Atal Pension Yojna(APY) scheme along with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) were launched by Prime Minister , Narendra Modi, in Kolkata on 9th May 2015. There was simultaneous nation-wide launch of the schemes through functions organised in various States and Union Territories . Our article Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna gave an overview of these schemes. This article answers frequently asked questions on Atal Pension Yojna.
What is Pension? Why do I need it?
A Pension provides people with a monthly income when they are no longer earning. Need for Pension:
- Decreased income earning potential with age.
- The rise of nuclear family-Migration of earning members.
- Rise in cost of living.
- Increased longevity.
- Assured monthly income ensures dignified life in old age.
What is Atal Pension Yojana?
Atal Pension Yojana (APY), is a pension scheme for citizens of India focussed on the organised sector workers. Under the Atal Pension Yojana, guaranteed minimum pension of Rs. 1,000, 2,000, 3,000, 4,000 and 5,000 per month will be given at the age of 60 years depending on the contributions by the subscribers.
Who can join Atal Pension Yojna?
Any Citizen of India can join APY scheme. The following are the eligibility criteria,
- The age of the subscriber should be between 18 – 40 years.
- He or She should have a savings bank account or open a savings bank account. It is necessary to have a bank account as contributions would be auto debited i.e would be automatically taken every month.
- He/she should be have mobile number and its details are to be furnished to the bank during registration.
- Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
How many Atal Pension Yojana accounts I can open?
One can open only one APY account and it is unique.
Tax and Atal Pension Yojna
There are no tax benefits like 80C on contribution to Atal Pension Yojna.
From Feb 23 2016 Contributions to the Atal Pension Yojana (APY) will now be eligible for the same tax benefits as the National Pension System (NPS). The tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1) introduced in last year’s budget. Our article NPS Tax Benefits and sections 80CCD(1), 80CCD(2) and 80CCD(1B) explains the benefits in detail.
The pension received will be considered as Income from Salary and would be used in tax computation.
Who will not not receive Government co-contribution?
Those who are covered under statutory social security schemes are not eligible to receive Government co-contribution. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
- Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
- Seamens’ Provident Fund Act, 1966.
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
- Any other statutory social security scheme
So if you have an EPF account you can still open Atal Pension Yojna account but government will not contribute to your APY account. You would have to make full contribution for selected pension amount.
How much is Government’s co-contribution?
In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
How to open Atal Pension Yojna Account?
- Approach the bank branch where individual’s savings bank account is held.
- Fill up the APY registration form. The form in English can be downloaded from here.(pdf) and in Hindi from here. Forms are also available in other languages like Bangla,Gujarati,Hindi,Kannada,Marathi,Odia,Tamil and Telugu which can be downloaded from www.jansuraksha.gov.in/forms.aspx
- Provide Mobile Number.
- Provide Aadhaar Number.
- Ensure keeping the required balance in the savings bank account for transfer of monthly contribution.
Is Aadhaar Number compulsory for joining the scheme Atal Pension Yojana?
It is not mandatory to provide Aadhaar number for opening APY account. However, For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
Can I open Atal Pension Yojana Account without savings bank account?
No. For joining APY, savings bank account is mandatory.
Is it required to furnish nomination while joining the Atal Pension Yojana scheme?
Yes. It is mandatory to provide nominee details in APY account. The spouse details are also mandatory wherever applicable. Their Aadhaar details are also to be provided. Aadhaar is becoming an important number to have. Our article explains Aadhaar : What is Aadhaar, How to enrol,Check Aadhaar status,Download e Aadhaarin detail.
What is the mode of contribution to the account opened under Atal Pension Yojana?
All the contributions are to be remitted monthly through auto-debit facility from savings bank account of the subscriber i.e will be automatically deducted from the saving bank account of subscriber.
What is the due date for monthly contribution?
The due date for monthly contribution will be as per the initial date of deposit of contribution into APY.
What will happen if required or sufficient amount is not maintained in the savings bank account for contribution on the due date?
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month as shown below:
- Re. 1 per month for contribution upto Rs. 100 per month.
- Re. 2 per month for contribution upto Rs. 101 to 500 per month.
- Re 5 per month for contribution between Rs 501 to 1000 per month.
- Rs 10 per month for contribution beyond Rs 1001 per month.
Discontinuation of payments of contribution amount shall lead to following:
- After 6 months account will be frozen.
- After 12 months account will be deactivated.
- After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
How much can one contribute in Atal Pension Yojana ?
Amount to be contributed monthly under the Atal Pension Yojna scheme depends on the age of the person who joins the scheme and how much pension 1000,2000,3000,4000,5000 Rs he wants. Please remember that once the person passes away the spouse(wife/husband) will get the pension and after death of spouse the nominees will get a lump sump amount.
For getting guaranteed pension of Rs 1000 and lump sump of Rs 1.71 lakh to nominees amount one has to contribute at some sample ages is given below. Detailed table is provided here.
| Age of Joining | Years of Contribution | Monthly contribution |
|---|---|---|
| 18 | 42 | 42 |
| 20 | 40 | 50 |
| 25 | 35 | 76 |
| 30 | 30 | 116 |
| 35 | 25 | 181 |
| 40 | 20 | 291 |
Is there an option to increase or decrease the monthly contribution for higher or lower pension amount?
The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.
What is the withdrawal procedure from Atal Pension Yojana?
- On attaining the age of 60 years: The exit from APY is permitted at the age with 100% annuitisation of pension wealth.On exit, pension would be available to the subscriber.
- In case of death of the Subscriber due to any cause: In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
- Exit Before the age of 60 Years: The Exit before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
How will I know the status of my contribution?
The status of contributions will be intimated to the registered mobile number of the subscriber by way of periodical SMS alerts. The Subscriber will also be receiving physical Statement of Account.
Will I get any statement of transactions?
- Yes. Periodic statement of APY account will be provided to the subscribers.
- If I move my residence/city, how can I make contributions to APY account?
- The contributions may be remitted through auto debit uninterruptedly even in case of dislocation.
What will happen to existing subscribers in Swavalamban Yojana?
The existing Swavalamban scheme may be automatically migrated to Atal Pension Yojana.
For age of subscriber between 18-40 yrs: All the registered subscribers under Swavalamban Yojana aged between 18-40 yrs will be automatically migrated to APY with an option to opt out. However, the benefit of five years of Government Co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already. This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only for 4 years and so on. Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attain the age of exit under that scheme.
Other subscribers above 40 years who do not wish to continue may opt out of the scheme with lump sum withdrawal.Subscribers above 40 years may also opt to continue till the age of 60 years and eligible for annuities.
How are the contributions of Atal Pension Yojna invested?
The contributions under APY are invested as per the investment guidelines prescribed by Ministry of Finance, Government of India. The APY scheme is administered by PFRDA/GOVERNMENT.
Lumpsum Corpus that Nominee will receive
On death of person who was member of Atal Pension Yojna and his spouse(wife/husband), the nominees will receive a lump-sump amount shown in table below. The amount received will be based on how much monthly pension had the person who joined Atal Pension Yojna chose. For example if person chose 2000 Rs of Monthly pension amount, the lump-sump amount received will be Rs 3.4 lakh. If person chose Rs 5000 as monthly pension amount the nominee will receive Rs 8.5 lakh.
| Monthly Pension Amount (Rs) | Corpus (Rs) |
|---|---|
| 1000 | 1.7 lakh or 1,70,000 |
| 2000 | 3.4 lakh or 3,40,000 |
| 3000 | 5.1 lakh or 5,10,000 |
| 4000 | 6.8 lakh or 6,80,000 |
| 5000 | 8.5 lakh or 8,50,000 |
Agewise Atal Pension Yojna Contribution Chart
The amount that one has to contribute for monthly pension of Rs 1000, Rs 2000, 3000, 4000 & 5000 at ages between 18-40 is given below.
| Age ofEntry | Years of Contribution |
Monthly pension of Rs. 1000. | Monthly pension of Rs. 2000. |
Monthly pension of Rs. 3000. |
Monthly pension of Rs. 4000. |
Monthly pension of Rs. 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 |
The official website of the scheme is www.jansuraksha.gov.in. National Toll-Free – 1800-180-1111 / 1800-110-001 and StateWise Toll free number are listed in this document Statewise Toll-Free (pdf)
Related articles:
- Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna
- Saving For Retirement : Pension Plans,NPS,EPF,PPF
- Returns of NPS
- How to Correct or Update Details in Aadhaar
- UAN or Universal Account Number and Registration of UAN
- EPF SMS What is EE, ER? How much on Withdrawal from EPF?
I have received SMS from ICICI Bank about Pradhan Mantri Jeevan Surakhsa Scheme but not about any other scheme. Banks are under pressure to make these schemes a success so you should also be getting calls from your bank. Should one join Atal Pension Yojna? Why or Why not? Are you planning to join Atal Pension Yojna? Will it help the people for whom it is targeted ?
Great job. Thanks a lot for providing all the information here. Thanks
thanks for this post. it explains the features of APY in a very good way. On the off chance that somebody contribute their sum under this plan and pay consistent premiums then he will get settled measure of 1000, 2000, 3000, 4000 and 5000 separately. Benefits sum depends on sum contributed by the person for their better and safe future; sum will be gotten by him till his demise. After the passing of approach holder candidate will get the rest of the sum according to their tenets. to know premium plan under this scheme, you can follow : http://www.atalpensionyojana.co.in/apy-premium-plans/… In the event of sudden demise of endorser, chosen one can proceed with the arrangement and after development he will get the sum.
Kya APY OK NPS (80ccd) me dikha skate hai…..tax beneffis me …..?
