To bring strength in financial condition of persons whose condition is not as good as it should be as per current position, government of India launched this policy in june 2015 and name it in name of former prime minister of our country atal bihari Vajpayee. Under national pension system (NPS), Pension Fund Regulatory and Development Authority (PFRDA) operate this policy as per guideline of government. This kind of policy will help person who belongs to slightly unstable condition as far as their financial condition is concern and want to earn some pension in their old age. Scheme is equally beneficial for the person who is working in private sectors or someone who is operating his personal business. After the maturity of scheme, people will receive amount as pension in their bank account. As per plan amount of pension is fixed and will give benefits once their age will be 60 years.
If someone invest their amount under this scheme and pay regular premiums then he will receive fixed amount of 1000, 2000, 3000, 4000 and 5000 respectively. Pension amount is based on amount invested by the individual for their better and safe future; amount will be received by him till his death. After the death of policy holder nominee will receive the remaining amount as per their rules. In case of sudden death of subscriber, nominee can continue the plan and after maturity he will receive the amount.
Only Indian origin person can apply for this policy. Some other important conditions are specified below
a. Government will give a co-contribution amount to specific Atal Pension Yojana subscribers.
b. Applicant must hold valid saving account in any nationalized bank.
c. Applicant must provide valid mobile number at the time of registration. This is required to give information about latest information.
d. Applicant age must be between 18 to 40 Years.
a. Registration Fees: INR 120
b. Annual fees from next year: INR 100
c. Account management fees: Rs 40 per year
To enroll under this policy individual need to fill the application form available in respective bank official website to take the first step towards registration under this policy. To ensure the error free processing, subscriber need to submit the all mandatory documents related to kyc, other documents as per banks policy, details about nominee and details about family members to make settlement much easier and less time consuming. To elaborate the reach of this policy to maximum numbers of persons, application form are available in various language including Telugu, Kannada, Odia, Tamil, Marathi, English, Gujarati, Hindi and Bangla.
As it is known that APY is introduced by the government of India and its operations managed by the Pension Fund Regulatory and Development Authority (PFRDA) and to enroll the new customers national pension system (NPS). PFRDA is authorized and responsible for designing the registration form of APY.
As per policy of APY, government of India will invest the 50% of amount invested by the subscriber; in some cases government invest up to INR 1000. Apart from this to promote this policy and bring more subscriber a large amount is invested by the government.
Existing customers of the Swavalamban plan will be naturally relocated to the Atal Pension Yojana Policy, with an extra choice of hauling out, if they meet the required qualification criteria. The five year co-commitment of the Government may not however surpass for every one of these customers. For instance, if a current Swavalamban users has got Government commitment for a long time, at that point under the Atal Pension Yojana conspire he will get just three years of co-commitment from the Government. On the off chance that any of the current Swavalamban supporters need to quit the Atal Pension Yojana policy, at that point the Government's commitment will be given just till 2016/2017, on the off chance that they are discovered qualified. Further, such endorsers can proceed under the NPS Swavalamban scheme, until the point that the period of exit has been come through.
The relocation or transfer will be done for the subscriber of 18 to 40 years. Keeping in mind the end goal to play out the change with no complication, the aggregator will be required to encourage the relocation procedure by giving complete help. Customer who wishes to proceed onward to the Atal Pension Yojana plan can likewise contact the closest bank to move from a Swavalamban account into an Atal Pension Yojana account containing PRAN points of interest.
Swavalamban customers who fall past the age of 40 can likewise pick to keep him out from the Swavalamban plan by totally pulling back the whole sum, comprehensive of the central sum and the premium earned. Else they can proceed till they turn 60, with a specific end goal to be qualified to get allotment.
Agents and services provider will be enrolled under the registration policy of government of India. Bank work as service provider and agent could be any banking agency that will promote the scheme on behalf of respective bank among the people. Generally government of India offers maximum incentives to receptive bank if they fulfill the criteria fulfilled by the government. Mostly micro finance agent or mutual fund agent help agency to spread the policy among maximum number of persons so that they can take maximum benefits of this scheme.
As per provision of policy uninterrupted payment of premium is mandatory and if someone not pay the premium regularly then penalty will be imposed on the responsible person and to continue the plan they have to submit the amount. Some point that customer must always remember is specified below
a. The account would be frozen, if payments are not done for six months.
b. Account would be deactivated, if payments are not done for twelve months.
c. Account would be permanently closed, if payments are not done for twenty four month.