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What is Atal Pension Yojana

Name: What is Atal Pension Yojana
Brand: Max Life Insurance
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Know the guidelines to apply for Atal Pension Yojana

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The Atal Pension Yojana is a government backed pension yojana launched in India that aims to provide pension benefits to the unorganized sector. Since the unorganized sector accounts for a substantial portion of the country's workforce, there needs to be a strong financial support system dedicated to making their lives easier as they grow older.

Hence, the primary purpose of the scheme is to ensure that every Indian citizen has a sense of financial security. Let’s understand how it works in detail:

How Does Atal Pension Yojana Work?

Atal Pension Yojana aims to reduce the burden of financial requirements that individuals have throughout their retirement years by encouraging early savings. The amount of pension a person will receive is directly proportional to the amount of monthly contributions they choose to make in the Atal Pension Yojana and their age.

The accumulated corpus of Atal Pension Yojana (APY) will be paid out in regular instalments to the beneficiary. If a beneficiary is no more, their spouse will continue to receive pension benefits. In case of both their demise, the beneficiary's nominee will get the money in a lump sum.

Subscribers to APY have the option of receiving a Fixed Monthly Pension amount of Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000, or Rs. 5000 by paying a monthly subscription as shown in the table below:

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Age of Entry	Years of contribution	Monthly pension of Rs 1000	Monthly pension of Rs 2000	Monthly pension of Rs 3000	Monthly pension of Rs 4000	Monthly pension of Rs 5000
18	42	42	84	126	168	210
19	41	46	92	138	183	228
20	40	50	100	150	198	248
21	39	54	108	162	215	269
22	38	59	117	177	234	292
23	37	64	127	192	254	318
24	36	70	139	208	277	346
25	35	76	151	226	301	376
26	34	82	164	246	327	409
27	33	90	178	268	356	446
28	32	97	194	292	388	485
29	31	106	212	318	423	529
30	30	116	231	347	462	577
31	29	126	252	379	504	630
32	28	138	276	414	551	689
33	27	151	302	453	602	752
34	26	165	330	495	659	824
35	25	181	362	543	722	902
36	24	198	396	594	792	990
37	23	218	436	654	870	1087
38	22	240	480	720	957	1196
39	21	264	528	792	1054	1318
40	20	291	582	873	1164	1454

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Features of Atal Pension Yojana

The Atal Pension Yojana guarantees returns during the retirement period or at the end of the policy's term. Here are some features you should know about it:

1. Option to Increase Contribution

An individual is eligible to receive an Atal Pension Yojana pension once you reach the age of 60. The amount of your pension is determined by how much you contribute to this plan. As a result, you may elect to make bigger contributions in order to receive a larger pension later. The Indian government permits the quantity of the corpus to be changed by increasing or decreasing the contribution facility. This service is only available once a year.

2. Withdrawal Policies

If you are a beneficiary of the Atal Pension Yojana and reach the age of 60, you are eligible to annuitize the entire corpus amount, which means you can get a monthly pension after terminating the scheme with your particular bank. It's worth noting that you can only leave the scheme before 60 years if you have a terminal disease or die. The spouse is entitled to the pension if the husband or wife dies before reaching the age of 60. In this instance, the spouse has the option of choosing pension benefits or exiting the APY with the collected corpus. If you opt to leave the Atal Pension Yojana before reaching the age of 60, you will only get your cumulative contributions and earned interest.

2. Withdrawal Policies

3. Auto-debiting

The facility of automated debit is one of the key advantages of the Atal Pension Yojana. A beneficiary's bank account is linked to their pension account, and monthly contributions are debited immediately. Individuals who have enrolled in this scheme must ensure that their accounts have adequate funds to accommodate such automatic debits; otherwise, a penalty will be imposed.

4. Guaranteed Pension

Depending on their monthly contributions, beneficiaries of the scheme can opt to receive a monthly pension of up to Rs. 5000.

5. Restrictions on Age

Individuals over the age of 18 and under the age of 40 can invest in the Atal Pension Yojana. As a result, even college students can participate in this scheme to build a retirement fund. The maximum age limit for participation in the programme has been set at 40 years, because contributions to the system must be paid for at least 20 years.

6. Penalty Conditions

The following penalty costs apply if the recipient fails to pay their contributions on time. –

Monthly Contribution Amount	Penalty Amount
Rs. 100	Re. 1
Rs. 101 - Rs. 500	Rs. 2.
Rs. 501 - Rs. 1000	Rs.5
Rs. 1001 and above	Rs. 0

If there is a 6 month payment default, the account will be frozen, and if there is a 12 month payment default, the account will be terminated, and the amount owed, including interest, will be refunded to the user.

