Under Atal PensionYojana, government is willing to guarantee a pension of up to Rs. 5000 a month. It will allow the members of the NPS to migrate to the Atal PensionYojana. The proposed plan will be available in five different options and the subscribers can opt for any one of the available options.
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When the subscriber completes the age of 60, he will receive guaranteed return from the plan in case his contribution to the period fixed by the contract has been regular.
The Chairman of the pension fund regulatory and development authority (PFRDA) briefly explained. The Atal Pension Yojana will provide a minimum pension of Rs.1,000 per month to a maximum of Rs 5,000. People between the ages of 20 to 40 years are eligible for the plan. The contributions will vary from Rs. 48, for Rs. 1,000 pension and Rs. 248 for Rs 5,000 pension per month.
The finance minister Arun Jaitley announced the plan to launch Atal Pension Yojana in the budget 2015-16, which will provide defined pension according to the contribution and the period. The government is contributing about 50% to the scheme for the beneficiaries. The premium is limited to Rs 1,000 for about five years for the new accounts opened before the end of this year. In the first week of April 2015, the guidelines for the new investment pattern will be declared. This plan would offer a return of 8 % per annum.
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It is not essential to hold an operational bank account, as the bank will be the aggregators of the scheme. The government is focusing and lifting the Atal Pension Yojana as one of the primary initiatives along with the private sector. The existing 36 Lakhs subscribers in the NPS Swavalamban will have an option to migrate to the new plan.
The NPS does not offer a guaranteed pension as the Atal PensionYojana. The Swavalamban is focused on the unorganized workforce by the government, providing Rs. 1,000 every year for five years for the account holders from 2010-13.
(Source: This article has been adapted from the article "Under Atal Pension Yojana, govt to guarantee up to Rs 5,000 cover" that appeared on March 12, 2015 in financialexpress.com)
*All savings are provided by the insurer as per the IRDAI approved insurance
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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