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Atal Pension Yojana (APY)
Atal Pension Yojana (APY). Three social security schemes of the Centre are to be launched by Prime Minister Narendra Modi on May 9. They are two social security schemes comprising two insurance programmes — Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBM) and Pradhan Mantri Suraksha Bima Yojna (PMSBY) alongside a pension scheme named after former Prime Minister – Atal Pension Yojna (APY).
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Three social security schemes of the Centre are to be launched by Prime Minister Narendra Modi on May 9. They are two social security schemes comprising two insurance programmes — Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBM) and Pradhan Mantri Suraksha Bima Yojna (PMSBY) alongside a pension scheme named after former Prime Minister – Atal Pension Yojna (APY).
The Atal Pension Yojna’s and focus is on the unorganised sector. A pension provides people with a monthly income when they are no longer earning. A subscriber receives pension based on accumulated contribution out of his current income. To make the pension scheme more attractive, government would co-contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower to each eligible subscriber account for a period of of 5 years from 2015-16 to 2019-20.
The benefit of government’s co-contribution can be availed by those who subscribe to the scheme before December 31, 2015. APY is open to all bank account holders who are not members of any statutory social security scheme. Minimum age of joining APY is 18 years and maximum age is 40 years. One needs to contribute till one attains 60 years of age. If a person joins Atal Pension Yojna at 35 years, he will contribute till the age of 60 years i.e., 25 years. If he wants monthly pension of Rs 1,000 he would contribute Rs 181 a month. On his death, his wife would get Rs 1,000 per month and after her death the nominees will get 1.7 lakh.
If he wants a monthly pension of Rs 3,000 he would contribute Rs 543 a month. On his death, his wife would get Rs 3000 per month and after her death the nominees will get 5.1 lakh. If he joins at the age of 18 years to get a fixed monthly pension of Rs 1,000 per month, the subscriber has to contribute on monthly basis Rs 42 for Rs 5000 pension he has to contribute Rs. 210. if he joins at the age of 40 years to get a fixed monthly pension of Rs. 1,000 per month, the subscriber has to contribute on monthly basis Rs. 291 and for Rs 5000 pension he has to contribute Rs. 1,454
