Atal Pension Yojana
Introduction regarding Atal Pension Yojana Scheme
The Atal Pension Yojana recently learned as the Swavalamban Yojana, is an Indian administration-funded pension policy conducted mainly in the informal sector. Finance Minister Arun Jaitley noted it in his Budget speech for 2015. Prime Minister Narendra Modi unveiled it in Kolkata on May 9, 2015.
It is applied to all citizens in the unorganized sector who joined the National Pension Scheme, which is administered by the Pension Fund Regulatory and Development Authority.
The Atal Pension Yojana is a pension plan aimed mostly at unorganized workers such as maids, gardeners, and delivery boys. The former Swavalamban Yojana, which was not well received by the public, was replaced by this scheme.
The scheme's purpose is to assure that no Indian citizen in their old duration has to be concerned about disease, emergencies, or ailments, delivering a sense of insurance. Employees in the private sector or those who work for a company that does not offer a pension plan can also apply for the scheme.
Features and benefits regarding the Atal Pension Yojana Scheme
The pension is being provided to the people who are enrolled in the Atal Pension Yojana Scheme and are over the age of sixty. The amount of pension is rupees five thousand, this amount is transferred directly to the user's bank account every month.
The applicants who are selected under the scheme also get the tax benefits provided by the Atal Pension Yojana Scheme Department.
This scheme is risk-free so the applicant applying does not have to worry about anything related to the policy.
The government provides funds for this scheme frequently and has taken the responsibility for the funds.
The applicants are convinced to conserve for their retirement under the Atal Pension Yojana scheme. The Pension Fund Regulatory and Development Authority is in charge of the policy's entire functioning.
Automatic debit is a useful feature. A beneficiary's bank account is associated with his or her pension account, and monthly payments are debited directly. People who have enrolled in this policy must confirm that their accounts have sufficient funds to adjust such computerized debits otherwise, liability will be compelled.
There's no registration fee charge.
The authorized portal renders its services at any time of the day.
The scheme is free from any gender bias.
The applicant can register in both ways which are through online and offline mode. In the online mode, they have to go through the authorized website of the scheme, and offline mode, they have to visit the department physically.
The selection process is done by examining the petition form filled. The petition form is available in various regional languages and not just in English and Hindi.
Once the user reaches the age of sixty, they have the option of receiving a fixed pension of rupees one thousand, rupees two thousand, rupees three thousand, rupees four thousand, or rupees five thousand.
The applicant can get started with the scheme as all the registered banks of India under the RBI provide this scheme facility. If the applicant wishes to get an increase in their premium then they can talk about it with the bank they have chosen to get enrolled with.
While filling out the petition form, the applicant must surely paste their recent passport size picture on the top corner of the form.
If the applicant does not make their payments on time, they will be charged a penalty. A monthly penalty of rupees one for each contribution of rupees one hundred or portion thereof.
If the applicant misses six payments in a row, their account will be frozen and if they miss even more than that, let's suppose twelve payments in a row then their account will be canceled, and the remaining amount would be given to the subscriber.
Applicants who enroll in the Atal Pension Yojana Scheme at a young age will be obliged to pay a lower monthly subscription fee than those who enroll at a later age.
Withdrawal Procedure under the Atal Pension Yojana
Although to start with this scheme did now no longer allow existing earlier than the individual attains the age of sixty, the Atal Pension Yojana withdrawal system has been hardly modified:
If the user has reached sixty years of age, then they may exit this scheme with an entire demolishment of the pension amount. They must go to the financial institution and follow their pension.
They can go out the scheme earlier than turning sixty years antique handiest beneath death in terrific situations consisting of terminal contamination or death. In case of their loss of life earlier than achieving the age of sixty, their partner will acquire their pension. If each of the users and their partners has expired, the pension might be paid to their nominee.
Eligibility criteria for enrolling in the Atal Pension Yojana Scheme
If an applicant gets through all the criteria mentioned below then he/she would be eligible for applying in the Atal Pension Yojana Scheme, thus it is recommended to read out the regulations before applying so that the individual can go ahead with their application form.
