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The financial security of a pension takes away a huge mental burden off government employees’ minds. However, no such relief is available for those working in the private and unorganised sectors. This is why the Government of India has introduced Atal Pension Yojana (APY), a monthly pension scheme that aims to bring a sense of financial security for every citizen of the country.
Atal Pension Yojana is designed to take care of the financial needs of an individual after their retirement out of the money they have saved through the scheme during their work life. The amount received through a monthly pension plan is directly proportional to the amount; they had saved every month under the scheme, as well as their age.
Under this monthly pension scheme, an unorganized sector employee is encouraged to contribute a monthly amount till the age of 60. He or she can opt for a monthly pension plan of Rs 1000, Rs 2000, Rs 3000, Rs 4000 and Rs 5000 and save accordingly.
Once they retire, the corpus thus built is utilised to pay out regular monthly instalments as the pension. In the event of the beneficiary’s demise, the spouse continues to receive the pension. If they both die, the nominee is entitled to get the remaining corpus in a lump sum.
A scheme with guaranteed monthly returns post-retirement or on the maturity of the policy, Atal Pension Yojana has certain features:
To apply for Atal Pension Yojana, all you need is to visit your bank’s website. Download the APY form, fill in the details, sign and submit online with the relevant documents. Pay directly through net banking and choose the auto-debit option if required.
And your worries are gone!
PFRDA is a statutory body set up by the Government of India to regulate and develop the pension sector in India. An annuity pension is a type of pension in which the pensioner receives a fixed monthly income as per terms and condition of the plan
The relationship between PFRDA and ASPs (Annuity Service Providers) is that PFRDA is the regulator of the National Pension System (NPS), and ASPs are the entities that provide annuity services to NPS subscribers. When an NPS subscriber reaches the age of 60, they are required to annuitize at least 40% of their pension wealth. They can do this by purchasing an annuity from an ASP that is empanelled by PFRDA
You can select any of the annuity schemes offered by Annuity Service Providers (ASPs) registered with IRDAI and empaneled with PFRDA. HDFC Life is one of the registered ASPs for annuity issuance and further servicing.
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