Especially for the unorganized sector’s support, the Pension Fund Regulatory and Development Authority (PFRDA) Atal Pension Yojana(APY). This pension plan was constituted in 2015 to motivate people from the unorganized sector to voluntarily save for their retirement. By this scheme, people can get a fixed minimum pension from Rs 1000 up to maximum pension Rs.5000 when their age turned to 60 years. The pension amount will be determined based on their contribution and age range also.
From the Industry Experts perception, people can get more benefits through this scheme, if they chose this option for their pension plan prematurely. Ingesting in this scheme will be a beneficial one for their future.
Whoever wants to apply for this scheme, the age limitation is from their 18 years till 39 years to get it. Whenever if we apply for the scheme, they can only get the pension after 60 years. According to this scheme, the contribution range will be from Rs 42 upto Rs 1318 per month. On the other hand, if the person starts their contribution at the age of 22, and he/she wants to get the monthly pension Rs 1000, then they have to contribute Rs 59 per month. If they want to get the monthly pension Rs 5000, then they will have to contribute Rs292 per month.
In case of death of the depositor, who they mentioned as a nominee can recover the pension. Suppose if the depositor dies before the age of 60 years, it can be continued by their spouse for the remaining period or else they can recover the existing amount and exit from the scheme. There is no other way to exit from the scheme other than the depositor’s death, as stated by PFRDA.
The application process will be carried out by nationalized banks with an APY account. You can get the form at the respective bank or else you can download it from the official websites to apply for this scheme. This form will be available in more languages such as English, Hindi, Tamil, Gujarati, Marathi, Odia, Kannada, Telugu, and Bengali. You should submit your valid Mobile number and copy of your Aadhar card, after the process they will send a confirmation message to your phone for the approved scheme.