Atal Pension Yojana Premium Chart

Atal Pension Yojana (APY) is a government of India initiative to protect the interests of the employees in the unorganized sectors. This social security measure provides a pension to the subscribers when they turn 60. Pension benefits continue after the subscriber’s demise for the spouse, and the nominee receives the accumulated corpus after both are no more. The scheme’s administration is vested with the PFRDAI (Pension Fund Regulator and Development Authority of India), delivering a guaranteed pension after retirement.

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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.

Joining age* Maximum Term* Premium (Rs)# Pension (Rs.)@ Corpus (Rs)$
18 42 42 1000 1.7 Lac
20 40 50 1000 1.7 Lac
25 35 76 1000 1.7 Lac
30 30 116 1000 1.7 Lac
35 25 181 1000 1.7 Lac
40 20 291 1000 1.7 Lac
Legend:
* In Years 
Per month
@ Per month payable to the subscriber and the spouse 
$ 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.

Joining age* Maximum Term* Premium (Rs)# Pension (Rs.)@ Corpus (Rs)$
18 42 84 2000 3.4 Lac
20 40 100 2000 3.4 Lac
25 35 151 2000 3.4 Lac
30 30 232 2000 3.4 Lac
35 25 362 2000 3.4 Lac
40 20 582 2000 3.4 Lac
Legend:
* In Years 
Per month
@ Per month payable to the subscriber and the spouse 
$ 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.

Joining age* Maximum Term* Premium (Rs)# Pension (Rs.)@ Corpus (Rs)$
18 42 126 3000 5.1 Lac
20 40 150 3000 5.1 Lac
25 35 226 3000 5.1 Lac
30 30 347 3000 5.1 Lac
35 25 543 3000 5.1 Lac
40 20 873 3000 5.1 Lac
Legend:
* In Years 
Per month
@ Per month payable to the subscriber and the spouse 
$ 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.

Joining age* Maximum Term* Premium (Rs)# Pension (Rs.)@ Corpus (Rs)$
18 42 168 4000 6.8 Lac
20 40 198 4000 6.8 Lac
25 35 301 4000 6.8 Lac
30 30 462 4000 6.8 Lac
35 25 722 4000 6.8 Lac
40 20 1164 4000 6.8 Lac
Legend:
* In Years 
Per month
@ Per month payable to the subscriber and the spouse 
$ 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.

Joining age* Maximum Term* Premium (Rs)# Pension (Rs.)@ Corpus (Rs)$
18 42 210 5000 8.5 Lac
20 40 248 5000 8.5 Lac
25 35 376 5000 8.5 Lac
30 30 577 5000 8.5 Lac
35 25 902 5000 8.5 Lac
40 20 1454 5000 8.5 Lac
Legend:
* In Years 
Per month
@ Per month payable to the subscriber and the spouse 
$ Payable to the nominee

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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.

Contribution Amount (Rs) per Month  Penalty (Rs) per Month
Up to 100 1
101 to 500 2
501 to 1000 5
Beyond 1001 10
The fixed penalty amount remains a part of the pension corpus.

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

Discontinuation Duration   Outcome 
After 6-months  Account is Frozen
After 12-months  Account is deactivated
After 24-months  Account is closed

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

  • What is the investment pattern in APY?

    A:  Investment of contributions under APY is according to guidelines formulated by the Government and PFRDA, and the subscriber has no role to play. 
  • Does the subscriber get any statement of transactions under APY?

    A: The subscriber gets the annual statement of transaction in the APY account at the registered address. 
  • Is there any limit to opening an APY account?

    A: An adult individual can open only one APY account. In addition, minor accounts are not allowed. 
  • Is there any option to change the financial parameters in the APY account?

    A: Yes, you can change the monthly contribution and increase or decrease the target pension in your APY account, subject to the following conditions.
    • Increase or decrease the pension amount during the accumulation phase once a financial year.
    • You pay 8% per annum of the differential on a monthly compounding basis for an upgrade.  
    • On the contrary, you get a refund of the differential due to the downgrade.
    • The upgrade fee is Rs.50. 
  • How does the subscriber know the status of contribution to APY?

    A: The subscriber gets SMS alerts for all activities and transactions in the APY account.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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