Me ek house wife hu ,Kya APY ka benefit me re husband ke income tax dikha skate hai…..?
Can we change OR delete spouses name once entered if seeking divorce?
I am primary teacher(govt.Undertaking). My spouse is housewife. Plz ensure me my wife is eligible for APY?
I am primary teacher(govt.Undertaking). My spouse is housewife. Plz ensure me my is eligible for APY?
If she is less than 40 years of age she is eligible for Atal Pension Yojna.
Any Citizen of India can join APY scheme. The following are the eligibility criteria,
.
I want to know the procedure to stop Atal Pension Yojana Plan. I opened it in July but it seems that it not a good plan.
I am 23 years old. I need to pay Rs 346 per month.
* What if I die before the age of 60 (say 50), what will my nominee get?
* What if I die after the age of 60 (say 62), will my nominee get a bulk amount of 8.5 lac alone? or will he/she be eligible to get 5000/mon also..
Kindly explain
If you die before 60, your spouse will have the option of continuing the account till such time you would have turned 60. After that, she will get pension.
If spouse is not alive or you are not married, then nominee will get the money after your demise. Nominee will not get pension.
If you die after 60, your spouse will get pension. After her demise, your nominee will get the money back (8.5 lacs). If spouse is not alive or you are not married, your nominee will get the money back. Nominee will not get pension.
Can i enroll in both NPS & APY?
Thanks.
Yes
Hi, I have gone through the APY form. The form says that I have to provide details of my spouse as this is mandatory. I am seeking divorce from my wife and don’t want to provide her details anywhere. What do I need to do ?
Should I provide her details now and then change it afterwards ?
or
Should I mention myself as single ? So that I don’t have to provide any details.
Please suggest.
The reason APY wants spouse details are so that in unfortunate case of death of policy holder the spouse can get the pension.
If you don’t want the spouse to get the pension then you need not provide the details.
Dear Sir,
I have two doubts.
1) If a person age is 27, he subscribe the APY and amount also debited from his saving bank account, unfortunately at the age of 35 he will died, then (a) Is it continue monthly contribution up to age of 60 yers.????
(b) when can get (i.e which year) amount to nominee..????
(c) That amount is corpus amount(8.7Lak) or montly pension(5000)..????
2) I had subscribe at july’15 month in the application i had clearly mentioed that auto debit on 20th of every month,But it will not happen in my case..for July’15 month debited on 15th, Aug’15 month debited on 10th, sep’15 month debited 7th and Oct’15 month debited on 5th, what i am saying is i need one debite date so that for that date i will be maintened min amount…
Kinly advise me.. pl..
Best Regards,
Adinarayana reddy.
Is Nominee can be changed later?
Also the bank account can be changed if needed?
For APY, govt. will contribute 50% of the total contribution or Rs.1000/- per annum whihever is lower. The govt. contribution is only for 5 yrs.i.e. from 2015-2016 – 2019-2020.
Pl. clarifiy the following :
1. Suppose I am contributing Rs.230/- per month, i.e. 230×12 = Rs.2760/- per annum & govt contribution for the same is Rs.1000/- only per annum.
2. After five yrs how much I have to contribute per month. 50% of govt contribution means what is the actual premium per month.
1. Yes its per annum. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per
annum, whichever is lower, to each eligible subscriber account, for a period of 5
years, i.e., from Financial Year 2015-16 to 2019-20. So if you are contributing Rs 230 per month so yur total contribution has to be 12 X 230= 2760 out of which Govt will contribute 1000 so you will pay 1760 per annum ofr 5 years
2. After 5 years you will have to pay full amount i.e Rs 2760 per annum
CAN PRAN KIT ISSUE TO APY CUSTOMER
CAN PRAN KIT ISSUE TO APY CUSTOMER
Organized sector unorganized sector?We the competitive exam aspirants are also interested in theses stuffs… So errors should not……
Organized sector unorganized sector?We the competitive exam aspirants are also interested in theses stuffs… So errors should not……
sir my DOB is 26/05/1975. Can join in this pension scheme?
sir my DOB is 26/05/1975. Can join in this pension scheme?
my wife’s birthday is 10 – 11 – 1978 so bank had deducted 990 not 1087 as you said so weather is this instalment is right and other problem is that my first instalment of 1454 has been deducted on 4th June but the second instalment has not been debited from my saving account I have got my pran number of 12 digit and also the copy of this scheme from my branch manager so what is the problem now no one is able to answer and I have tried toll free and they are saying that your birth date is 5 – 5 – 1975 so you are not eligible for this scheme and it is a bank mistake that they have enroll you for this scheme so my question is when I am not eligible right from the beginning of this scheme then why the system have accepted my instalment and now how can I get my amount back or should I wait for this month kirti please help me
Nilesh this is strange. No one knows the rules that apply.
Wait for next month, if possible, if it doesn’t deduct then we can think of getting money back.
Do keep us updated
my wife’s birthday is 10 – 11 – 1978 so bank had deducted 990 not 1087 as you said so weather is this instalment is right and other problem is that my first instalment of 1454 has been deducted on 4th June but the second instalment has not been debited from my saving account I have got my pran number of 12 digit and also the copy of this scheme from my branch manager so what is the problem now no one is able to answer and I have tried toll free and they are saying that your birth date is 5 – 5 – 1975 so you are not eligible for this scheme and it is a bank mistake that they have enroll you for this scheme so my question is when I am not eligible right from the beginning of this scheme then why the system have accepted my instalment and now how can I get my amount back or should I wait for this month kirti please help me
Nilesh this is strange. No one knows the rules that apply.
Wait for next month, if possible, if it doesn’t deduct then we can think of getting money back.
Do keep us updated
Myself working in private job with EPF account and my wife is Govt. Teacher on contract basis without EPF account AND both are income tax payers, can we both can take APY individually or separately with separate bank account.
Please provide information.
Myself working in private job with EPF account and my wife is Govt. Teacher on contract basis without EPF account AND both are income tax payers, can we both can take APY individually or separately with separate bank account.
Please provide information.
NPS and APY – which one sounds more beneficial to you? If one contributes Rs 1454 in NPS, can one get similar pension amount of Rs 5000? Also, since NPS has the additional tax benefit for both contribution and pension & corpus, if it offers similar pension it will be more beneficial – what is your take on that?
NPS and APY – which one sounds more beneficial to you? If one contributes Rs 1454 in NPS, can one get similar pension amount of Rs 5000? Also, since NPS has the additional tax benefit for both contribution and pension & corpus, if it offers similar pension it will be more beneficial – what is your take on that?
What is the Claim procedure. From which office the pension will be given.
What is the Claim procedure. From which office the pension will be given.
What would be the claim procedure after one attains 60 years of Age. From whose office the pension would come.
What would be the claim procedure after one attains 60 years of Age. From whose office the pension would come.
Hi All,
I need some more information if anyone can help me over this:
(a) can we apply for this scheme online?
(b) What would be the rate of intrest by which we are getting the return if the person start taking the pension at age of 60.
(c) can we take the tax rebate on the amount invested
Thanks,
Tarun Gupta
Hi All,
I need some more information if anyone can help me over this:
(a) can we apply for this scheme online?
(b) What would be the rate of intrest by which we are getting the return if the person start taking the pension at age of 60.
(c) can we take the tax rebate on the amount invested
Thanks,
Tarun Gupta
Hi All,
Can anyone tell me that what will happen in the below scenerio:
If a person dies at age to 45 and for eg: he had deosited 1 lac in 16 years then what will happen in the below scenerios:
(a) the spouse will get the pension based on amount the person had deposited or it will be on the basis of the maturity amount which in this case would be 8.5 lacs.
(b) in the spouse also dies after 5 years of her husband death then the nominee will get pension or the maturity amountwhich is 8.5 lac.
Thanks,
Tarun Gupta
Hi All,
Can anyone tell me that what will happen in the below scenerio:
If a person dies at age to 45 and for eg: he had deosited 1 lac in 16 years then what will happen in the below scenerios:
(a) the spouse will get the pension based on amount the person had deposited or it will be on the basis of the maturity amount which in this case would be 8.5 lacs.
(b) in the spouse also dies after 5 years of her husband death then the nominee will get pension or the maturity amountwhich is 8.5 lac.
Thanks,
Tarun Gupta
If Me ( subscriber ) and my wife ( nominee ) died at a time before 60Yrs. Is Our kid eligible for corpus amount??
Yes Sir they would get the corpus amount.
If Me ( subscriber ) and my wife ( nominee ) died at a time before 60Yrs. Is Our kid eligible for corpus amount??
Yes Sir they would get the corpus amount.
I work for a Pvt. Ltd. Company and tax payer. Also I have EPF account. My wife is a Para Teacher (Contractual basis with Govt. School). I have Adhar Card but my wife doesn’t have any.
1. Can I opt APY for me?
2. What is the enrolment procedure for spouse and nominee? When do I have to submit their Adhar Card as a proof of KYC?
3. Can I provide choose my son (minor, age 3 yr, no Adhar Card) as nominee?
Regards,
Supriyo
1. Yes Sir you can opt for APY. Being an income tax payer Govt will not co contribute lesser of Rs 1000 or monthly pension for 5 years
2. Joining APY is simple just fill one form which has all the details. We would request you to get Aadhaar for your wife as it is becoming more and more important these days
3. Your wife’s name should be filled in Spouse name.
4. Your son name should be in Nominee and if Nominee is minor you can provide Guardian’s name.
Link to form is Application Form for APY (pdf)
I work for a Pvt. Ltd. Company and tax payer. Also I have EPF account. My wife is a Para Teacher (Contractual basis with Govt. School). I have Adhar Card but my wife doesn’t have any.
