Atal Pension Yojana Premium Chart

Understanding Atal Pension Yojana:

The scheme delivers old-age pensions to the hitherto uncovered employees in India’s vast unorganized sector. However, from June 2015 onwards, nearly 88% of the 47.29 Cr among the large labor force are eligible to subscribe to the scheme.  Accordingly, you can opt to subscribe to a fixed pension of Rs.1000, Rs. 2000, Rs.3000, Rs.4000, and Rs.5000 against a monthly contribution through a bank account. In addition, the government of India contributes a share of the corpus for the benefit of the subscribers. 

Atal Pension Yojana – Premium Chart:

The tables below indicate the monthly premium you need to contribute to earning the target pension upon exit. The monthly premium depends on the entry age and the target pension, factoring in the number of years you can contribute. Most importantly, note that the subscriber and spouse earn the monthly pension income, while the nominee receives the accumulated corpus in their absence. 

Table 1: The grid depicts the monthly premium when the target pension is Rs.1000, with the final corpus payable to the nominee.

Table 2: The grid depicts the monthly premium when the target pension is Rs.2000, with the final corpus payable to the nominee.

Table 3: The grid depicts the monthly premium when the target pension is Rs.3000, with the final corpus payable to the nominee.

Table 4: The grid depicts the monthly premium when the target pension is Rs.4000, with the final corpus payable to the nominee.

Table 5: The grid depicts the monthly premium when the target pension is Rs.5000, with the final corpus payable to the nominee.

From Where You Can Get Atal Pension Yojana?

All the Swabalamban Yojana Point of Presence (Service Providers) and aggregators shall enroll APY subscribers. In addition, banks are the authorized agencies for dispensing the scheme under the NPS architecture. 

Atal Pension Yojana – How to Enroll?

You can enroll for APY by submitting the application form to any bank where you hold a KYC-compliant account. You can download the form and carry a self-attested Aadhaar card copy as the primary enrolment document. Check the following for a successful subscription.

• Authorize the bank to directly debit your account in monthly, quarterly, and half-yearly frequencies.

• The due auto-debit depends on the date of enrollment and the first day or any other day of the calendar month.  

• Several banks like SBI, Axis, and ICICI allow online enrolment to the APY subscribers. 

Atal Pension Yojana – Migration of Swavlamban Subscribers:

If eligible, all existing Swavabalamban subscribers can migrate to the APY by default. However, they have an option for opting out. So, check out the following rules. 

• Since the government’s contribution to APY continues for 5-years, migrant subscribers will enjoy the facility for the residual period only. For example, if the benefit received is 1-year earlier, the APY benefit continues for another 4-years. 

• However, Swavabalamban migrants opting out will receive the benefit until 2016-17.

• Swabalamban subscribers beyond 40 years can exit the scheme and receive the corpus in a lump sum. On the other hand, they can continue up to 60 years to enjoy the benefit of annuities. 

Atal Pension Yojana – Penalty for Default:

The default contribution under the APY for individual subscribers is monthly. However, banks collect an additional amount if the account holder fails to maintain a sufficient balance for the auto-debit. The additional amount recovered on account of default varies from Rs.1 to Rs. 10 per the grid below.

On the other hand, discontinuation of payment leads to the following outcome.

In Conclusion:

The Atal Pension Yojana reveals the government’s concern toward the workers in the unorganized sector, the significant component of the Indian labor force. It ensures their financial stability in old age with a fixed pension of up to Rs.5000 per month. In addition, the spouse enjoys the same benefit in the subscriber’s absence, while the nominee earns the legacy of the accumulated corpus in a lump sum.

FAQ's