New Pension Yojana vs. Atal Pension Yojana

Both Atal Pension Yojana (APY) and New Pension Yojana (NPY) offer post retirement financial security. However, there are some differences between both the plans which one needs to understand to make a smart investment.

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  • Peaceful Post-Retirement Life

  • Tax Free Regular Income

  • Wealth Generation to beat Inflation

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold
Parameters New Pension Scheme Atal Pension Yojana
Age of Joining 18-60 years 18-40 years
Who can join? All Indian citizens (both resident or non-resident) Only resident Indians
Pension slabs No fixed slab 5 slabs -  Rs 1000; Rs 2000; Rs 3000; Rs 4000; and Rs 5000 per month
Types of Accounts Holder has two accounts: Tier 1 and Tier 2 No differentiation
Premature Withdrawal In tier 2 account, there is no restriction and money can be withdrawn at any time. However in tier 1, premature withdrawal is allowed up to certain conditions No premature withdrawal, except in death or critical illness
Government Contribution No contribution The govt. contributes maximum Rs 1000 if the account is opened before 31st December.
Tax Benefit Tax benefit is available only in Tier 1 account No tax benefit
Who manages it? It is managed by PFRDA It is administrated by the PFRDA/Government
Permanent Account Number The account holder gets the unique Permanent Retirement Account Number (PRAN), which can be used to manage NPS around the world No such facility is available
Where to open an account? An account can be opened at Point of Presence (POP) branch. You can also open it online through providers such as ICICI Direct. Approach the bank where you have a saving account
Fund managers
  • Six pension fund managers:
  • HDFC Pension Management Company
  • ICICI Pension Fund Management Company
  • Kotak Mahindra Pension Fund
  • LIC Pension Plan Fund
  • Reliance Capital Pension Fund
  • SBI Pension Funds
  • UTI Retirement Solutions
No option to choose fund manager
Nomination Facility Although nomination is not mandatory but you can nominate maximum 3 members Nomination is mandatory
Toll free number 1-800-222080 1800-180-1111 / 1800-110-001 1800-180-1111 / 1800-110-001

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*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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