1. Can I opt APY for me?
2. What is the enrolment procedure for spouse and nominee? When do I have to submit their Adhar Card as a proof of KYC?
3. Can I provide choose my son (minor, age 3 yr, no Adhar Card) as nominee?
Regards,
Supriyo
1. Yes Sir you can opt for APY. Being an income tax payer Govt will not co contribute lesser of Rs 1000 or monthly pension for 5 years
2. Joining APY is simple just fill one form which has all the details. We would request you to get Aadhaar for your wife as it is becoming more and more important these days
3. Your wife’s name should be filled in Spouse name.
4. Your son name should be in Nominee and if Nominee is minor you can provide Guardian’s name.
Link to form is Application Form for APY (pdf)
i am a govt employee and presently under NPS tierI but at present i am not a tax payer but will be coming in the perview shortly can i join the Atal pension yojana
Yes Sir being an income tax payer does not stop you from joining Atal Pension Yojna.
If you are not the tax payer than Govt will contribute minimum of 50% of the monthly premium or Rs 1000 for 5 years.
Once you become income tax payer Govt will stop contributing .
i am a govt employee and presently under NPS tierI but at present i am not a tax payer but will be coming in the perview shortly can i join the Atal pension yojana
Yes Sir being an income tax payer does not stop you from joining Atal Pension Yojna.
If you are not the tax payer than Govt will contribute minimum of 50% of the monthly premium or Rs 1000 for 5 years.
Once you become income tax payer Govt will stop contributing .
sir
if a subscriber dies before completing 60 years, will nominee get the invested amount with interest or not? kindly reply me.
This is not clear or not.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
If a contributor dies before completing 60 years,what will nominee get ??
This is not clear or not.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
sir
if a subscriber dies before completing 60 years, will nominee get the invested amount with interest or not? kindly reply me.
This is not clear or not.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
If a contributor dies before completing 60 years,what will nominee get ??
This is not clear or not.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
Is the lumpsum that a person receives on opting out after the age of 40 same as the Lumpsum Corpus that the nominee will receive? Also what happens when someone dies before the age of 40? Does the spouse or nominee get any benefit in that case?
Sir Exit from APY before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
Is the lumpsum that a person receives on opting out after the age of 40 same as the Lumpsum Corpus that the nominee will receive? Also what happens when someone dies before the age of 40? Does the spouse or nominee get any benefit in that case?
Sir Exit from APY before age 60 would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease.
Some says that nominee will get the lump sum associated with the monthly pension ex: if you have enrolled for 5000 Rs pension nominee will get 8.5 lakh.
Some say that if spouse will get pension till he/she is alive and after death of spouse nominee will get the amount.
We are trying to find out. Will keep you updated.
Well for specially unorganized sectors public. There are some confusions also..
May I apply it after June 1st ?
If yes, Aadhar card is mandatory ?
What will happen if a person is not able to pay the premium for rest time before 60 yes then …whether he will get any maturity benefit?
Yes Sir you may.
No Aadhaar card for subscriber is not mandatory but for spouse and nominee.
Aadhaar card is becoming more and more important these days so please consider getting one.
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
Re. 2 per month for contribution upto Rs. 101 to 500 per month.
Re 5 per month for contribution between Rs 501 to 1000 per month.
Rs 10 per month for contribution beyond Rs 1001 per month.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
Well for specially unorganized sectors public. There are some confusions also..
May I apply it after June 1st ?
If yes, Aadhar card is mandatory ?
What will happen if a person is not able to pay the premium for rest time before 60 yes then …whether he will get any maturity benefit?
Yes Sir you may.
No Aadhaar card for subscriber is not mandatory but for spouse and nominee.
Aadhaar card is becoming more and more important these days so please consider getting one.
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
Re. 2 per month for contribution upto Rs. 101 to 500 per month.
Re 5 per month for contribution between Rs 501 to 1000 per month.
Rs 10 per month for contribution beyond Rs 1001 per month.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
Sir what if I decide to pay more. Like it is mentioned that if I contribute Rs 210 I would be paid 5000 per month. What if I contribute 1000 per month, will I be paid more ?
Sir in APY one can only enroll for pension amount of Rs 1000, 2000, 3000, 4000 and 5000 based on one’s age. So if one is 18 years of age maximum one can contribute is Rs 210 for Rs 5000 pension
Sir what if I decide to pay more. Like it is mentioned that if I contribute Rs 210 I would be paid 5000 per month. What if I contribute 1000 per month, will I be paid more ?
Sir in APY one can only enroll for pension amount of Rs 1000, 2000, 3000, 4000 and 5000 based on one’s age. So if one is 18 years of age maximum one can contribute is Rs 210 for Rs 5000 pension
I have got a message from nsdlpn that your pension account is created flowed by a 12 digit number has been generated on 8-6-2015 and you will shortly receive your pran kit what does this mean kirti
Sir, they are handling it the same way as the National Pension Scheme.
When one enrols in NPS one gets the PRAN kit. Do keep us updated on what is in PRAN kit.
After the successful registration, a PRAN (Permanent Retirement Account Number) will be allotted to the active subscriber. A PRAN Kit consist the Permanent Retirement Account Number card, Subscriber details (referred as Subscriber Master List), and an information and important details booklet which is sent along with the T-Pin and I-Pin to the associated concerned office. The PRAN Card is an important document with PRAN, subscriber’s name, father’s name, photograph and signature or thumb impression. This important card proves the completeness of information in the CRA system. Then a copy of the card is required for Tier II activation and also for subsequent contribution in Tier II account. The active Subscriber Master List shows all the latest information which as provided by the subscriber in his or her application and according to that it is captured in CRA system. A subscriber can easily verify the correct information which has been submitted for registration by looking at the Subscriber Master List.
I have got a message from nsdlpn that your pension account is created flowed by a 12 digit number has been generated on 8-6-2015 and you will shortly receive your pran kit what does this mean kirti
Sir, they are handling it the same way as the National Pension Scheme.
When one enrols in NPS one gets the PRAN kit. Do keep us updated on what is in PRAN kit.
After the successful registration, a PRAN (Permanent Retirement Account Number) will be allotted to the active subscriber. A PRAN Kit consist the Permanent Retirement Account Number card, Subscriber details (referred as Subscriber Master List), and an information and important details booklet which is sent along with the T-Pin and I-Pin to the associated concerned office. The PRAN Card is an important document with PRAN, subscriber’s name, father’s name, photograph and signature or thumb impression. This important card proves the completeness of information in the CRA system. Then a copy of the card is required for Tier II activation and also for subsequent contribution in Tier II account. The active Subscriber Master List shows all the latest information which as provided by the subscriber in his or her application and according to that it is captured in CRA system. A subscriber can easily verify the correct information which has been submitted for registration by looking at the Subscriber Master List.
I have got a message from nsdlpn that your pension account is created fow
I have got a message from nsdlpn that your pension account is created fow
my wife’s pension instalment of 990 has been deducted from her account but her birth date is 10 – 11 – 1978 so weather is this the correct instalment pr it should be 1087
Hello Sir,
This is correct. She will turn 37 in Nov. For Atal Pension Yojna they are using the actual age not the nearest birthday age which will be used for PMJJBY and PMSBY.
Thanks for sharing
my wife’s pension instalment of 990 has been deducted from her account but her birth date is 10 – 11 – 1978 so weather is this the correct instalment pr it should be 1087
Hello Sir,
This is correct. She will turn 37 in Nov. For Atal Pension Yojna they are using the actual age not the nearest birthday age which will be used for PMJJBY and PMSBY.
Thanks for sharing
As I am tax payer and also tier 1 NPS member ever then I am eligible for the scheme…
Yes Sir you are. You will miss out on Govt. contribution. Govt will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20
As I am tax payer and also tier 1 NPS member ever then I am eligible for the scheme…
Yes Sir you are. You will miss out on Govt. contribution. Govt will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20
My wife is Housewife, can we both take APY of two separate accounts?
Short answer yes both you and your wife can take Atal Pension Yojna.
Long answer , though you are married but you still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons.
But before taking the plan please understand what you are getting into and whether it fits your life and financial goals.
My wife is Housewife, can we both take APY of two separate accounts?
Short answer yes both you and your wife can take Atal Pension Yojna.
Long answer , though you are married but you still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons.
But before taking the plan please understand what you are getting into and whether it fits your life and financial goals.
Hi ,
I have a question. My wife is not working at present and is not a tax payer. what happens once she starts working and becomes a tax payer again ? how will the amount be calculated ?
Regards,
Sudheer
Hi ,
I have a question. My wife is not working at present and is not a tax payer. what happens once she starts working and becomes a tax payer again ? how will the amount be calculated ?
Regards,
Sudheer
Informations are nicely delivered but
I have one question about APY .If I would be compelled to stop the scheme ,can I get any benefit cause of previous contributions to the scheme ?
Informations are nicely delivered but
I have one question about APY .If I would be compelled to stop the scheme ,can I get any benefit cause of previous contributions to the scheme ?
I am a primary school teacher(govt.)in West Bengal.I have P.F in my job.Can i apply for APY? my D.O.B is 01-04-86.what is the premium amt. for Rs.5000 pension per month?Is it taxable?
Yes Sir you can apply for APY. As you have PF Govt co-contribution will not apply in your case.
Your age would be taken as i.e 2015-1986 = 29 years so you would need to contribute for 31 years your premium based on monthly pension required is
Monthly Pension Monthly Premium
1000 106
2000 212
3000 318
4000 423
5000 529
Yes the pension is taxable.
