Atal Pension Yojana (APY), launched by PM Narendra Modi, had received great appreciation for its benefits that it is proposed to yield to the lower sector citizens of India. Depending on the contribution that the Subscriber makes under this scheme, he receives a monthly pension from the age of 60 years.
Aadhaar Card Mandatory for Kerosene Subsidy and Atal Pension
Let’s assess what the other features of this scheme are:
- The subscriber is entitled to monthly pension of the amount that he has accrued over the period by paying monthly premiums. The pension will be provided lifelong to the subscriber.
- The spouse continues to get the pension after the death of the subscriber.
- The corpus fund is assured to the subscriber’s now in the wake of death of both the subscriber and the spouse.
The lucrative scheme has a few primary eligibility criteria. They are the below
- The age of the subscriber needs to be between 18-40 years.
- The subscriber needs to be a valid Savings bank holder. The subscriber needs to be open a new Savings account if he doesn’t have an active Savings bank.
- The prospective subscriber, while registering, should also provision his mobile number as all updates related to this Atal Pension Yojana account will be sent to his contact number.
Isn’t this a simple list to adhere to? Wait a second! We are missing an important and key thing here!
The Aadhar card information of the subscriber is a crucial information that needs to be provided for starting the Atal Pension Yojana scheme. It is imperative to have your Aadhar number linked so as to avail the benefits associated to the account, not just by you but your spouse and nominee as well!
What makes the linking of Aadhar card to APY scheme very important?
Aren’t you wondering what benefits are associated to the linking of the Aadhar card to your Atal Pension Yojana scheme? Here is the answer to your query –
“The Ministry of Finance announced that the Government of India will co-contribute to the subscriber’s premium for a period of 5 years in the APY scheme”
The credits are processed to the accounts that are linked to the Aadhar number of the subscriber. The sum that is assured to be co-contributed by the Government is Rs. 1000/- per annum or 50% of the total contribution, whichever is lesser for the period of 5 years.
It is from the same Savings account that the monthly installments for the premium payment will be debited from the subscriber. It is important to keep this account funded periodically to process the dues else it results in the discontinuation of the APY scheme.
The APY scheme was launched with the intent of providing social security to the poor and the under privileged as the co-contribution by the Government is restricted to the crowd who aren’t Income-tax payers.
Though the benefits are limited to the lower strata of the society, all bank holders are eligible to join the pension scheme and be privileged. So join in and be benefited!