to contribute for minimum of 20 years before reaping the pension benefits.
- To participate in the scheme, the applicant should have a saving bank account and should not be a member of any statutory social security scheme.
- All the existing members of Swavalamban Yojana NPS Lite which did not gain much popularity has automatically been migrated to Atal Pension Yojana.
- The applicant should not be a tax-payer to the country.