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Updated on Sep 02, 2022
Atal Pension Yojana, also known as APY available with State Bank of India (SBI) is a pension plan backed by the Government of India mainly targeted at people employed at India’s unorganized sector. The scheme was implemented in the budget year of 2015-2016. With APY, the government aimed at offering pension facility to unorganized sector employees, and this scheme is regulated by Pension Funds Regulatory Authority of India (PFRDA).
To benefit from the APY, it is important for people to know how to apply for the scheme and to take advantage of the same. If you are not aware of the Atal Pension Yojana online apply SBI procedure, read on to find all about it in this blog.
The APY is created to serve people in need and this yojana is simple to understand for those who want to open an APY account as per the plan via SBI. The recipient of APY receives monthly payments from the fund that gets collected in their APY account as per the scheme.
Also, in the event of the death of the beneficiary of the APY pension scheme, the benefits gets transferred to the spouse. Moreover, in the event of the death of both the beneficiary and the spouse, the nominee will receive payment in lump sum.
This pension plan is available with the State Bank of India and interested people from the unorganized sector can avail the benefits of this plan by signing for the APY. First, you must enroll for the Atal Pension Yojana SBI Online. Once you enroll in this scheme, you can receive monthly income as part of the plan after you turn 60 years. Of course, if you subscribe to this plan, you will have to pay a fee every month till you turn 60.
The APY allows individuals to receive a monthly income in five varied payment options after they turn 60 years depending on the sum of pension specified in the policy. The pension amount can be in the range of one, two, three, four and five thousand rupees.
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Here are the features of SBI Atal Pension Yojana as mentioned below –
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Here are the guidelines of eligibility for Atal Pension Yojana SBI:
If you want to know the SBI Atal Pension Yojana Online apply process, below are the steps to follow:
When you offer the information online, it will automatically choose a premium amount for contribution based on your birth date. Here, you can also add other information, such as email ID, permanent address, nominee details and so on. You can also opt for the option of SMS alert to obtain details about your contribution amount that would be deducted on monthly basis. You will also receive an acceptance form for the scheme from the status menu by applying for it online.
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The Atal Pension Yojana SBI, which is managed by the Pension Fund Regulatory and Development Authority (PFRDA) is a scheme funded by the government of India. This scheme is a way of getting more and more endorsers to join the scheme and get benefits out of it. The form for the registration of account and other documents for APY are generated by PFRDA.
As such, it is very important for every individual to have an insurance. Since the employees of the unorganized sector are mostly left out of the insurance benefits due to lack of knowledge and financial constraints, thus the government of India initiated the APY plan to aid such people so that they can have some financial security after retirement from their work.
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