Find your suitable insurance plan
480
5 min read
Updated on Apr 27, 2023
To start with the Atal Pension Yojana details, it is a government-backed scheme for workers of the unorganized sector that was started in 2015 as a replacement for the Swavalamban Yojana. The intent behind bringing the scheme into effect was to provide financial support to the unorganized sector workers after their retirement, in form of a pension.
To join the Atal Pension Yojana scheme, one has to meet certain eligibility criteria. The Atal Pension Yojana eligibility criteria are as follows:
| Age at Entry (Years) | Total Years of Contribution | For Monthly Pension of INR 1000 | For Monthly Pension of INR 2000 | For Monthly Pension of INR 3000 | For Monthly Pension of INR 4000 | For Monthly Pension of 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 | 1087 |
| 38 | 22 | 240 | 480 | 720 | 957 | 1196 |
| 39 | 21 | 264 | 528 | 792 | 1054 | 1318 |
| 40 | 20 | 291 | 582 | 873 | 1164 | 1454 |
Atal Pension Yojana benefits are many. Here are some of them mentioned below:
Know More: How To Apply Online for Atal Pension Yojana On SBI?
To get the Atal Pension Yojana application form, you can choose from the following three options.
The steps to open an Atal Pension Yojana Account are mentioned herein below:
Step 1
You have to get the Atal Pension Yojana application form. You can get it from the nearest bank branch, download it from any official website of a bank, or download it from the official website of the Pension Fund Regulatory and Development Authority.
Step 2
The form is available in various languages of India such as English, Bangla, Telugu, Tamil, Odia, Marathi, Kannada, and Gujarati. You can choose your preferred language, fill out the form correctly, and submit the same at the bank. In the form, you would be required to mention your registered mobile number and attach a photocopy of the Aadhar Card along with other mandatory documents.
Step 3
As your application form is approved, you will receive a confirmation message.
Also Read: Difference between National Pension Scheme and Atal Pension Yojana
| Amount to be contributed | Penalty |
| Up to INR 100 per month | INR 1 |
| Up to INR 101 to 500 per month | INR 2 |
| Up to INR 501 to 1000 per month | INR 5 |
| Beyond INR 1001 per month | INR 10 |
To draw the guaranteed pension amount, the subscribers as they attain the age of 60 years, would be required to submit a request to the bank. In case the subscriber passes away, the corpus amount is paid to the beneficiary. In case the beneficiary is also not alive, the amount is provided to the nominee.
Under normal circumstances, you cannot exit before attaining the age of 60 years. However, it is possible in case of the death of the subscriber, or if he/she has been diagnosed with a terminal disease.
Conclusion
Now that you are aware of the APY scheme details, all that you need to do is to get the form at your convenience and submit it accordingly. It is a beneficial scheme for the unorganized sector workers and has been helpful to many in India. All you need to do is to keep contributing without fail to get the best benefits and maturity amount of the scheme.
Footer Paragraph
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
View this post on Instagram
Yes, as you invest in the Atal Pension Yojana, you will be able to avail of tax benefits under Section 80 CCD of the IT Act, 1961.
An individual who is or has been an income taxpayer will not be allowed to apply for Atal Pension Yojana Scheme.
If the subscribers do not pay an installment for their APY account, the account will be frozen after six months.
You can withdraw funds from your APY account upon attaining the age of 60 years or the nominee or beneficiary can withdraw it under certain circumstances.
No, the APY scheme does not come with an insurance benefit. It only guarantees a return upon retirement.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
An overview of LIC’s popular comprehensive insurance policy - Jeevan Saral - its benefits to the policyholder, and its special feature - the maturity calculator.
May 25, 2023
5 min read 
Everything you need to know about the YSR Pension Kanuka scheme, the eligibility requirements to apply, the benefits of the plan, and the different types.
May 22, 2023 5 min read 
Jeevan Saral Plan comes from the house of LIC, Life Insurance Corporation of India. Also, referred to as Plan 165, Jeevan Saral Policy is one.
May 22, 2023 5 min read 
LIC is one of the most trusted and reliable public sector insurance companies in India. The company has been serving customers with their varied insurance.
May 17, 2023 5 min read 
Unless you have planned well for your life after retirement, you may have to face a financial crunch in your old age. Let us take.
May 17, 2023 5 min read 
If you are willing to invest in market linked plans, there are two ways to do so. One is through single lump sum payment and.
May 16, 2023 5 min read 
FDs or Fixed Deposits are among the safest kinds of investments that anyone can rely on. FDs for senior citizens is the best option for.
May 15, 2023 5 min read 
HRA or House Rent Allowance is a part of a salary compensation offered by organizations to their employees above their basic salary. This post will.
May 15, 2023 5 min read 
India is one of the countries with the biggest number of banks and financial institutions in the world. One such progressive bank, the Karnataka bank,.
May 12, 2023 5 min read 
Calculators are used to calculate premiums, interest rates and other important aspects related to insurance and investments. Let us take a look at the FD.
May 12, 2023 5 min read 
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2023 Mahindra Insurance Brokers. All Right Reserved.
Get A Call Back