The Atal Pension Yojana is a scheme that is meant for the poor working people of India. The people of India who work in the unorganized sector fails to invest in the money. This investment is compulsory as it secures the future of the people and hence let them live without worrying about the future of the family. The APY allows a monthly investment and in return after the age of 60 years the investment will be returned directly to the bank. Here are the pension payment details.
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The pension plan for 1000 scheme will provide the sum of 1000 every month and in case of any miss-happening a sum of 1.7 lakhs will be given to the consumer.
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The pension plan for 2000 scheme will provide the sum of 1000 every month and in case of any miss-happening a sum of 3.4 lakhs will be given to the consumer.
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The pension plan for 3000 scheme will provide the sum of 1000 every month and in case of any miss-happening a sum of 5.1 lakhs will be given to the consumer.
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The pension plan for 4000 scheme will provide the sum of 1000 every month and in case of any miss-happening a sum of 6.8 lakhs will be given to the consumer.
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The pension plan for 5000 scheme will provide the sum of 1000 every month and in case of any miss-happening a sum of 8.5 lakhs will be given to the consumer.
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The user needs to request the bank manager an application after the age of 60 in order to get the money back as scheme of monthly pension benefit.
The Atal Pension Yojana is a new scheme launched by the government of India. Under this scheme the people of India can contribute a small sum to their pension account till the age of 60. On successful payment in the investment each person will be eligible for getting the amount of pension they go for. There are 5 different blocks of pension that one can opt for while applying in this scheme. The 5 different slots are 1000, 2000, 3000, 4000 and 5000. These schemes need monthly investment which depends on the type of plan selected and the age one tries to roll into the scheme. There is an age limit for the people looking to get into this scheme which is minimum age of 18 and maximum of 40.
Once the enroller reaches an age of 60 he or she can give an application to the bank manager asking for a monthly credit to the bank account regarding the auto credit of pension every month. Once this application is approved the amount of money will be credited to the account monthly. The scheme has no exit policy if once registered for. The user will have to continue this scheme. Only in case of death of the enroller the scheme allows him to close his account and exit the scheme.