APY
Atal Pension Yojana (APY) is a government-backed pension scheme aimed at providing financial security to workers in the unorganized sector and others who may not have access to formal retirement plans.
With a low and affordable monthly contribution, APY helps you secure a regular pension after retirement, ensuring a stable income during your senior years.
Overview
Eligibility
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A social security scheme of Government of India aimed at a 100% pensioned society.
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A social security pension scheme introduced by Government of India.
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Five Plans to choose from, based on the monthly assured pension – 1000, 2000, 3000, 4000 & 5000.
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Three premium paying options – Monthly, Quarterly and Half Yearly.
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Premium will be auto-debited from the subscriber's account.
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Monthly Pension is available for the subscriber since attaining 60 years of age.
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After the demise of the subscriber, same amount of pension is available to the spouse.
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After the demise of both the subscriber and the spouse, the accumulated corpus is returned to the Nominee.
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The indicative corpus is Rs. 1,70,000/- for the Plan 1000, and the proportionate multiples for other plans.
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Subscriber needs to pay the premium till attaining 60 years of age.
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In the event of subscriber's demise before attaining 60 years of age, spouse can either transfer the subscription in his/her name or withdraw the corpus by terminating the subscription.
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If the spouse opts for transfer the subscription in his/her name, he/she need to pay the premium till the time the original subscriber would have attained 60 years of age.
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Option is available to the subscriber once in every year (currently during the month of April) to alter the financial parameters like Plan, Premium frequency etc.