Atal Pension Yojana Period Increased – The Union Cabinet has decided to expand the Atal Pension Yojana indefinitely on Wednesday, which ended in August. Apart from this, the age limit has been extended to five years and accident insurance has been doubled. The Atal Pension Yojana (APY) is a social security scheme, which the government launched in 2015 to provide a pension of Rs 1000 to Rs 5000.
Atal Pension Yojana Period Increased
Finance Minister Arun Jaitley told the media after the cabinet meeting that the main motive of his scheme is to bring people within the purview of the people instead of bringing them into the realm. According to official figures, more than 1 Crore people have taken advantage of this flagship scheme. Jaitley said, “The scheme was launched for the first four years, which ended in August this year. But considering the wider participation of the people, the Cabinet has decided to extend it indefinitely.
In the earlier scheme, persons of age 18 to 60 years could avail the benefits of the scheme. But now the central government has increased the maximum age limit to 65 years. The accident insurance from all the accounts opened after August 28 has been increased from 1 lakh to 2 lakh. The Government has also increased the overdraft facility of this scheme from Rs 5,000 to Rs. 10,000.
Atal Pension Yojana
You must have an Aadhaar number, bank account and a valid mobile number to apply for the Atal Pension Scheme. These schemes are optional. In this scheme, people get tax discounts under 80CCD. Under the Atal Pension Scheme, you can open an online account. All major banks in the country offer account opening facility in Atal Pension Scheme. You can also open an account by visiting the post office.
It can be invested on every month, quarter and half yearly basis. The government will add 50 percent of your total contribution, or Rs 1000, whichever is less. These funds will be credited for 5 years. If the subscriber does not make payment within 6 months of opening the account then the account will be freeze. After 12 months the account will be deactivated. After 24 months the account will be completely closed.