Everything You Need to Know About the Atal Pension Scheme

The Atal Pension Yojana (APY) is a pension plan that is backed by the government and is meant to help workers in the unorganized sector get a stable pension. The Swavalamban Yojana was started by the Indian government in 2015. It was named after former Prime Minister Atal Bihari Vajpayee. We'll talk about the main parts of the Atal Pension Yojana and how they can help you in this essay.

What's important about the Atal Pension Yojana?

Criteria for eligibility To be eligible for the Atal Pension Yojana, you must meet the following rules:

You must be a citizen of India.
You have to be between 18 and 40 years old, and you have to have a valid savings account.
You can't be covered by any other kind of social insurance.

How much of a pension?

After age 60, people who signed up for the Atal Pension Yojana are guaranteed a monthly pension of Rs. 1,000 to Rs. 5,000, depending on how much they paid in and what level of pension they chose.

How much you're giving?

In the Atal Pension Yojana, the amount of the contribution is based on the pension amount chosen and the subscriber's age when they sign up. In the table below, you can see how much you have to pay each month for different pension amounts and age groups:

Age of Entry	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	1087
38	22	240	480	720	957	1196
39	21	264	528	792	1054	1318
40	20	291	582	873	1164	1454

Atal Pension Yojana: Benefits

Participants in the Atal Pension Yojana get a lot of benefits, including:

Guaranteed pension: When a subscriber reaches age 60, they are entitled to a guaranteed pension, which makes sure they have a steady income in retirement.
Low amount of contribution: The amount of contribution to the scheme is low, so workers in the unorganized sector can afford it.
Tax benefits: Under Section 80CCD of the Income Tax Act, you can deduct the amount you gave from your taxes.
Subscribers can choose a family member to receive the pension if they die. This is called a nomination facility.
Portability: People who have an Atal Pension Yojana account can move it from one bank to another or from one place to another at no extra cost.

How to Apply for the Atal Pension Yojana?

Guaranteed pension: When a subscriber reaches age 60, they are entitled to a guaranteed pension, which makes sure they have a steady income in retirement.

Low amount of contribution: The amount of contribution to the scheme is low, so workers in the unorganized sector can afford it.

Tax benefits: Under Section 80CCD of the Income Tax Act, you can deduct the amount you gave from your taxes.

Subscribers can choose a family member to receive the pension if they die. This is called a nomination facility.

Portability: People who have an Atal Pension Yojana account can move it from one bank to another or from one place to another at no extra cost.

Once you sign up, the amount of your contribution will be taken out of your savings account on the due date. You can check the status of your Atal Pension Yojana account and contribution statements on the National Pension System website.