To be eligible, the first requirement that should be through with the applicant is that they should be Indian in nationality. The Atal Pension Yojana Scheme is being brought up by the administration of India and is currently working to provide the services to the people of its nation thus the individual must be Indian.
The second requirement is regarding gender, the Atal Pension Yojana Scheme assets both the genders which are a man and a woman proving that the scheme is free from any kind of gender bias. Apart from the two genders mentioned below, it also supports "other" genders too.
The third requirement which should be noted is regarding the age, all the individuals who have between the age gap of eighteen to forty years old can surely go ahead and get themselves enlisted for the scheme.
The fourth requirement states that the Atal Pension Yojana supports the people who are the common citizens, people who have been in a government job or have connections with the government officials either as their family members or other cases won't be considered in the scheme.
The fifth requirement also checks the reliability of the individual meaning that if the person has previously defaulted any payments with the financial institutional bank of India or has been working on black money would not get permission to get the benefits of the scheme. Also, the person must be a regular taxpayer.
The sixth criteria advise people registering with the scheme to get a bank account if they don't have one already before enrolling in the policy because the individuals must hold a bank account with their name.
The seventh rule states that after getting the bank account, the person should link their aadhar card with their account to get eligible for the scheme and this is a mandatory regulation to follow.
The eighth norm specified that the individual regardless of urban or rural area can be enrolled in the scheme.
The ninth standard states that Atal Pension Yojana Scheme assists all the caste groups.
The tenth benchmark tells those contributions by the applicant must have been made for at least twenty years.
The eleventh principle asserts that the person must provide all the crucial details regarding them such as their valid phone number, their active mail account address, their district and city name, their residential address, and other personal information such as parents name, the jobs they have done before, etc.
How to enroll and jot up the petition form for enlisting in the Atal Pension Yojana Scheme
To enroll, the user must first review the eligibility scheme and determine whether or not they are eligible for the policy; if they are, they should proceed to the Atal Pension Yojana Scheme authorized portal https://npscra.nsdl.co.in/.
From the quilt web page of the portal, there might be a redirected web tab that would contain all of the important factors that have to get jotted up just like the inscription of the student, generation, citizenship, phone number, e-mail address, religion, father and mother name, phone number, etc. After clustering those factors the portal might supply the confirmation one-time code would be sent to the number and that has to be provided to the portal to start again. After affirming that code at the portal, an account call and a password might be assigned to the consumer, and after assigning their account call might get enrolled.
Online mode for enlisting in the Atal Pension Yojana Scheme
If the individual gets eligible, he or she can complete the petition form. To complete it, the user must return to the Atal Pension Yojana Scheme official webpage https://npscra.nsdl.co.in/. The person must register using their enlisted account inscription account name and password from the yojana's cover tab.
After checking in, the person can go around to the tab and double-check the criterion regulations or policies.
To be authorized and get enlisted in the policy, the individual should jot down the petition form.
As an option, there would be a three-dot symbol in the upper right corner of the cover page. After selecting that alternative, the petition form will be shown and must be downloaded.
After downloading the petition paper, it must be printed out at any available print store to list the elements.
After listing the elements, the petition document should be examined before being put on the portal or sent to the system's official email address.
(Note: The accepted web of the department is https://npscra.nsdl.co.in/contact-us.php
- The documents can also be mailed at [email protected], [email protected], [email protected], [email protected], and [email protected])
Offline Mode for enlisting in the Atal Pension Yojana Scheme
If the user prefers to complete the petition form offline, he or she can do so at their school by asking their school's office department.
They would then obtain a hard copy of the form from the office clerk who was present.
The form should then be filled out with all of the essential information and handed out together with the necessary documents.
List of documents that should be handed out while enrolling under the Atal Pension Yojana
When the applicant checks his/her eligibility criteria and goes ahead to fill out the petition form to get registered, they are supposed to hand out a list of document papers to the administration so that their eligibility can be proved and the enrolling process gets over.
Mentioned below list of documents that must be handed out: -
The first document is the Aadhar card as it gives the identification of the applicant to the administration. This document is crucial to submit and must not be forgotten.