I am a primary school teacher(govt.)in West Bengal.I have P.F in my job.Can i apply for APY? my D.O.B is 01-04-86.what is the premium amt. for Rs.5000 pension per month?Is it taxable?
Yes Sir you can apply for APY. As you have PF Govt co-contribution will not apply in your case.
Your age would be taken as i.e 2015-1986 = 29 years so you would need to contribute for 31 years your premium based on monthly pension required is
Monthly Pension Monthly Premium
1000 106
2000 212
3000 318
4000 423
5000 529
Yes the pension is taxable.
sir my age is 23 just now and not a income tax payer but later i do job and come in income tax slab…..so sir,the apy scheme will continue for me…..under apy norms
Yes Sir. If you are not an income tax payer and join APY then Govt will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20
If you become income tax payer before 2019-20 then Govt may stop contributing . It’s not clear what Govt may do. We shall update it as soon as find Information
sir my age is 23 just now and not a income tax payer but later i do job and come in income tax slab…..so sir,the apy scheme will continue for me…..under apy norms
Yes Sir. If you are not an income tax payer and join APY then Govt will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20
If you become income tax payer before 2019-20 then Govt may stop contributing . It’s not clear what Govt may do. We shall update it as soon as find Information
What corpus amount will be paid if i decide to withdraw from APY on attaining age of 60 yrs. I have entered scheme at 40 yrs and opted for Rs5000 pension.
Sir APY does not return corpus to subscriber. As the name says it is for providing Pension after 60 years.
If one subscribes to APY and pays all premium then
-on death of subscriber spouse gets the pension
-After subscriber attains 60 , till life time subscriber gets Pension. After his death, spouse gets pension for as long as spouse lives
-When both subscriber and spouse die the nominee gets the corpus amount corresponding to pension selected 8.5 lakh for Rs 5000 monthly pension, Rs 1.7 lakh for Rs 1,000 monthly pension
What corpus amount will be paid if i decide to withdraw from APY on attaining age of 60 yrs. I have entered scheme at 40 yrs and opted for Rs5000 pension.
Sir APY does not return corpus to subscriber. As the name says it is for providing Pension after 60 years.
If one subscribes to APY and pays all premium then
-on death of subscriber spouse gets the pension
-After subscriber attains 60 , till life time subscriber gets Pension. After his death, spouse gets pension for as long as spouse lives
-When both subscriber and spouse die the nominee gets the corpus amount corresponding to pension selected 8.5 lakh for Rs 5000 monthly pension, Rs 1.7 lakh for Rs 1,000 monthly pension
as i m single, can i apply for this scheme? I want to add my mother as nominee. Can i add my spouse name and change nominee later?
Yes Sir , though there is clarity on this issue but it’s expected that one will be able to change the nominee and add spouse name.
We are looking for information and will keep our readers updated
as i m single, can i apply for this scheme? I want to add my mother as nominee. Can i add my spouse name and change nominee later?
Yes Sir , though there is clarity on this issue but it’s expected that one will be able to change the nominee and add spouse name.
We are looking for information and will keep our readers updated
as i m single, can i apply for this scheme? can i add my spouse name and change nominee later?
as i m single, can i apply for this scheme? can i add my spouse name and change nominee later?
if something happens to me after 60 years of age then my wife will receive total rs 10000 pension and after her death only both my son will get 8.50 lacs separately am I correct kirti
Yes Sir you are right.You would receive pension of Rs 10000 if your wife passes away. And on your death your nominee will get 8.5 lakh and nominee for your wife account will get 8.5 lakh
if something happens to me after 60 years of age then my wife will receive total rs 10000 pension and after her death only both my son will get 8.50 lacs separately am I correct kirti
Yes Sir you are right.You would receive pension of Rs 10000 if your wife passes away. And on your death your nominee will get 8.5 lakh and nominee for your wife account will get 8.5 lakh
Kirti. Thank you for your prompt reply. Once again appreciate it. Request you to clarify another doubt for me. Will premiums for APY go higher with the age. For instance at the age of 32 my premium for INR 5000 pension would be INR 707 (approx) assuming i sign up at this age. Will the premium go higher once i attain the age of 35 or more. My understanding is that the premiums would remain same/constant until we attain the age of 60 as it is determined when you sign up. In other words INR 707 (approx) until i attain the age of 60. Please correct me if we aren’t on the same page.
Thanks and Regards
Auguru Pratap Kumar
Kirti. Thank you for your prompt reply. Once again appreciate it. Request you to clarify another doubt for me. Will premiums for APY go higher with the age. For instance at the age of 32 my premium for INR 5000 pension would be INR 707 (approx) assuming i sign up at this age. Will the premium go higher once i attain the age of 35 or more. My understanding is that the premiums would remain same/constant until we attain the age of 60 as it is determined when you sign up. In other words INR 707 (approx) until i attain the age of 60. Please correct me if we aren’t on the same page.
Thanks and Regards
Auguru Pratap Kumar
Kirti. I see you doing a wonderful job in educating people. It is truly a commendable job. Like everybody else i too have a doubt. I meet the above criteria for APY. I am 32 years old. My spouse is 30 years old. By law is it permitted that both of us can sign up for this pension. Looking forward to your reply.
Thanks and Regards
Auguru Pratap Kumar
Thank you Sir for kind comments.
As we are from non financial background we are faced with similar questions and we are just sharing our learning. And best part is these questions help us to learn more. Like the question you asked. So thanks for reading and asking questions.
Short answer yes both you and your wife can take Atal Pension Yojna.
Long answer , though you are married but you still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons.
But before taking the plan please understand what you are getting into and whether it fits your life and financial goals.
Kirti. I see you doing a wonderful job in educating people. It is truly a commendable job. Like everybody else i too have a doubt. I meet the above criteria for APY. I am 32 years old. My spouse is 30 years old. By law is it permitted that both of us can sign up for this pension. Looking forward to your reply.
Thanks and Regards
Auguru Pratap Kumar
Thank you Sir for kind comments.
As we are from non financial background we are faced with similar questions and we are just sharing our learning. And best part is these questions help us to learn more. Like the question you asked. So thanks for reading and asking questions.
Short answer yes both you and your wife can take Atal Pension Yojna.
Long answer , though you are married but you still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons.
But before taking the plan please understand what you are getting into and whether it fits your life and financial goals.
my amount of 1454 has been deducted from my saving account today that means I will get all the benefits of atal pension scheme as there was a little confusion that weather my form will be accepted or not thanks for your guidance kirti and I have also applied for my wife’s apy scheme and nomiee in her form is my first son and in my pension form nomiee is my second son so they will each get 8.50 lacs separately or not after us after 60 years of age
Thanks for update Nitesh. We appreciate it
As this scheme is new all of us are trying to find the answers. Sadly bank or hotline numbers are in same boat. So the more we share the more we learn and benefit.
We also like the way you have planned for your two sons. Keep it up.
Answering your question
As we mentioned in one of the comments today,Though you are married but you and you wife still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons. Hence each application will be treated independently.Each of your son will get 8.5 lakh if you have opted for 5000 Rs monthly pension
If both husband and wife enrol then after hitting 60 each of them will get their pension and incase spouse passes away the pension of the spouse too.
my amount of 1454 has been deducted from my saving account today that means I will get all the benefits of atal pension scheme as there was a little confusion that weather my form will be accepted or not thanks for your guidance kirti and I have also applied for my wife’s apy scheme and nomiee in her form is my first son and in my pension form nomiee is my second son so they will each get 8.50 lacs separately or not after us after 60 years of age
Thanks for update Nitesh. We appreciate it
As this scheme is new all of us are trying to find the answers. Sadly bank or hotline numbers are in same boat. So the more we share the more we learn and benefit.
We also like the way you have planned for your two sons. Keep it up.
Answering your question
As we mentioned in one of the comments today,Though you are married but you and you wife still are individual, each of you having a separate financial identity, Aadhaar card, PAN etc,paying income tax(if your wife works) So for govt or any financial institution you are two separate persons. Hence each application will be treated independently.Each of your son will get 8.5 lakh if you have opted for 5000 Rs monthly pension
If both husband and wife enrol then after hitting 60 each of them will get their pension and incase spouse passes away the pension of the spouse too.
branch manager is saying that your form Is accepted by the system but he don’t have any answer why the amount of 1454 has not been debited from my saving account if the amount deducted from my saving account then I will be 100% sure that I was eligible for this scheme ad you said because of my birth date of 5 – 5 – 1975 and I don’t understand if the system has accepted my birth date then why they are getting late to debit my monthly instalment
branch manager is saying that your form Is accepted by the system but he don’t have any answer why the amount of 1454 has not been debited from my saving account if the amount deducted from my saving account then I will be 100% sure that I was eligible for this scheme ad you said because of my birth date of 5 – 5 – 1975 and I don’t understand if the system has accepted my birth date then why they are getting late to debit my monthly instalment
Hi Kirti,
I have gone through of all comments/Reply but didn’t find the answer to the question in my mind. I have a doubt about the Corpus amount I hope you would help me understanding this.
Let’s take a scenario: A subscriber (Age : 31 years) enrolled for Rs. 5000 pension per month in 2015. Means the corpus amount which nominees should get after the death of both subscriber and spouse would be 8.5 Lacs.
Now Suppose , After completing 65 years ie. in 2049 subscriber get died and from there onward subscriber’s spouse start getting his pension of 5k per month but spouse also get died after 5 years (in Year 2054) . Hence, the total pension received by this family in these 10 years (120 months) :
120 * 5000 = 6 Lakhs.
