Updated By: LatestGKGS Desk
The Union Cabinet has decided to expand the Atal Pension Scheme indefinitely, which ended in August 2018. Apart from this, the age limit has been extended to five years and accident insurance has been doubled.
The Atal Pension Scheme (API) is a social security scheme, which the government launched in 2015 to provide a pension of Rs 1000 to Rs 5000.
Earlier, only 18 to 60 years old people could participate in this scheme, but given the increase in average life expectancy, we have now increased the maximum limit to 65 years.
Accident insurance of all accounts opened after 28th August has been increased from 1 lakh to 2 lakh.
Overdraft facility of this scheme has been increased from Rs. 5,000 to Rs. 10,000.
To apply for an Atal Pension Scheme, an eligible person must have an Aadhaar number, a bank account, and a valid mobile number.
This is a flexible plan. In this scheme, people get tax discounts under 80CCD.
All major banks in the country offer account opening facility in Atal Pension Scheme.
This plan can be invested in every month, quarter and half yearly basis. In this, the total contribution of the Government depositor will be 50% or Rs 1000, whichever is less. This amount will be credited for 5 years.
Atal Pension Yojana Scheme Toll-Free Number is 180010069. Follow official Web Portal for Record Keeping Agency for National Pension System https://npscra.nsdl.co.in
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