Atal Pension Yojana is a government pension scheme for Indian citizens not covered by other pension plans. It allows monthly contributions as low as Rs. 42 for the lowest pension plan of Rs. 1,000 per month. The government will contribute 50% of the total contribution amount. Subscribers can choose from five pension plans ranging from Rs. 1,000 to Rs. 5,000 per month, based on their monthly contributions. The scheme provides fixed monthly pensions from age 60 until death. In case of death before receiving any pension, the nominee receives a pension amount ranging from Rs. 1.7 lakhs to Rs. 8.5 lakhs depending on the plan.

1. All You Want to Know About Atal
Pension Yojana
Before I tell you about the Atal Pension Yojana scheme I need to tell you the ground
reality of our country.
Most of our people are not covered under any kind of insurance plan or a social security
scheme.
Once they get old, either they become dependent on their children or have to toil hard
for bread and butter even at this age.
We have seen senior citizens have to work hard even after the age of 60 yrs because
they do notplan any pension scheme.
Hence after writing about PM Suraksha Bima Yojana, I decided to write this article to tell
you about Atal Pension Yojana and how you can live a peaceful life in your last days.
What is Atal Pension Yojana
Atal Pension Yojana is a scheme started by government of India announced by the
finance minister in his recent budget speech.
This scheme is for all those people who work for
unorganized sector and want to join the National Pension
System or are not part of any other kind of social security
system.
To put it in other words if you work for private sector and
wish for fixed amount of pension after you quit the job then
Atal Pension Yojana makes it possible.

2. So according to this scheme a person at the age of 60 years can get a fixed pension of
Rs 1000/-, Rs 2000/-, Rs 3000/-, Rs 4000/-, Rs 5000/- every month year after year.
We will talk about this in great detail in coming paragraphs like how you need to pay
monthly premium.
But before that I want to say, start preparing for your old age from now on so that you
can live peacefully later.
Who all are Eligible for Atal Pension Yojana
Here are some of the important eligibility criteria-
1. The first criterion is you must be citizen of India if you are
looking for joining the Atal Pension Yojana.
2. Citizens who want to join this scheme must have a valid
bank accountbecause all the money transfer like the
contributions and returns will be done through direct bank
transfer.
3. Now let us talk about the Age factor. The edibility age is 18
to 40 years. So after 40 years of age you cannot join this
scheme. Age factor is very important because monthly contribution would depend upon
how early you join the scheme. We will talk about this in detail in coming paragraphs.
4. You will get government contribution only if you are not part of any other social
scheme and also you are not a tax payer. Then government can contribute for you.
So these were very simple criteria so anyone can apply it.

3. When to Join Atal Pension Yojana
A lot of people ask when they should join the scheme. Well I tell them as soon as
possible because after 40 years you cannot join the scheme.
So here I present you with brief points when you need to join the plan.
 If you join at the age of 18 years then the years of
contribution would be 42 years and the return will depend
upon the amount you contributed.
 Similarly if you join at the age of 20 years then the
contribution period would be 40 years and return depends
upon amount contributed.
 The age group of 25 years will have to invest for at least 35
years and the minimum contribution per month must be Rs
151/-
 The age group of 30 years will have to invest for at least 30 years and minimum
contribution per month is Rs 231/-
 The age group of 35 years will require investment for 25 years and minimum contribution
should be Rs 362/-
 Finally the age groups of 40 years have to invest for 20 years and pay premium of Rs 582
per month.
Therefore the early you join the better it is.
Monthly Premium, Contribution by the Govt & Pension
Returns
This is the meat of the article where you get to know how much you need to pay and
what is the contribution made by the government. You also get to know what you get
when you are retired.

4. Monthly Premium
As you know there are 5 pension plans, Rs 1000/-, Rs 2000/-, Rs 3000/-, Rs 4000/-, Rs
5000/-
Now to make it easy I have decided to create a table and give an overview of joining
date, contribution to be made by your side and pension that you get after 60 years of
age.
Plan for Rs 1000/- Monthly Pension is
Age of Joining Period of Contribution Monthly Premium Monthly Pension
18 42 42 1000
20 40 50 1000
25 35 76 1000
30 30 116 1000
35 25 181 1000

5. 40 20 291 1000
Plan for Rs 2000/- Monthly Pension is
Age of Joining Period of Contribution Monthly Premium Monthly Pension
18 42 84 2000
20 40 100 2000
25 35 151 2000
30 30 231 2000
35 25 362 2000
40 20 582 2000

6. Plan for Rs 3000/- Monthly Pension is
Age of Joining Period of Contribution Monthly Premium Monthly Pension
18 42 126 3000
20 40 150 3000
25 35 226 3000
30 30 347 3000
35 25 543 3000
40 20 873 3000
Plan for Rs 4000/- Monthly Pension is
Age of Joining Period of Contribution Monthly Premium Monthly Pension

7. 18 42 168 4000
20 40 198 4000
25 35 301 4000
30 30 462 4000
35 25 722 4000
40 20 1164 4000
Plan for Rs 5000/- Monthly Pension is
Age of Joining Period of Contribution Monthly Premium Monthly Pension
18 42 210 5000
20 40 248 5000

8. 25 35 376 5000
30 30 577 5000
35 25 902 5000
40 20 1454 5000
Pension Returns
What happens if you die and not able to collect you pension. In that case you get a fixed
return in case of some unforeseen incident.
Pension Scheme Pension Returns
Rs 1000/- Per Month Rs 1.7 Lakhs
Rs 2000/- Per Month Rs 3.4 Lakhs
Rs 3000/- Per Month Rs 5.1 Lakhs

9. Rs 4000/- Per Month Rs 6.8 Lakhs
Rs 5000/- Per Month Rs 8.5 Lakhs
Benefits of Atal Pension Yojana
Now Let us look at some of the benefits of the Atal Pension Yojana
1. The fixed amount of money will be credited to your bank account every month after you
reach the age of 60 years.
2. Anyone can join this plan that is not covered under any other social security plan. So poor
have access to a social security scheme.
3. The premium or the monthly contribution is very low.
4. The penalty is also very low like Re 1 to Rs 10 that’s it.
5. Government is also going to contribute 50% of the investment. So it is subsidized.
FAQs Regarding Atal Pension Yojana
Now let us answer some question rising in your mind.
Q: Can You Open two accounts?
A: No, absolutely not because only one account is allowed per
person.
Q: Who is going to administer this scheme?
A: Pension Fund Regulatory and Development Authority or
PFRDA.
Q: Is government going to contribute for this scheme?
A: Yes but it is available for 5 years, from 2015-16 to 2019-20.

10. Q: What is going to happen if I fail to contribute or pay my premium on due dates?
A: Well! You need to pay fine depending upon your monthly premium. The fine could
range from Re 1 to Rs 10/-. But if don’t pay for 6 months then account will be frozen, for
12 months deactivated and for 24 months account will be closed.
Q: Can I change my monthly Contribution plan?
A: Yes you can do it, higher it or lower it.
Q: Can I exit the Scheme before 60 years?
A: No, the exit is permitted only in case of death or terminal disease.
How do I Get Application Form for Atal Pension Yojana
You need to have a bank account and Aadhar card details for identity proof. You can
get forms in any language you want.
You can find further information from the Dept. of Financial services website here. And
you can download the APY application form online here.