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Most Popular & Beneficial Policy of GoI (Policy-7)

Atal Pension Yojana :

· A pension scheme for citizens of India is focused on the unorganized sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. Any Citizen of India can join APY scheme. Following are the eligibility criteria:

· The age of the subscriber should be between 18 - 40 years.

· He/She should have a savings bank account/ post office savings bank account.

· The prospective applicant may provide Aadhaar and mobile number to the bank during registration to facilitate receipt of periodic updates on APY account. However, Aadhaar is not mandatory for enrolment.

· On attaining age of 60 :- Upon completion of 60 years, the subscribers will submit the request to the associated bank for drawing the guaranteed minimum monthly pension or higher monthly pension, if investment returns are higher than the guaranteed returns embedded in APY. The same amount of monthly pension is payable to the spouse (default nominee) upon the death of the subscriber. The nominee will be eligible for return of pension wealth accumulated till age 60 the subscriber upon the death of both the subscriber and spouse.

· In case of death of the subscriber due to any cause after the age of 60:- In case of death of the subscriber, the same pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension wealth accumulated till age 60 of the subscriber would be returned to the nominee.

· Exit before the age of 60 :- In case a subscriber, who has availed Government co-contribution under APY, chooses to voluntarily exit APY at a future date, he shall only be refunded the contributions made by him to APY, along with the net actual accrued income earned on his contributions (after deducting the account maintenance charges). The Government co-contribution, and the accrued income earned on the Government co-contribution, shall not be returned to such subscribers.

· Death of subscriber before the age of 60:- In case of the death of the subscriber before 60 years, the option will be available to the spouse of the subscriber to continue contribution in the APY account of the subscriber, which can be maintained in the spouse’s name, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse.

· Or, the entire accumulated corpus under APY will be returned to the spouse/nominee.

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