The second document is the voter identification card, this document is also mandatory to submit.
The third document should be the proof regarding the age of the applicant as only the people above the age of eighteen years old would be considered by the administration.
The fourth document must be the user's permanent account number detail.
The fifth paper must be regarding the individual's bank account details and the proof mentioning that their bank account is linked with their Aadhar card.
The sixth paper must confirm the caste group to which the individual belongs.
The seventh document must specify the gender of the applicant.
The eight papers must give proof regarding the contribution being made by the applicant for at least twenty years.
The ninth document could be the electricity and water bills of the individual. These papers are not crucial for submission in some cases.
As per the tenth document, the individual must provide their residential address details, their valid phone number, their active mail account details, and their other set of personal information.
The helpline communication details under the Atal Pension Yojana
If an individual has a problem, he or she should call the number between 10 AM to 5 PM under the Atal Pension Yojana which is: -
- (022) 2499 3499
- (022) 2495 2594
- 2499 4974
- 022 24993499
They can furthermore compose emails and send them to the Atal Pension Yojana's authorized email address. The address of the email is: -
The official portal is also available to the user of the Atal Pension Yojana Scheme the applicant must look upon the most searched problems available there, the authorized portal is https://npscra.nsdl.co.in/contact-us.php
Alternatively, the user can mail the inquiry note to the commissioner's address: -
- NSDL e-Governance Infrastructure Limited
- 1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Frequently Asked Questions about the Atal Pension Yojana Scheme
Q 1) What is Atal Pension Yojana Scheme?
A 1) The Atal Pension Yojana, previously known as the Swavalamban Yojana, is an Indian government-sponsored pension policy conducted mainly in the unorganized sector. Finance Minister Arun Jaitley noted it in his Budget speech for 2015. Prime Minister Narendra Modi unveiled it in Kolkata on May 9, 2015.
Q 2) What is the amount for a penalty when the payment is delayed under the Atal Pension Yojana Scheme?
A 2) The amount for a penalty when the payment is delayed under the Atal Pension Yojana Scheme is a monthly penalty of rupees one for each contribution of rupees one hundred or portion thereof. If the applicant misses six payments in a row, their account will be frozen and if they miss even more than that, let's suppose twelve payments in a row then their account will be cancelled, and the remaining amount would be given to the subscriber.
Q 3) Which sector is assisted by the Atal Pension Yojana Scheme?
A 3) The Atal Pension Yojana is a pension plan aimed mostly at unorganized workers such as maids, gardeners, and delivery boys. The former Swavalamban Yojana, which was not well received by the public, was replaced by this scheme.
Q 4) What is the purpose of the Atal Pension Yojana Scheme?
A 4) The Atal Pension Yojana Scheme's purpose is to assure that no Indian citizen in their old duration has to be concerned about disease, emergencies, or ailments, delivering a sense of insurance. Employees in the private sector or those who work for a company that does not offer a pension plan can also apply for the scheme.
Q 5) State two advantages that are provided to the applicants who are enrolled with the Atal Pension Yojana Scheme?
A 5) Advantages that are provided to the applicants who are enrolled with the Atal Pension Yojana Scheme is that the amount of pension is rupees five thousand, this amount is transferred directly to the user's bank account every month. Also, the applicants who are selected under the scheme get the tax benefits provided by the Atal Pension Yojana Scheme Department and this scheme is risk-free so the applicant applying does not have to worry about anything related to the policy.
Q 6) What are the helpline contact details of the Atal Pension Yojana Scheme at which a person can reach out and solve their scheme-related problems?
A 6) If an individual has a problem, he or she should call the number between 10 AM to 5 PM under the Atal Pension Yojana Scheme which is (022) 2499 3499, (022) 2495 2594, 2499 4974, and 022 24993499.
They can furthermore compose emails and send them to the Atal Pension Yojana's authorized email address. The applicant can also write and post a letter to the scheme's department's addresses.
Q 7) How would the applicant get the information regarding their retirement plan and its activation details?
A 7) The applicant gets the information regarding their retirement plan and its activation details when the pension scheme is launched, they would receive a short message service alert to their registered telephone number.