What is Atal Pension Yojana: Know Benefits and Other Details

The Central Indian government has reformed the Atal Pension Yojana Investment Scheme, which will become effective on October 1, 2022. According to an official statement released by the Ministry of Finance’s Financial Services Department, a person who pays tax on income will not be qualified to apply for the Atal Pension Yojana.

The Atal Pension Yojana is a govt pension system that was previously known as the Swavalamban Yojana. From the age of 60, an APL holder would start receiving a guaranteed minimum pension of 1000 to 5000 per month, based on their monthly allowance, under the Atal Pension Yojana.

After the death of the APL Holder, the same pension will be required to pay to the APL Holder’s spouse, and after the death of both the APL Holder and spouse, the pension wealth accumulated by the account holder up to the age of 60 will be returned to the APL holder nominee.

According to the Atal Pension Yojana, any Indian citizen between the ages of 18 and 40 can apply for the APL scheme and it must have a savings account in any bank or post office.

Pension Yojana Benefits

The sole purpose of launching the Atal Pension Yojana was to provide financial help after retirement to low-income workers in the unorganized sector or private sectors. This step will also assist the central government in reaching out to the citizens for whom this income support scheme is intended.

Atal Pension Yojana 2022 New Update

Previously, any citizen of the country aged 18 to 40 years could apply for the Atal Pension Yojana Scheme, but starting October 1st, 2022, only citizens who pay income tax will not be eligible.

According to the official statement, if a new subscriber who joined on or after October 1, 2022, is later found to have been an income-tax payer before or on the date of application, their Atal Pension Yojana account will be closed and the subscriber’s accumulated pension wealth will be given to others.