Atalpension Yojna is a pension scheme backed by Indian Government targeted at the unorganised sector .
It was launched in the financial year 2010-11 but was relaunched by Current Prime Minister ShriNarendraModi in year 2015 .
This scheme was relaunched to increase the base of population in any pension Scheme .
In Atal Pension Yojana, for every contribution made to the pension fund, the Central Government would also co-contribute 50% of the total contribution or ₹1,000) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. The minimum age of joining this scheme is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by the subscriber would be 20 years or more.
Aadhar card is mandatory document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term. For Address proof, individual may submit copy of ration card, copy of bank passbook is also accepted.
This scheme will be linked to the bank accounts opened under the PradhanMantri Jan DhanYojana scheme and the contributions will be deducted automatically. Most of these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes
Atal Pension Yojana eligible for same tax benefits as National Pension System. The tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1) introduced in last year’s budget.