Benefits of Atal Pension Yojana

The following are the various Atal Pension Yojana benefits you should know when investing in the plan to build a secure future:

1. Retirement Benefit

The retirement benefit is the most important component of the Atal Pension Yojana. The monthly pension will be handed out based on the payments made. There are five distinct pension amounts: 1,000, 2,000, 3,000, 4,000, and 5,000 rupees. These pensions have varying contribution levels.

2. Death Benefit

The spouse of the contributor, who is the default nominee of the policy upon the contributor’s demise, receives the Atal Pension Yojana death benefits. In the event of the contributor's and spouse's deaths, the nominee will get the predetermined corpus amount for the specific pension slab. If a contributor dies before reaching the age of 60, their spouse has the option of continuing the Atal Pension Yojana account and receiving benefits.

3. Source of Income

After reaching the age of 60, individuals are provided a continuous source of income, allowing them to cover basic needs such as medication, which is fairly frequent in old age.

3. Source of Income

After reaching the age of 60, individuals are provided a continuous source of income, allowing them to cover basic needs such as medication, which is fairly frequent in old age.

4. Pension plan backed by the government

The Indian government backs this pension plan, which is governed by the Pension Funds Regulatory Authority of India (PFRDA). As a result, individuals are not in risk of losing their pension because the government guarantees it.

5. Exemptions from Taxes

Individual contributions to the Atal Pension Yojana are tax deductible under Section 80CCD of the Income Tax Act of 1961. The highest exemption granted under Section 80CCD (1) is 10% of the relevant individual's gross total income up to a limit of Rs. 1,50,000. Section 80CCD allows for an extra deduction of Rs. 50,000 for payments to the Atal Pension Yojana Scheme (1B).

Regardless, it is recommended that you consult a professional for these exemptions, as they are based on particular provisions in the Income Tax Act.

Tax benefits as per prevailing tax laws, subject to change

How Can I Apply for Atal Pension Yojana?

The Atal Pension Yojana scheme is available at all nationalized banks in India, and you can open an APY account with any of them. Here are things you need to do to apply for the plan:

To apply for the Atal Pension Yojana, you must either download an application form or go to a nationalized bank and fill it out. Forms for the Atal Pension Yojana are available both online and at the bank. The form can be downloaded from the official website.
For verification, make sure you have a self-attested photocopy of your Aadhaar as well as the original.
Then, specify the payment frequency, such as monthly, quarterly, or half-yearly. You have successfully enrolled to the APT after submitting the application form and KYC information.

The Atal Pension Yojana scheme is available at all nationalized banks in India, and you can open an APY account with any of them. Here are things you need to do to apply for the plan:

To apply for the Atal Pension Yojana, you must either download an application form or go to a nationalized bank and fill it out. Forms for the Atal Pension Yojana are available both online and at the bank. The form can be downloaded from the official website.
For verification, make sure you have a self-attested photocopy of your Aadhaar as well as the original.
Then, specify the payment frequency, such as monthly, quarterly, or half-yearly. You have successfully enrolled to the APT after submitting the application form and KYC information.

When your application is approved, you will receive a confirmation message.

Eligibility Criteria for Atal Pension Yojana

The following are the eligibility requirements for the Atal Pension Yojana.

A savings account linked to an Aadhaar card number and a registered mobile number.
The applying individual should be between the ages of 18 and 40.
The minimum duration of contribution in the plan is 20 years.

Key Things You Need to Know

The amount of your monthly payment is determined by the amount of pension you intend to receive when you retire and the age at which you begin contributing.
Because you will be making regular contributions, your account will be deducted automatically. Before each debit, double-check that your account balance is sufficient.
You have the option to increase your premium at any time. All you have to do now is go to your bank, speak with your manager, and make the appropriate modifications.
If you do not make your payments on time, you will be charged a penalty, depending on the amount of the monthly contribution.
If you miss six payments in a row, your account will be frozen; if you miss twelve payments in a row, your account will be cancelled, and the remaining amount will be given to the subscriber.
It is not permissible to withdraw early. Only in exceptional circumstances, such as death or terminal illness, would the subscriber or their nominee be reimbursed in full.
Only your deposit plus interest earned will be repaid if you close the scheme before reaching the age of 60 for whatever reason. You will be ineligible for the government's co-contribution as well as any interest earned on that sum.

Frequently Asked Questions (FAQs)

1. What are the documents required to apply for the APY Scheme?

Fill out the form and attach a photocopy of your Aadhar card to apply for the APY scheme. There are no additional documents necessary.

2. Can one open an APY account without having a savings account?

No, you should have a savings bank account/ post office savings bank account in order to open an APY account.

3. What if my savings bank account has insufficient balance?

The subscribers should maintain the required balance in their savings bank accounts to ensure uninterrupted contributions. In case the contribution is delayed due to insufficient balance, it may result in penalties.