Now , Since both subscriber and spouse has been died in this case so let me know : What would be the actual corpus amount nominee gets ?
Will it remain be unchanged as 8.5 Lakhs or would it be 2.5 lakhs only (8.5 – 6 lakhs) ?
Sir it’s good to have questions. We shall try to ans it to best of our ability
Corpus that nominee will get is 8.5 lakh for Rs 5000 monthly pension. It does not matter how much pension was withdrawn. That’s how insurance works.
Hi Kirti,
I have gone through of all comments/Reply but didn’t find the answer to the question in my mind. I have a doubt about the Corpus amount I hope you would help me understanding this.
Let’s take a scenario: A subscriber (Age : 31 years) enrolled for Rs. 5000 pension per month in 2015. Means the corpus amount which nominees should get after the death of both subscriber and spouse would be 8.5 Lacs.
Now Suppose , After completing 65 years ie. in 2049 subscriber get died and from there onward subscriber’s spouse start getting his pension of 5k per month but spouse also get died after 5 years (in Year 2054) . Hence, the total pension received by this family in these 10 years (120 months) :
120 * 5000 = 6 Lakhs.
Now , Since both subscriber and spouse has been died in this case so let me know : What would be the actual corpus amount nominee gets ?
Will it remain be unchanged as 8.5 Lakhs or would it be 2.5 lakhs only (8.5 – 6 lakhs) ?
Sir it’s good to have questions. We shall try to ans it to best of our ability
Corpus that nominee will get is 8.5 lakh for Rs 5000 monthly pension. It does not matter how much pension was withdrawn. That’s how insurance works.
I have taken APY now i am not paying income tax and hence forth if i start paying Income Tax form next year what will happen and i am also getting EPF form my company.
what will happen if some one gives wrong information for APY for accounts opening.
And if some one wants to close the APY what is the method of doing so.
Sir APY is open for Income tax payers and also those with EPF. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
It depends on what kind of wrong information one has given.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
I have got some information from internet-that in certain special circumstances like the death of the beneficiary before reaching the age of 60,it could be possible for the spouse or nominee to exit the scheme.I await your comments on this.
I have taken APY now i am not paying income tax and hence forth if i start paying Income Tax form next year what will happen and i am also getting EPF form my company.
what will happen if some one gives wrong information for APY for accounts opening.
And if some one wants to close the APY what is the method of doing so.
Sir APY is open for Income tax payers and also those with EPF. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
It depends on what kind of wrong information one has given.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
I have got some information from internet-that in certain special circumstances like the death of the beneficiary before reaching the age of 60,it could be possible for the spouse or nominee to exit the scheme.I await your comments on this.
I have applied for APY scheme of gov last month Now i dont pay income tax but in future I would be paying income tax and also I am getting EPF of my company where i am working.
And what will happen if a person fills the form with wrong information what will happen to him.
And usually how long it takes for this to start
I have applied for APY scheme of gov last month Now i dont pay income tax but in future I would be paying income tax and also I am getting EPF of my company where i am working.
And what will happen if a person fills the form with wrong information what will happen to him.
And usually how long it takes for this to start
I am a Income Tax Payee, Can I take up APY as my Bank is saying that those who are Income Tax Payee cant open this Account….
Yes Sir you can take APY.
APY is open for Income tax payers and also those with EPF. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
I am a Income Tax Payee, Can I take up APY as my Bank is saying that those who are Income Tax Payee cant open this Account….
Yes Sir you can take APY.
APY is open for Income tax payers and also those with EPF. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
no amount deducted yet from my & my wife’s saving account for apy scheme why kirti
Give it few days. You can contact the bank or try the toll free number.
no amount deducted yet from my & my wife’s saving account for apy scheme why kirti
Give it few days. You can contact the bank or try the toll free number.
by mistake I have submitted atal suraksha of rs13 and atal jevan bima 330 in two different banks and the amount is also deducted so know please guide me what to do
by mistake I have submitted atal suraksha of rs13 and atal jevan bima 330 in two different banks and the amount is also deducted so know please guide me what to do
Can we have multiple policies lime one Atal pension policy and another LiC pension scheme?
Yes Sir. Atal Pension Yojna can be taken in addition to any insurance policy that one may have.
Can we have multiple policies lime one Atal pension policy and another LiC pension scheme?
Yes Sir. Atal Pension Yojna can be taken in addition to any insurance policy that one may have.
Kirti sir please confirm that , is govt employees eligible for atal pension yojna?
Yes sir govt employees are eligible for Atal Pension Yojna. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
Kirti sir please confirm that , is govt employees eligible for atal pension yojna?
Yes sir govt employees are eligible for Atal Pension Yojna. Govt will not do any contribution in their account. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
dear sir/madam
if any requirments in APY scheme..please reply why because one person told to me ANSWER company had handower to APY in Telangana..
dear sir/madam
if any requirments in APY scheme..please reply why because one person told to me ANSWER company had handower to APY in Telangana..
Dear sir/madam
if any reqieremnts in APY.. why because i heard district incharge post,mandal incharge posts.. so please reply me
Sir, couldn’t understand your question. Could you explain more
Dear sir/madam
if any reqieremnts in APY.. why because i heard district incharge post,mandal incharge posts.. so please reply me
Sir, couldn’t understand your question. Could you explain more
Hi,
I am 35 year old and tax payer and also contributing in NPS.
Also my wife(30 years) is not working, so if Account opened will she get Govt contribution of Rs 1000 for 5 years in APY account?
Can we both open Account in APY or only one can open it?
Sir both you and your wife can open.
If your wife is not income tax payer or covered under EPF then she should be eligible for Govt contribution. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
Hi,
I am 35 year old and tax payer and also contributing in NPS.
Also my wife(30 years) is not working, so if Account opened will she get Govt contribution of Rs 1000 for 5 years in APY account?
Can we both open Account in APY or only one can open it?
Sir both you and your wife can open.
If your wife is not income tax payer or covered under EPF then she should be eligible for Govt contribution. In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015.
Kirti
May i withdraw full amount after 60 years of my age. if yes than how much amount i will get if i paid for RS. 5000 / month pension scheme. It is 8.5 Lac or Less
No Sir this is a pension scheme.If a person subscribes for Atal Pension Yojna for pension of Rs 5000.
If subscriber lives till 60 years he will start getting pension.
If subscriber does not live till 60 years/of after subsciber’s death after 60 years the spouse starts getting pension
After death of both subscriber and spouse the nominee gets a lump sun 8.5 lakh
Kirti
May i withdraw full amount after 60 years of my age. if yes than how much amount i will get if i paid for RS. 5000 / month pension scheme. It is 8.5 Lac or Less
No Sir this is a pension scheme.If a person subscribes for Atal Pension Yojna for pension of Rs 5000.
If subscriber lives till 60 years he will start getting pension.
If subscriber does not live till 60 years/of after subsciber’s death after 60 years the spouse starts getting pension
After death of both subscriber and spouse the nominee gets a lump sun 8.5 lakh
Kirti
May i withdraw full amount after 60 years of my age. if yes than how much amount i will get if i paid for RS. 5000 / month pension scheme. It is 8.5 Lac or Less.
No Sir this is a pension scheme.If a person subscribes for Atal Pension Yojna for pension of Rs 5000.
If subscriber lives till 60 years he will start getting pension.
If subscriber does not live till 60 years/of after subsciber’s death after 60 years the spouse starts getting pension
After death of both subscriber and spouse the nominee gets a lump sun 8.5 lakh
Kirti
May i withdraw full amount after 60 years of my age. if yes than how much amount i will get if i paid for RS. 5000 / month pension scheme. It is 8.5 Lac or Less.
No Sir this is a pension scheme.If a person subscribes for Atal Pension Yojna for pension of Rs 5000.
If subscriber lives till 60 years he will start getting pension.
If subscriber does not live till 60 years/of after subsciber’s death after 60 years the spouse starts getting pension
After death of both subscriber and spouse the nominee gets a lump sun 8.5 lakh
Hi Kirti,
Good job, your patience appreciated.
My bank person told that ANY scheme is only for people income below 5,000/- and he didn’t give me form of APY. I got enrolled into other two schemes. How do I go about it, should I open different bank account for this? My DOB is Jan 1984, will I be considered for 31yrs or 32yrs
Nothing like that. There is no salary limit in APY
Hi Kirti,
Good job, your patience appreciated.
My bank person told that ANY scheme is only for people income below 5,000/- and he didn’t give me form of APY. I got enrolled into other two schemes. How do I go about it, should I open different bank account for this? My DOB is Jan 1984, will I be considered for 31yrs or 32yrs
Nothing like that. There is no salary limit in APY
Hi,
Do we have to choose between only the pre determined pension amount? E.g. if I want 10,000 as monthly pension how much I have to pay ?
The table only covers till 5000.
Sir,
In Atal Pension Yojna maximum monthly pension that you can apply for is Rs 5,000 per month.
Yes pension is in predetermined amount of Rs 1000/2000/3000/4000/5000 per month
You can have only one APY so you cannot apply for 5,000 Rs monthly pension through two bank accounts to get 10,000
Hi,
Do we have to choose between only the pre determined pension amount? E.g. if I want 10,000 as monthly pension how much I have to pay ?
The table only covers till 5000.
Sir,
In Atal Pension Yojna maximum monthly pension that you can apply for is Rs 5,000 per month.
