The Central Government’s "Atal Pension Yojana" (APY) is a vital and beneficial social security scheme designed to provide financial security in old age to millions of citizens working in the unorganized sector. Under this scheme, citizens receive a guaranteed monthly pension of a minimum of ₹1,000 to ₹5,000 after reaching the age of 60.

Key benefits and features of the scheme:
Guaranteed Monthly Pension: Under this scheme, you get a fixed pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000 or ₹5,000 every month for life after the age of 60 years, depending on the contribution you choose.

Family pension: If the policyholder dies, their spouse continues to receive the same pension for life. The nominee then receives the entire accumulated corpus back.

Government Co-contribution: At the inception of the scheme, the government also supported the contribution of eligible customers, and even today the scheme ensures high financial returns at very low monthly premiums.

Tax exemption: Investments made under this scheme also get the benefit of tax exemption under Section 80C of the Income Tax Act.

Eligibility:
Applicant must be a citizen of India.

The age of the applicant should be between 18 years to 40 years.

The applicant must have a valid savings account in any bank, which is linked to Aadhaar.

Income tax payers are no longer eligible for this scheme (as of October 2022 rules).

Required Documents:

Aadhaar card (linked to the bank account)

Bank passbook (for auto-debit)

Mobile number

How to apply:
You can easily fill out the Atal Pension Yojana form by visiting your bank or post office (where you have a savings account). You can also apply online from home using net banking. A small amount based on your age (e.g., a very low premium if you start at a young age) is auto-debited from your account each month.

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