Atal Pension Scheme 2024: Atal Pension Scheme (APY) Objectives, Eligibility & Benefits, Atal Pension Scheme (APY) was launched by the Narendra Modi government in 2015. The pension scheme is mainly focused on the unorganized sector and investors can get good money by investing a small amount. One has to start investing in a pension scheme between the ages of 18 and 40 to get at least a monthly return. Thereafter, he will receive monthly pension from Rs 1000 to Rs 5,000 per month.
Atal Pension Scheme (APY) Objectives, Eligibility and Benefits
• The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement
• The GoI has therefore announced a new scheme called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY is focused on all citizens in the unorganized sector.
• The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
Eligibility
- APY is applicable to all citizen of India aged between 18-40 years.
- Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.
Important information for subscriber:
Discontinuation of payments of contribution amount shall lead to following:
• After 6 months account will be frozen.
• After 12 months account will be deactivated.
• After 24 months account will be closed.
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