Atal Pension Yojana: Contribution, Pension Calculation & After Death Corpus
Atal Pension Yojana (APY) which would be available from 01st June 2015 will provide monthly pension to the workers in the unorganised sector at the age of 60 years. However the conditions to be met in order to receive the pension are:
- Government of India has made modification (on 21Aug’2015) in the scheme and has provided an option to contribute every month/quarter/half yearly. The reason behind modifying the scheme is to increase the subscriber base as the scheme has not evoked good response. As per earlier terms and conditions, only monthly contribution option was available.
- Another modification made in the scheme is an option to exit from the scheme before the age of 60 years.
- Enrolment in the scheme should be done between 01st June 2015-31st December 2015
- Subscriber should have bank account on his/her name. Check out all the details and eligibility of APY. If you do not have bank account, then you can open zero balance saving account under Jan Dhan Yojana
Displayed below is the chart showing the monthly pension a subscriber wishes to have and how much contribution is required every month. You can read the table like this:
If you want Rs. 1000 pension every month after 60 years and you join APY at the age of 18 years, then you need to contribute Rs. 42 for 48 years. And when you reach the age of 60 years, Rs. 1000 pension would be deposited in your bank account. In case of unfortunate death of the subscriber, corpus of Rs. 1,70,000 would be given to the nominee.
Atal Pension Yojana: Pension Calculation & After Death Amount
|If you need below mentioned monthly pension (in Rs.)||Then join APY at the age of (in years)||And contribute till foll. number of years||With monthly amount of Rs.||Nominee (husband/wife/child) will receive below amount after your death (in Lakhs)|
Above data source: “http://pib.nic.in/newsite/PrintRelease.aspx?relid=116208”
So as you can see in the above chart, sooner you participate in this scheme, lower would be the contribution and vice versa. Check out the APY subscriber registration form.
Objective behind launching Atal Pension Yojana:
Individuals working under the unorganised sectors hardly have any source of income after 60 years. With APY, such individuals will get financial security at the old age in the form of monthly pension.