India has made great reform in any sector. Whether we are talking about education or economic growth, you will encounter major advancements in all sectors. Pension is an another matter, highly governed by the Government of India!
Atal Pension Yojana is the pension scheme launched by the Indian government. It was established for the unorganized sectors in the country. This pension scheme is the recent reform done in the India. Originally, it was presented by Arun Jaitley, the finance minister in February 2015. Well, formal representation was done by Prime Minister Narendra Modi on 9th May, 2015. Even after the implementation of this scheme, only 11% of the total population is receiving pension under any scheme. This pension scheme is focused on increasing the number of pension holders.
With Atal Pension Yojana, the government is making a direct contribution to the economy. As per the scheme, the Central Government will pay 50% of the contribution of 1000 Rupees annually, which is the lesser. This eligibility for the subscriber is limited to five years. The minimum age limit for this scheme is 18 years. The maximum age limit is 40 years. The exist age of this scheme is 60 years. It means after 60 years, the pension will start. So, we can say that Subscriber contribution will be for 20 years or more.
During pension distribution, the most common conflict occurred is entitlement. To avoid such issues, Aadhaar is the primary legal proof for the identification of beneficiaries, nominees and spouse. In this way, the pension will be paid deserving person.
This scheme is pretty flexible. It allows options such as a monthly payment. Yes, subscriber has the right to receive a monthly pension from Rs. 1000 – 5000. In fact, the subscriber has the right to change the amount as per the choice. The only thing to remember is intimation to the department before April every year. It is pretty evident from the facts that Indian government is serious about retirement and pension plans. The life does not stop after the retirement. Starting a new life with saved money in the shape of pension is the new start after retirement. Honestly, the Indian Government always pays so much attention to pension schemes. After all, the retired persons contributed their whole lives in the economy of the country.
The Indian Government does not say above things on paper only. The Atal Pension Yojana scheme is associated with bank accounts under Pradhan Mantri Jan Dhan Yojana scheme. Using such schemes, the contributions get deducted automatically from the bank accounts. This way, Atal Yojana scheme is pretty organized and efficient retirement plan regarding pension.
Indian is moving with great pace. The major reason is the education and awareness. Let’s talk about Urban India. Around 90% people think and seek retirement plan seriously. In this regard, Atal Yojana plan is perfect for them. Honestly, this scheme is playing a major role in the economic development. As even after retirement, the person won’t be a burden for the family. After retirement, the subscriber won’t have to rely on children for a living!