Saturday, 11 July 2015


    Our idiot boxes are filled with advertisements of a new scheme launched by our PM Mr. Narendra Modi starring Amitabh Bachhan ,i.e, Atal Pension Yojana.
What is actually in this scheme and what are its tits bits. This article will actually let you know about it in the nutshell.

  Aim of the scheme -
    To provide a regular pension of Rs.1000-5000 per month after retirement at the age of 60.

Advertisement of APY

  Who can subscribe - 
     Any individual who is in the age group of 18 to 40 years.

Range of premium
    Rs. 42 to 1454 depending on age and pension amount opted by the individual.

How to Apply - 
   You must have your Savings bank account and Aadhar card too and then you can 
contact the nearest branch of your bank.

Renewal of the scheme - 
    Every year before 1st june

What is Govt's contribution in it ?

 The Govt. Of India would be contributing 50% of premium or Rs. 1000 whichever is lower for a period of 5 years.

But there are certain restrictions too:-

1. Govt. Of India would contribute their amount for any subscriber who has joined this scheme from 1st june2015 to 31st Dec 2015.

2. Moreover the individuals should not be covered under any statutory social security scheme including EPF and he/she shouldn't be a tax payee.

Withdrawal from the scheme:

    When individual will attain 60 years of age, they need to sign annuitizatiom of pension wealth and premium would be paid at that time. If the subscriber dies, the spouse will get the pension. If the subscriber dies, nominee will get the pension wealth.
     But as most of the government schemes comes with certain flaws too, same is with this scheme. It offers 7.8%-8% returns approx. There are better schmes like Public Provident Fund etc. which offers morw than 8% .
     This investment is not a liquid investment as premature withdrawls are not allowed. Majority of subscribers are ineligible to get govt contribution due to the fact that even small employees are covered through EPF.

Result -
So this scheme is good for low income groups and non tax payers.

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