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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  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold
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10.5 Crore
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5.3 Crore
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Disclaimer: The corpus of ₹1 Crore is an illustrative example and is not guaranteed. It is based on the assumption of an 8% annual rate of return over a 30-year investment period, for an investment of 10000/month, starting at age 25. Actual returns may vary depending on market conditions, policy term, premium payment term, and other factors. The investment risk in unit-linked insurance plans (ULIPs) or market-linked instruments is borne by the policyholder.Maturity Value: ₹1,10,89,478 @ CAGR 8%; ₹55,66,122 @ CAGR 4%. Returns are subject to market performance and are not guaranteed. Tax benefits, if any, are as per prevailing laws and may change from time to time. All plans mentioned are offered through insurance company funds and are subject to associated terms and conditions. Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
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
  • 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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˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^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
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++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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