Yes pension is in predetermined amount of Rs 1000/2000/3000/4000/5000 per month
You can have only one APY so you cannot apply for 5,000 Rs monthly pension through two bank accounts to get 10,000
Hi, Kirti
Im 33 yrs now, and would like to avail 5000 p.m. for my wife, but i have some issues please you are requested to clear them.
1. I have to pay Rs.752.00 monthly as per the scheme to get 5000 p.m. pension, but if deposited only for 10 year, this means i have deposit Rs.90240.00 in 10 years, and if i die at the age of 33 (after completing only 10 year contribution in Atal Scheme) What will my wife get and and if we both husband and wife will die, then what?
2. What will be the Corpus Amount?
Sir as the scheme says
In case of death of the Subscriber due to any cause subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
So is a subscriber dies after he starts contributing to Atal pension yojna his spouse will start getting the pension.
If both husband and wife die then for 5000 monthly pension 8.5 lakh would be returned to nominee.
In case of death of the Subscriber before completing 60 years nominee will receive all paid installments with interest not pension
Hi, Kirti
Im 33 yrs now, and would like to avail 5000 p.m. for my wife, but i have some issues please you are requested to clear them.
1. I have to pay Rs.752.00 monthly as per the scheme to get 5000 p.m. pension, but if deposited only for 10 year, this means i have deposit Rs.90240.00 in 10 years, and if i die at the age of 33 (after completing only 10 year contribution in Atal Scheme) What will my wife get and and if we both husband and wife will die, then what?
2. What will be the Corpus Amount?
Sir as the scheme says
In case of death of the Subscriber due to any cause subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
So is a subscriber dies after he starts contributing to Atal pension yojna his spouse will start getting the pension.
If both husband and wife die then for 5000 monthly pension 8.5 lakh would be returned to nominee.
In case of death of the Subscriber before completing 60 years nominee will receive all paid installments with interest not pension
My birth year 1974 can join in this pension scheme
Sir, Eligibility criteria for Atal Pension Yojna is between 18-40 years of age. Sorry to say Sir but you are not eligible for Atal Pension Yojna.
My birth year 1974 can join in this pension scheme
Sir, Eligibility criteria for Atal Pension Yojna is between 18-40 years of age. Sorry to say Sir but you are not eligible for Atal Pension Yojna.
and what you think which instalment application will be accepted
Good question..usually in insurance nearest birthday age is taken , in that case it would be 37 as on 1st June but form just says Age which people would fill as the actual age. So my guess is that actual age will be taken which is 36 years.
Please do keep us updated.
and what you think which instalment application will be accepted
Good question..usually in insurance nearest birthday age is taken , in that case it would be 37 as on 1st June but form just says Age which people would fill as the actual age. So my guess is that actual age will be taken which is 36 years.
Please do keep us updated.
I have submitted two application of atal pension scheme of my wife birth date 10 – 11 – 1978 first application instalment of 990 and second of 1087 becasue no one is clear that which instalment will be applicable even the bank manager so I have said them to submit any one of the two above application on 1st June and what ever is accepted to the system will be the installment for the whole tenor but my query is that what if on 1st June by mistake they submit both applications I mean that is the system will only accept the correct instalment application or is there any risk in all these process because I am going out of station for next 20 to 25 days so kirti please guide me and weather I have done the right thing by submitting two forms
That’s risk you have taken. I might have taken the same course.
Worse come worse you might have to forfeit or lose premium or one .
Ideally they should accept one application form and reject the other for details are same.
I have submitted two application of atal pension scheme of my wife birth date 10 – 11 – 1978 first application instalment of 990 and second of 1087 becasue no one is clear that which instalment will be applicable even the bank manager so I have said them to submit any one of the two above application on 1st June and what ever is accepted to the system will be the installment for the whole tenor but my query is that what if on 1st June by mistake they submit both applications I mean that is the system will only accept the correct instalment application or is there any risk in all these process because I am going out of station for next 20 to 25 days so kirti please guide me and weather I have done the right thing by submitting two forms
That’s risk you have taken. I might have taken the same course.
Worse come worse you might have to forfeit or lose premium or one .
Ideally they should accept one application form and reject the other for details are same.
Hi Kirti,
You are really doing a great job.
I have Two Doubts, Kindly make it clear.
1st I am a government employee but not under any income tax slab, can i take ATAL PENSION YOJNA
IInd Is NPS (NEW PENSION SCHEME) called as statutory social security scheme
Sir If you are between 18-40 years of age then you eligible for Atal Pension Yojna.
As you are contributing to NPS Govt will not contribute any amount to your Atal Pension Yojna account.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
Yes NPS is covered under Statutory Social Security Scheme
Hi Kirti,
You are really doing a great job.
I have Two Doubts, Kindly make it clear.
1st I am a government employee but not under any income tax slab, can i take ATAL PENSION YOJNA
IInd Is NPS (NEW PENSION SCHEME) called as statutory social security scheme
Sir If you are between 18-40 years of age then you eligible for Atal Pension Yojna.
As you are contributing to NPS Govt will not contribute any amount to your Atal Pension Yojna account.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
Yes NPS is covered under Statutory Social Security Scheme
My job is till 2017 ie only next two years on contractual basis and I am paying income tax. however, this is only for two years. can I join this scheme?
Rebecca, If you are less than 40 years of age then you eligible for Atal Pension Yojna. As you are income tax payer Govt will not contribute any amount to the account.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
My job is till 2017 ie only next two years on contractual basis and I am paying income tax. however, this is only for two years. can I join this scheme?
Rebecca, If you are less than 40 years of age then you eligible for Atal Pension Yojna. As you are income tax payer Govt will not contribute any amount to the account.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
can i apply APY in 2 separate banks? (1 in each) please reply.
No Sir. You can apply for APY in only 1 bank for one person. If found duplicate you will loose your premium.
In consent cum application form one has to declare that he has not applied for APY in any other bank
can i apply APY in 2 separate banks? (1 in each) please reply.
No Sir. You can apply for APY in only 1 bank for one person. If found duplicate you will loose your premium.
In consent cum application form one has to declare that he has not applied for APY in any other bank
if by mistake we submit wrong instalment details then what will happen automatically the system will not accept the installment or something else
if by mistake we submit wrong instalment details then what will happen automatically the system will not accept the installment or something else
your calculation is very correct kirti but then all toll free number in my case they are saying that you are not eligible for this scheme as you are above 40 @ 5 – 5 – 1975 my birth date but according to above calculation I am not still 41 so kirti are you 100% sure that my application on 1st June of 1454 will be expected and after that there will be no problem at the time of pension
Sir no one seems to know the answer. But one thing is sure if they accept your application then later on there would not be any problem in getting pension for they are bound to honour their commitment
Birth before 1 june 1975 are not eligible for this scheme.
your calculation is very correct kirti but then all toll free number in my case they are saying that you are not eligible for this scheme as you are above 40 @ 5 – 5 – 1975 my birth date but according to above calculation I am not still 41 so kirti are you 100% sure that my application on 1st June of 1454 will be expected and after that there will be no problem at the time of pension
Sir no one seems to know the answer. But one thing is sure if they accept your application then later on there would not be any problem in getting pension for they are bound to honour their commitment
Birth before 1 june 1975 are not eligible for this scheme.
my wife’s birth date is 10-11-1978 so what instalment I have to pay 990 or 1087
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next.
As your wife’s birthdate is 10-11-1978 her nearest birthage is 37. You would have to pay 1,087
Here’s how it works.
If your date of birth is Apr 15,1960 and you are enrolling on Apr 16 2015 then as per your nearest birthday , your age is 2015-1960 = 55 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 56 years i.e 2015-1960+1 as you would nearer to your 56th birthday than 55th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
my wife’s birth date is 10-11-1978 so what instalment I have to pay 990 or 1087
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next.
As your wife’s birthdate is 10-11-1978 her nearest birthage is 37. You would have to pay 1,087
Here’s how it works.
If your date of birth is Apr 15,1960 and you are enrolling on Apr 16 2015 then as per your nearest birthday , your age is 2015-1960 = 55 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 56 years i.e 2015-1960+1 as you would nearer to your 56th birthday than 55th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
hi kirti,
Can u elaborate on working of the following table given above by the govt. for different contribution how can one reach at that amount by paying such minimum amt.
Sir Table gives amount one needs to pay for monthly pension of 1000, 2000,3000,4000 & 5000 Rs.
Age ofEntry Years of
Contribution Monthly pension of Rs. 1000. Monthly
pension of Rs.
2000. Monthly pension
of Rs. 3000. Monthly pension
of Rs. 4000. Monthly
pension of Rs.
5000.
31 29 126 252 379 504 630
If one is 31 years old then one needs to contribute till next 21 years
monthly pension of 1000 Rs after 60 years then for next 29 years she needs to contribute Rs 126.
monthly pension of 2000 Rs after 60 years then for next 24 years she needs to contribute Rs 252.
Hope it helped
Tell me accurate calculation
if im 18yrs and i start contributing for 42yrs.
then the calucation is like this 42X12=504 months i.e., till sixty yrs.
then Rs.42 multiplied by 504 months will give answer 21000approx.
so how will the corpus go upto 1.7 lacs? pls explain…!
IT WORKS LIKE RD
IF YOU CALCULATE RS 42 FOR 504 MONTHS THEN AMOUNT IS 171411.8969 (@8%)
hi kirti,
Can u elaborate on working of the following table given above by the govt. for different contribution how can one reach at that amount by paying such minimum amt.
Sir Table gives amount one needs to pay for monthly pension of 1000, 2000,3000,4000 & 5000 Rs.
Age ofEntry Years of
Contribution Monthly pension of Rs. 1000. Monthly
pension of Rs.
