Atal Pension Yojana

Named after one of India's most popular erstwhile Prime Ministers, the Atal Pension Yojana is aimed squarely at the weaker sections of the society as well as those individuals who can benefit from a government sponsored welfare program. The central premise of this scheme is to provide the pension option to individuals who are working in the unorganized professional sectors and aren't covered by any regular pension plans. Applicants pay a very low premium and enjoy the fruits of a robust and reliable pension plan. The salient features of the Atal Pension Yojana are as follows-

1. Citizens of India between the age groups of 18-40 years can apply.
2. The applicant is expected to regularly pay premiums for a minimum duration of 20 years. Since most individuals step into the pension years at the age of 60- the upper limit for application is set at 40 years.
3. The applicant must have an active savings bank account.
4. The applicant must not have subscribed to any other statutory social security schemes.
5. Actual pension amount depends on the tenure of premium payment. The higher number of premiums paid, the higher will be the payable pension amount.