By Admin 
Atal Pension Yojana was started in the year 2015. The objective of this scheme is to provide financial security in old age to those people who are engaged in private jobs, unorganized sector or small jobs and who do not have any strong source of regular income after retirement. Under this scheme, a person has to invest little by little during his working age, so that he can get pension every month after the age of 60 years. Although this scheme is quite beneficial, it is not for everyone.
The government has set some eligibility conditions for this. If a person does not fulfill these conditions, then he is not able to get the benefit of this scheme. So let us know which people do not get the benefits of Atal Pension Yojana and what is the reason behind this.
Who cannot get the benefits of Atal Pension Yojana?
1. People outside the prescribed age limit – A certain age limit has been fixed for joining Atal Pension Yojana. If your age is less than 18 years or your age is more than 40 years then you cannot apply for this scheme, the government believes that investment in this scheme is necessary for at least 20 years. Therefore, this scheme has been made only for those people who can contribute regularly between the age of 18 to 40 years. Applications are not accepted if they are beyond the prescribed age limit.
2. People paying income tax – If you come under the income tax net, that is, you pay tax, then you will not get the benefit of Atal Pension Yojana. The reason for this is that the government has started this scheme especially for low income people and those working in the unorganized sector. Such people usually do not pay taxes and they do not have any pension facility for future, hence taxpayers have been kept out of this scheme.
3. Those who do not have a bank account – Atal Pension Yojana is a scheme completely linked to bank account. If you do not have a bank account or the bank account is not linked to Aadhaar then you cannot join this scheme, every month’s contribution is deducted directly from the bank account and pension also comes in the same account. Therefore, having a bank account is a necessary condition.
4. Those who are not citizens of India – The benefit of Atal Pension Yojana is given only to Indian citizens. If a person is not a citizen of India, he cannot avail the benefits of this scheme.
What is available in Atal Pension Yojana?
People who are eligible for this scheme get a fixed pension every month after the age of 60 years. There are five pension options in this. Which includes 1000 per month, 2000 per month, 3000 per month, 4000 per month and 5000 per month. You can choose any pension plan according to your need and capacity.
How much investment is required?
The amount invested in this scheme depends on your age and the pension chosen. If a person joins at the age of 18 and wants a pension of Rs 5000, then he has to invest approximately Rs 210 per month. Whereas if a person joins this scheme at the age of 30, then he has to deposit about Rs 577 per month for a pension of Rs 5000. The sooner you join this scheme, the less investment you have to make.
Also read – Can a driver drive a cab in OLA, UBER and RAPIDO along with Bharat Taxi, know what are the rules?