2000. Monthly pension
of Rs. 3000. Monthly pension
of Rs. 4000. Monthly
pension of Rs.
5000.
31 29 126 252 379 504 630
If one is 31 years old then one needs to contribute till next 21 years
monthly pension of 1000 Rs after 60 years then for next 29 years she needs to contribute Rs 126.
monthly pension of 2000 Rs after 60 years then for next 24 years she needs to contribute Rs 252.
Hope it helped
Tell me accurate calculation
if im 18yrs and i start contributing for 42yrs.
then the calucation is like this 42X12=504 months i.e., till sixty yrs.
then Rs.42 multiplied by 504 months will give answer 21000approx.
so how will the corpus go upto 1.7 lacs? pls explain…!
IT WORKS LIKE RD
IF YOU CALCULATE RS 42 FOR 504 MONTHS THEN AMOUNT IS 171411.8969 (@8%)
My spouse is a Tax payer and she is now 36 Years old. Now she wants to get the pension of 5000 per month after 60 Yrs. Please let me know how much amount she has to pay per month for this schema.
If Maam is 36 years old (nearer birthday not actual birthday) if she want
monthly pension of 1000 Rs after 60 years then for next 24 years she needs to contribute Rs 198.
monthly pension of 2000 Rs after 60 years then for next 24 years she needs to contribute Rs 396.
monthly pension of 3000 Rs after 60 years then for next 24 years she needs to contribute Rs 594.
monthly pension of 4000 Rs after 60 years then for next 24 years she needs to contribute Rs 792.
monthly pension of 5000 Rs after 60 years then for next 24 years she needs to contribute Rs 990.
Nearer birthday:
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next. Here’s how it works.
If your date of birth is Apr 15,1960 and you are enrolling on Apr 16 2015 then as per your nearest birthday , your age is 2015-1960 = 55 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 56 years i.e 2015-1960+1 as you would nearer to your 56th birthday than 55th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
My spouse is a Tax payer and she is now 36 Years old. Now she wants to get the pension of 5000 per month after 60 Yrs. Please let me know how much amount she has to pay per month for this schema.
If Maam is 36 years old (nearer birthday not actual birthday) if she want
monthly pension of 1000 Rs after 60 years then for next 24 years she needs to contribute Rs 198.
monthly pension of 2000 Rs after 60 years then for next 24 years she needs to contribute Rs 396.
monthly pension of 3000 Rs after 60 years then for next 24 years she needs to contribute Rs 594.
monthly pension of 4000 Rs after 60 years then for next 24 years she needs to contribute Rs 792.
monthly pension of 5000 Rs after 60 years then for next 24 years she needs to contribute Rs 990.
Nearer birthday:
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next. Here’s how it works.
If your date of birth is Apr 15,1960 and you are enrolling on Apr 16 2015 then as per your nearest birthday , your age is 2015-1960 = 55 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 56 years i.e 2015-1960+1 as you would nearer to your 56th birthday than 55th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
thanks kirti that means if something happens to me before 60 then my wife will get his pension of 5000 and also my pension amount of 5000 total 10000 til she alive and after her death my first son who is nominee in my form will get 8.50 lacs and my second son who is nominee in second form will also get 8.50 lacs am I correct and kirti my bank manager is saying that if the system will accept 1454 from my saving account then only I will be eligible for this scheme on 1st June because of my birth date is 5 – 5 – 1975 they have no answer weather I am eligible for this scheme or not so can I take a chance by doing this or it will create problem at the time of pension because no budy is clear about my age do please guide me l have submitted my wife’s form as she is only 36 but my form is terminated
Yes you are right Sir.
If something happens to you before or after 60 years your wife will get pension. After 60 years she will get her pension till she is alive. And then nominee will get 8.5 lakh.
As per whatever information is available you are eligible as you are 40 years old. If your amount gets accepted then there would be no problem. They would have to honour it.
thanks kirti that means if something happens to me before 60 then my wife will get his pension of 5000 and also my pension amount of 5000 total 10000 til she alive and after her death my first son who is nominee in my form will get 8.50 lacs and my second son who is nominee in second form will also get 8.50 lacs am I correct and kirti my bank manager is saying that if the system will accept 1454 from my saving account then only I will be eligible for this scheme on 1st June because of my birth date is 5 – 5 – 1975 they have no answer weather I am eligible for this scheme or not so can I take a chance by doing this or it will create problem at the time of pension because no budy is clear about my age do please guide me l have submitted my wife’s form as she is only 36 but my form is terminated
Yes you are right Sir.
If something happens to you before or after 60 years your wife will get pension. After 60 years she will get her pension till she is alive. And then nominee will get 8.5 lakh.
As per whatever information is available you are eligible as you are 40 years old. If your amount gets accepted then there would be no problem. They would have to honour it.
if sudden death occurs to the holder than weather her wife is eligible for her husband’s pension of 5000 or the nominee will get back the balance amount but with what rate of interest they will pay on the total amount if the holder die before 60
In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
Dear Kirti,
I also wanted to understand that in some circumstances the beneficary expires at the age of 50 or so (before the age of 60…would my wife will start getting pension immediately or she have to wait till the age of 60 of the beneficiary….or in case both expires before the 60 years age will the corpus amount will be given to the nominee imediately or he or she have to wait the for the age of 60 years of the original account holder
please answer
Regards
Krishna
awaiting your reply on this
on death of the subscriber anytime after subscribing to scheme the spouse will start getting the pension. There is no waiting period. So is subscriber dies at 41 the pension for spouse will start right after the death. On death of the subscriber and spouse , irrespective of age the nominee will get corpus amount.
if sudden death occurs to the holder than weather her wife is eligible for her husband’s pension of 5000 or the nominee will get back the balance amount but with what rate of interest they will pay on the total amount if the holder die before 60
In case of death of subscriber pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.
Dear Kirti,
I also wanted to understand that in some circumstances the beneficary expires at the age of 50 or so (before the age of 60…would my wife will start getting pension immediately or she have to wait till the age of 60 of the beneficiary….or in case both expires before the 60 years age will the corpus amount will be given to the nominee imediately or he or she have to wait the for the age of 60 years of the original account holder
please answer
Regards
Krishna
awaiting your reply on this
on death of the subscriber anytime after subscribing to scheme the spouse will start getting the pension. There is no waiting period. So is subscriber dies at 41 the pension for spouse will start right after the death. On death of the subscriber and spouse , irrespective of age the nominee will get corpus amount.
so I want to know that before Nov 21 I have to apply for this scheme then only I will get all benefits of this scheme is it right kirti
Sir As your birthdate is 5-5-1975, till before 4 Nov 2015 your nearest birthday age would be 40 years and you can apply for APY.
Belated Happy Birthday Sir.
so I want to know that before Nov 21 I have to apply for this scheme then only I will get all benefits of this scheme is it right kirti
Sir As your birthdate is 5-5-1975, till before 4 Nov 2015 your nearest birthday age would be 40 years and you can apply for APY.
Belated Happy Birthday Sir.
IN ATAL PENSION YOJANA IN THE EVENT OF DEATH WHETHER PREMIUMS HAVE TO CONTINUED AND WHEN THE PENSION TO THE SPOUSE WILL COMMENCE
No the nominee would NOT have to pay remaining premium. Like any other insurance policy, when the subscriber to Atal pesnion Yojna passes away but has paid all the due premiums till then, his spouse will get the pension. On death of the spouse the nominee will get lump sum amount.
IN ATAL PENSION YOJANA IN THE EVENT OF DEATH WHETHER PREMIUMS HAVE TO CONTINUED AND WHEN THE PENSION TO THE SPOUSE WILL COMMENCE
No the nominee would NOT have to pay remaining premium. Like any other insurance policy, when the subscriber to Atal pesnion Yojna passes away but has paid all the due premiums till then, his spouse will get the pension. On death of the spouse the nominee will get lump sum amount.
my birth date is 5 – 5 – 1975 so am I eligible for this scheme or not some bank staff are saying yes & some are saying no so please guide me kirti
Yes you can enrol as you are 40 years by nearest birthday calculation.
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next. Here’s how it works.
If your date of birth is 5 May,1975 and you are enrolling on May 16 2015 then as per your nearest birthday , your age is 2015-1975 = 40 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 41 years i.e 2015-1975+1 as you would nearer to your 41th birthday than 40th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
my birth date is 5 – 5 – 1975 so am I eligible for this scheme or not some bank staff are saying yes & some are saying no so please guide me kirti
Yes you can enrol as you are 40 years by nearest birthday calculation.
To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next. Here’s how it works.
If your date of birth is 5 May,1975 and you are enrolling on May 16 2015 then as per your nearest birthday , your age is 2015-1975 = 40 years . This is similar to actual age.
Butt nearest birthday on Nov 21,2015 would be 41 years i.e 2015-1975+1 as you would nearer to your 41th birthday than 40th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.
hi Kirti,
Initially if a citizen start with contribution of Rs.231 at age 30 yrs and after one yr is there a scope to increase the amount.. i mean can he or she opt to increase the contribution.
Yes one can increased the contribution till 5000 Rs a month. The option to change would only be available once a year in Apr.
http://myrechargeinfo.in/offer/
hi Kirti,
Initially if a citizen start with contribution of Rs.231 at age 30 yrs and after one yr is there a scope to increase the amount.. i mean can he or she opt to increase the contribution.
Yes one can increased the contribution till 5000 Rs a month. The option to change would only be available once a year in Apr.
http://myrechargeinfo.in/offer/
Please clarify – What happens to the scheme if the Subscriber dies or is unable to continue paying due to some serious reasons after some years before attaining 60 years
If subscriber dies after subscribing to scheme then the spouse will get pension . Spouse doesn’t have to wait till 60 years.
