Atal Pension Yojana (APY) : Minimum Period of Contribution
Would Be 20 Years..!
This will replace the existing Swavalamban Yojana,
or / NPS Lites. The existing subscribers
of Swavalamban Scheme would be automatically migrated to APY.
The subscriber will get a monthly pension of Rs. 1,000 to Rs.
5,000 from the age of 60, depending on the contribution. The scheme is open to
all account holders whose age is between 18 & 40 years and who are not
members of any statutory social security scheme. One needs to contribute till
one attains 60 years of age.
Therefore, the
minimum period of contribution by the subscriber would be 20 years.
In APY, the monthly contribution would automatically be
deducted from the subscriber’s bank account. The subscriber should ensure that
the bank account has enough money for the auto-debit. If there is a delay in
contribution, the bank would levy penalty.
The government swill guarantee a fixed pension and
co-contribute 50% of the subscriber’s contribution, or Rs. 1,000 per annum,
whichever is lower, to each eligible subscriber account, for a period of 5
years, that is, from 2015-16 to 2019-20.
This will be applicable to those joining the scheme before December 31 this year.
If someone subscribes to APY at 35 years, he will
contribute till the age of 60 years, that is, for 25 years. To get a monthly
pension of Rs. 1,000, he will have to contribute Rs. 181 a month.
Analysts say both PMJJBY and PMSBY will help deepen
insurance penetration in the country as they offer covers at a very low
premium. They advise that even those with a life cover may consider the 2 new
schemes as an additional cover.
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