Atal Pension Yojana Chart, Advantages, and Steps to Open Your Account

Key Takeaways

1. The Atal Pension Yojana Chart is backed by the Government of India.
2. Pension Fund Regulatory and Development Authority (PFRDA)  regulates the Atal Pension Yojana Chart under the National Pension System (NPS).

Objective and Eligibility of APY Scheme

1. The Atal Pension Yojana Chart is one of the best pension schemes for people to consider investing in.
2. This scheme mainly focuses on people in the unorganised sector, such as gardeners, drivers, delivery boys, etc.
3. Atal Pension Yojana Chart offers a guaranteed pension of Rs. 1000 to Rs.5000. Depending on their financial requirements, people can opt for an amount in this range.
4. Policyholders will start receiving the pension amount after they reach the age of 60 years.
5. The objective of the Atal Pension Yojana Chart is to provide financial security to people who retire. This will ensure that they do not face financial constraints in their old age and can seamlessly live their lives with their near and dear ones.
6. It also provides security in case of unforeseen accidents, untimely demise of the policyholder, diagnosis of a critical illness, etc.
7. By investing in Atal Pension Yojana Chart, the policyholder can claim tax deduction benefits under Section 80CCD of the Income Tax Act, 1961.

The eligibility criteria for the Atal Pension Yojana Chart are as follows –

1. Individuals applying for the Atal Pension Yojana Chart should be between the ages of 18 to 40 years to claim the pension after the age of 60.
2. Individuals have to invest in Atal Pension Yojana Chart for a minimum of 20 years.
3. It is necessary to have a bank account if an individual is planning to invest in Atal Pension Yojana Chart, as the amount he or she has to pay for the plan is auto-debited from the account.
4. The policyholder’s Aadhar card is considered to be the primary KYC for the Atal Pension Yojana Chart.

A few benefits of investing in the Atal Pension Yojana Chart are as follows –

1. This plan is a low-risk plan. This makes it ideal for individuals who belong to an unorganised sector and find it difficult to invest in a high-risk insurance plan. Moreover, the policyholder does not have to worry about the returns as well.
2. This plan is one of the easiest to invest in for individuals who are Indian residents and are either self-employed or salaried.
3. This plan offers great flexibility to policyholders and lets them choose the subscription on the basis of monthly, quarterly or half-yearly basis as per their convenience.
4. The policyholder has the choice to either increase or decrease the pension amount as per his financial requirements.

Steps to Download APY Scheme Form

Here are a few ways you can download the APY scheme chart form –

Option 1 –  Almost all the banks offer the Atal Pension Yojana Chart form. You can visit your bank’s nearest branch and avail the form.

Option 2 – You can also download the Atal Pension Yojana Chart form online by visiting the official website of the bank

Option 3 – You can also download the Atal Pension Yojana Chart form by visiting the official website of the Pension Fund Regulatory and Development Authority (PFRDA).

Did You Know?

By investing in the Atal Pension Yojana Chart, the policyholder can claim upto Rs. 1.5 lakhs of tax deduction benefits under Section 80C of the Income Tax Act, 1961.

Procedure to Open Atal Pension Yojana Account

Step 1 – Fill out the Atal Pension Yojana Premium Chart Form

The first step is to get the Atal pension yojana premium chart form from your bank branch.

Step 2 – Fill in Your Personal Details

The second step is to enter your personal details, such as name, age, occupation, bank account number, Aadhar card number, and mobile number.

Step 3 – Amount Deducted

After filling in your details, the first amount will automatically be deducted from your bank account.

Step 4 – Issuing of PRAN Number

After the first deduction is auto-debited, the official authorities will issue you a unique Permanent Retirement Account Number (PRAN) that will remain with you throughout your policy.

Step 5 – Auto-Debiting of Amount

After you are issued a PRAN number, the amount you will have to pay for the Atal Pension Yojana Chart will automatically be deducted from your account.

Calculate Your Corpus Money

1. If you are planning to calculate your corpus money for the Atal Pension Yojana Chart, you can do it with the help of the Atal Pension Yojana calculator.
2. An Atal Pension Yojana Chart calculator will predict your corpus money on the basis of when you want to retire or at the age of 60.

Here is how you can calculate the corpus money you will receive for the Atal Pension Yojana Chart with the help of the Atal Pension Yojana calculator –

Step 1 – Open the Atal Pension Yojana Chart Calculator

Step 2 – Enter your current age.

Step 3 – Enter the pension amount as per your financial requirements after retirement.

Step 4 – Based on your current age, the Atal Pension Yojana Chart calculator will calculate the number of years you will be contributing until the age of 60. For example – Let’s assume your current age is 25. So, the total number of years you will be contributing will be 60-25, which is 35 years.

Step 5 – Enter the expectations on return of the investment you have made.

Step 6 – The Atal Pension Yojana Chart calculator will then calculate the total amount of expected pension returns.

Step 7 – Enter your expected Annuity Rate.

Step 8 – The Atal Pension Yojana Chart calculator will then calculate the total amount of the expected monthly pension.

Word to Remember

Corpus Money – The term corpus money in Atal Pension Yojana Chart means the lump sum amount the nominee will receive in case of an untimely demise of the policyholder. The corpus amount is the total amount of the premiums the policyholder has paid throughout the tenure of the policy.

Conclusion

You now know everything about the Atal pension chart, eligibility criteria, benefits and features. Investing in this plan will ensure that the policyholder and his family are financially secure after he retires and does not face any struggles in the coming years. So, if you are planning to invest in the APY premium chart, you can get in touch with leading insurance providing companies in India. Their life insurance experts will brief you about the policy with an APY chart pdf and help you with seamlessly investing in this plan.  

FAQs