After death of spouse irrespective of age nominee will get the corpus amount.
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
Re. 2 per month for contribution upto Rs. 101 to 500 per month.
Re 5 per month for contribution between Rs 501 to 1000 per month.
Rs 10 per month for contribution beyond Rs 1001 per month.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
Please clarify – What happens to the scheme if the Subscriber dies or is unable to continue paying due to some serious reasons after some years before attaining 60 years
If subscriber dies after subscribing to scheme then the spouse will get pension . Spouse doesn’t have to wait till 60 years.
After death of spouse irrespective of age nominee will get the corpus amount.
Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10 per month as shown below:
Re. 1 per month for contribution upto Rs. 100 per month.
Re. 2 per month for contribution upto Rs. 101 to 500 per month.
Re 5 per month for contribution between Rs 501 to 1000 per month.
Rs 10 per month for contribution beyond Rs 1001 per month.
Discontinuation of payments of contribution amount shall lead to following:
After 6 months account will be frozen.
After 12 months account will be deactivated.
After 24 months account will be closed.
Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.
1.can i get the full maturity mountRs.8.5lakh @ age 60 with 5000 pension
2.If i die @ age 40 then my spouse will get the amount at that time?
3.if i open account in sbi can i change my APY account to other bank??
1. No at age of 60 you will start getting 5000 Rs pension if 5000 Rs is your chosen pension amount. After subscribers death spouse will get pension. After death of both subscriber and spouse nominee will get corresponding corpus amount.
2. Any time after subscribing to scheme if subscriber dies the spouse will get the pension amount subscriber has enrolled for. There is no waiting period till 60 years.
One question which every has, which even back employees are not able to clarify:
Say,
A subscriber opts for Rs 5000 / – pension and start paying the premium every month.
He is 31 yrs old
At 35, the subscriber dies.
I assume with what you have responded so far,
– The subsriber’s spouse will get the Rs 5000 as pension there on and he/she need not pay the premium for it.
– After the spouse the corpus amount which is approx 8.5 lacs will go to the children
Right?
1.can i get the full maturity mountRs.8.5lakh @ age 60 with 5000 pension
2.If i die @ age 40 then my spouse will get the amount at that time?
3.if i open account in sbi can i change my APY account to other bank??
1. No at age of 60 you will start getting 5000 Rs pension if 5000 Rs is your chosen pension amount. After subscribers death spouse will get pension. After death of both subscriber and spouse nominee will get corresponding corpus amount.
2. Any time after subscribing to scheme if subscriber dies the spouse will get the pension amount subscriber has enrolled for. There is no waiting period till 60 years.
One question which every has, which even back employees are not able to clarify:
Say,
A subscriber opts for Rs 5000 / – pension and start paying the premium every month.
He is 31 yrs old
At 35, the subscriber dies.
I assume with what you have responded so far,
– The subsriber’s spouse will get the Rs 5000 as pension there on and he/she need not pay the premium for it.
– After the spouse the corpus amount which is approx 8.5 lacs will go to the children
Right?
i am working women but not a tax payer now
but after 2yrs if i will be a tax payer then??
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
So if you become a tax payer Govt will not contribute but if you pay premium the scheme will continue
i am working women but not a tax payer now
but after 2yrs if i will be a tax payer then??
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20 for the subscribers who join the scheme during the period from 1st June, 2015 to 31st December, 2015 and who are not covered by any Statutory Social Security Schemes and are not income tax payers.
In APY, Government will co-contribute 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to the eligible APY account holders who join the scheme during the period 1st June, 2015 to 31st December, 2015. The Government co-contribution will be given for 5 years from FY 2015-16 to 2019-20.
So if you become a tax payer Govt will not contribute but if you pay premium the scheme will continue
my wife have a post mis of 4.50 lacs & ppf account and a demat account is she eligible for government contribution of 50% in this scheme and what options I would select while filling the form
my wife have a post mis of 4.50 lacs & ppf account and a demat account is she eligible for government contribution of 50% in this scheme and what options I would select while filling the form
Hi Sir,
I have a question.For Example – I paid for 1 year, then I passed away.Will my spouse get the pension and my nominee get the corpus ?
Hi Sir,
I have a question.For Example – I paid for 1 year, then I passed away.Will my spouse get the pension and my nominee get the corpus ?
very nice yojna
very nice yojna
Dear Sir, Mughe ye janna hai ki jo 850000/- jama honge kab milenge penson me to kewal intrest hi milegi valki intrest rate normaly 8% ki lagai jaye to bo bhi puri refund nhi hogi. jo paisa 850000/- + extra intrest ka amount kab milega
Sir aap 85,000 ke number par kaise pahunche?
Dear Sir, Mughe ye janna hai ki jo 850000/- jama honge kab milenge penson me to kewal intrest hi milegi valki intrest rate normaly 8% ki lagai jaye to bo bhi puri refund nhi hogi. jo paisa 850000/- + extra intrest ka amount kab milega
Sir aap 85,000 ke number par kaise pahunche?
i am not clear with the post. please provide some more information.
1) how much amount need to open this account .
2) is it monthly payment or yearly payment.
3) when will be receive benefits from this account.
Sir
1.Amount needed to open the account depends on how much pension you want and what is your age
2. It is monthly contribution which will be deducted automatically from your bank account.
3. You will start getting pension when you become 600 years old.
For getting guaranteed pension of Rs 1000 and lump sump of Rs 1.71 lakh to nominees amount one has to contribute at some sample ages is given below. Detailed table is provided here.
Age of Joining Years of Contribution Monthly contribution
18 42 42
20 40 50
25 35 76
30 30 116
35 25 181
40 20 291
i am not clear with the post. please provide some more information.
1) how much amount need to open this account .
2) is it monthly payment or yearly payment.
3) when will be receive benefits from this account.
Sir
1.Amount needed to open the account depends on how much pension you want and what is your age
2. It is monthly contribution which will be deducted automatically from your bank account.
3. You will start getting pension when you become 600 years old.
For getting guaranteed pension of Rs 1000 and lump sump of Rs 1.71 lakh to nominees amount one has to contribute at some sample ages is given below. Detailed table is provided here.
Age of Joining Years of Contribution Monthly contribution
18 42 42
20 40 50
25 35 76
30 30 116
35 25 181
40 20 291
Though,it is a good scheme,the Atal pension yojana should have included the current EPF Holder for this scheme. The current EPF holder does not have a Pension scheme,they just get some interet.So EPF and PENSION plan are totally different. The current contributor to EPF up to RS.1500 should have been made eligoble for ATAL pension yojana.
Yes but it targeted towards those you are not covered under any social security scheme,
Though,it is a good scheme,the Atal pension yojana should have included the current EPF Holder for this scheme. The current EPF holder does not have a Pension scheme,they just get some interet.So EPF and PENSION plan are totally different. The current contributor to EPF up to RS.1500 should have been made eligoble for ATAL pension yojana.
Yes but it targeted towards those you are not covered under any social security scheme,
Its a cut copy paste job from Govt’s website..What is your contribution in this post..What value you have added in this post
Its a cut copy paste job from Govt’s website..What is your contribution in this post..What value you have added in this post
Hi sir,
Thid is good plan to secure the indian population and it should be do bcoz we as indian we can cover more poor peple which has no money and most importent thing that premium is very few .
heads up to my pm narendra modi ji
Hi sir,
Thid is good plan to secure the indian population and it should be do bcoz we as indian we can cover more poor peple which has no money and most importent thing that premium is very few .
heads up to my pm narendra modi ji
This is a good scheme and will bring about lot of inclusivity. The two insurance schemes launched by the govt are also good.
This is a good scheme and will bring about lot of inclusivity. The two insurance schemes launched by the govt are also good.
Hi,
Small mistake…this scheme is focused on ‘unorganized sector’ and not organized one.
Though it is focused on unorganized sector, i believe any citizen of India can opt for this scheme. The Govt contributions, however are limited to few eligible subscribers only.
Correct me if i am wrong??
Sir,
You are right.
Those who are covered under statutory social security schemes are not eligible to receive Government co-contribution. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:
Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
Seamens’ Provident Fund Act, 1966.
Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
Any other statutory social security scheme
So if you have an EPF account you can still open Atal Pension Yojna account but government will not contribute to your APY account. You would have to make full contribution for selected pension amount.
If a student applies for APY, is he eligible for 50% govt. contributions?
Yes Akash, as he is not covered under at social security schemes .
Is this possible to change the bank account if anyone wants to change bank?
Hi,
Small mistake…this scheme is focused on ‘unorganized sector’ and not organized one.
Though it is focused on unorganized sector, i believe any citizen of India can opt for this scheme. The Govt contributions, however are limited to few eligible subscribers only.
Correct me if i am wrong??
Sir,
You are right.
Those who are covered under statutory social security schemes are not eligible to receive Government co-contribution. For example, members of the Social Security Schemes under the following enactments would not be eligible to receive Government co-contribution:
Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.
Seamens’ Provident Fund Act, 1966.
Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act, 1961.
Any other statutory social security scheme
So if you have an EPF account you can still open Atal Pension Yojna account but government will not contribute to your APY account. You would have to make full contribution for selected pension amount.
If a student applies for APY, is he eligible for 50% govt. contributions?
Yes Akash, as he is not covered under at social security schemes .
Is this possible to change the bank account if anyone wants to change bank?
You are right Sushil. Is this possible to change the bank account if anyone wants to change bank?