Jeevan Jyoti Bima Yojna

 

 

<![if !vml]>Atal Pension Yojana (APY) Image<![endif]>

Financial inclusion, social security, and low-cost benefits for
the masses have been high on the NDA government’s agenda. Ever since the NaMo
government’s ascent to the centre, PM Modi, FM Jaitley, and the Cabinet have
worked relentlessly towards promulgation of new schemes that make financial
security for the common man. The first step towards achievement of social
security was the rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY). With
Phase I being declared a major success and 1.8 crore accounts having been
opened across the country, the government has flagged off three new schemes on
9 May 2015 – two insurance schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana,
and Pradhan Mantri Suraksha Bima Yojana), and a pension scheme (Atal Pension
Yojana). This is called Phase II of the PMJDY, since it was important to get
people into mainstream banking before any benefits can be extended to them.

Atal Pension Yojana

“As our young population ages, it is also going to be
pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana,
I propose to work towards creating a universal social security system for all
Indians that will ensure that no Indian citizen will have to worry about
illness, accidents or penury in old age”, said Finance Minister Jaitley in his
February 2015 Budget speech. In keeping with this ideal, a National Pension
Scheme, the Atal Pension Yojana will be effective from 1 June 2015. The scheme
intends to bring pension benefits to allow people of the unorganised sector to
enjoy social security with minimum contribution per month.

People who work in the private sector or employed in occupations
that do not give them the benefit of pension can apply for the scheme. They can
opt for a fixed pension of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on
attaining the age of 60. The amount of contribution and the individual’s age
will determine the pension. Upon the contributor’s death, the spouse of the
contributor can claim the pension and after the spouse’s death the nominee will
be returned the corpus accrued.

The amount collected under the scheme is to be managed by
Pension Funds as per the investment pattern specified by the Government.
Individual applicants will have no choice of pension funds or investment
allocation.

Benefits of Atal
Pension Yojana

The Atal Pension Scheme will bring security to ageing Indians
while at the same time promote a culture of savings and investment among the
lower and lower middle class sections of society. One of the greatest benefits
of the scheme may be enjoyed by the poorer sections of society. The government
of India has decided to contribute 50 percent of the user’s contribution or INR
1,000 a year (whichever is lower) for a period of five years. This contribution
will, however, be enjoyed only by those who are not income tax payers and those
who join the scheme before 31 December 2015.

Who is Eligible?

The Atal Pension Yojana (APY)  is open to all Indians
between the age of 18 and 40. This allows an individual to contribute for at
least 20 years before reaping the benefits of the scheme. Any bank account
holder who is not a member of any statutory social security scheme can avail of
the scheme.

All existing members of the government’s ‘Swavalamban Yojana NPS
Lite’ will automatically be migrated to the Atal Pension Yojana. It will now
replace the Swavalamban scheme, which did not gain much popularity across the
country.

How to Enroll?

To sign up for the Atal Pension Yojana, an account holder must
fill in an authorisation form and submit it to his/her bank. The form will
require complete details including account number, spouse and nominee details,
and authorisation for auto debit of contribution amount. Account holders
signing up for the scheme need to ensure that sufficient balance is maintained
in the account every month, failing to do so will attract a monthly fine of –

·INR 1 for monthly contribution up to INR 100

·INR 2 for monthly contribution between INR 101 and INR 500

·INR 5 for monthly contribution between INR 501 and INR 1,000

·INR 10 for monthly contribution beyond INR 1,001

If no payment is made towards the scheme

·for six months, the holder’s account will be frozen

·for 12 months, the holder’s account will be deactivated

·for 24 months, the holder’s account will be closed

For those who does not
have a bank account: 
A person needs to open a bank account first by
submitting the KYC document and Aadhar card. He/she is also required to submit
the APY proposal form.

Exiting the scheme: Under ordinary circumstances, an account holder who has enrolled
for the Atal Pension Yojana will not be able to exit the scheme before the age
of 60. Exiting the scheme is only possible in special circumstance such as in
the event of the death of the beneficiary.

Application Form

The application form can be downloaded from http://www.jansuraksha.gov.in/FORMS-APY.aspx.
The forms are available in different languages – English, Hindi, Gujarati,
Bangla, Kannada, Odia, Marathi, Telugu and Tamil.

Indicative Contribution
for Various Pension Options (in INR)

Entry Age

Years of Contribution

Monthly Pension INR 1000

Monthly Pension INR 2000

Monthly Pension INR 3000

Monthly Pension INR 4000

Monthly Pension INR 5000

18

42

42

84

126

168

210

19

41

46

92

138

183

228

20

40

50

100

150

198

248

21

39

54

108

162

215

269

22

38

59

117

177

234

292

23

37

64

127

192

254

318

24

36

70

139

208

277

346

25

35

76

151

226

301

376

26

34

82

164

246

327

409

27

33

90

178

268

356

446

28

32

97

194

292

388

485

29

31

106

212

318

423

529

30

30

116

231

347

462

577

31

29

126

252

379

504

630

32

28

138

276

414

551

689

33

27

151

302

453

602

752

34

26

165

330

495

659

824

35

25

181

362

543

722

902

36

24

198

396

594

792

990

37

23

218

436

654

870

1,087

38

22

240

480

720

957

1,196

39

21

264

528

792

1,054

1,318

40

20

291

582

873

1,164

1,454

*Data from Atal Pension Yojna brochure

Launch
Across the Country

The Atal Pension Scheme and the other insurance schemes were
launched on 9 May, simultaneously by Union and Chief Ministers. Indian Prime
Minister Narendra Modi launched the scheme from Kolkata. Launch functions were
held at about 116 locations across the country including state capitals and a
number of district headquarters. Post its launch, 41,124 people have already
registered for the scheme as on 11 May 2015.

Click here to view Atal Pension Yojana(APY) in Hindi – अटल पेंशन योजना (एपीवाई)

 

 

Comments are closed.