4. Who is not eligible to receive Government co-contribution under APY?

Beneficiaries who are covered by statutory social security schemes are not eligible for government co-payments under APY. Members of the Social Security Schemes covered by the following statutes, for example, would not be eligible for Government co-contribution under APY:

a) Employees’ Provident Fund and Miscellaneous Provision Act, 1952.

b) The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.

c) Assam Tea Plantation Provident Fund and Miscellaneous Provision, 1955.

d) Seamens’ Provident Fund Act, 1966.

e) Jammu Kashmir Employees’ Provident Fund and Miscellaneous Provision Act, 1961

5. How much should I contribute towards APY?

The monthly / quarterly / half-yearly payment is determined by the expected / desired monthly pension as well as the subscriber's age at the time of enrollment.

6. Is it mandatory to declare a nominee when applying for Atal Pension Scheme?

Yes, when applying for the Atal Pension Scheme, one must designate another person and then supply their KYC data.

7. What is the mode of contribution to Atal Pension Yojana?

The mode of contribution towards Atal Pension Yojana can be on a monthly, quarterly, or semi-annually basis.

8. Can I open two Atal Pension Yojana accounts?

No, an individual can only open one Atal Pension Yojana account in their name.

Sources:

https://www.pfrda.org.in/myauth/admin/showimg.cshtml?ID=870

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How Does Atal Pension Yojana Work
Features of Atal Pension Yojana
Benefits of Atal Pension Yojana
How Can I Apply for Atal Pension Yojana?
Eligibility Criteria for Atal Pension Yojana
Key Things You Need to Know
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THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

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Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

*#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

^^On completion of policy term

The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

⁷CMO Asia BFSI Excellence Award 2019

⁵Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

⁴InstaClaim TM is available for all versions of (UIN:104N118V04). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

^##

Tax conditions :

save-46800-on-taxes-if-the-insurance-premium-amount-is-rs15-lakh-per-annum-and-you-are-a-regular-individual-fall-under-30-income-tax-slab-having-taxable-income-less-than-rs-50-lakh-and-opt-for-old-tax-regime--save-54600-on-taxes-if-the-insurance-premium-amount-is-rs15-lakh-per-annum-for-life-cover-and-25000-for-critical-illness-cover-and-you-are-a-regular-individual-fall-under-30-income-tax-slab-having-taxable-income-less-than-rs-50-lakh-and-opt-for-old-tax-regime">Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

³The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

CI Rider disclaimers:

MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

^>Extended cover of up to 85 years is available with gold and platinum variant only

@ 64 critical illnesses covered in platinum and platinum plus variant on payment

22 critical illnesses covered in gold and gold plus variant

6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

~ C onditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

~1 Conditions for Special exit value:

Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

~2 Voluntary Top-up Sum assured:

Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

^^*^^Free look period conditions:

The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

⁸https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

²Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

³The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

⁴Tax benefits as per prevailing tax laws, subject to change

Terms and conditions for availing 5% employee discount:

^<Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

¹The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

₉

The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V07)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

^~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07)

^**Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive of GST for Max Life Smart Secure Plus Plan (UIN:104N118V07)

~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive of GST for Max Life Smart Secure Plus Plan (UIN:104N118V07)

Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| ^@Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

ARN - ARN/Web/01/21042021

Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

The premium shall be adjusted on the due date even if it has been received in advance.

For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

For Return of Premium -^~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

For Riders -^#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

For Additional Benefits -^##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

*~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

₆

Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

_##

Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

With “Save the date”, you can choose to take your annual income to any special date in a year.

***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

_#~

Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

_~1

Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

⁶

_**

Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

⁷Available with Max Life Smart Wealth Plan (UIN: 104N116V11)

⁸Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

**Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07) with a life cover of Rs. 50 lakh.

^~~Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Plan (UIN:104N125V02) with a life cover of Rs. 2 Cr.

**Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V07)

~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/05/2023| ²Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

**Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs.13,800 lesser premium than male for the entire policy term (exclusive of GST).

~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years

⁷Disclaimer: Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.

Disclaimer: ^~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).

[12:27 PM] Abhishek Chakravarti (Gurugram Digital Center - Ecommerce)

Disclaimer: *6 Check the Total Premium amount against the respective monthly premium values in the below table.

Age of Male Applicant	Premium Amount for Rs. 75 lakh Term Plan		Premium Amount for Rs. 1 crore Term Plan		Premium Amount for Rs. 1.5 crore Term Plan		Premium Amount for Rs. 2 crore Term Plan
Age of Male Applicant	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker
18 Years (PPT: 67 years)	1478/Month Total Premium payable: 11.88 lakh	923/Month Total Premium payable: 7.42 lakh	1521/Month Total Premium payable: 12.23 lakh	951/Month Total Premium payable: 7.65 lakh	2283/Month Total Premium payable: 18.35 lakh	1426/Month Total Premium payable: 11.46 lakh	2801/Month Total Premium payable: 22.52 lakh	1751/Month Total Premium payable: 14.08 lakh
25 Years (PPT: 60 years)	1848/Month Total Premium payable: 13.31 lakh	1155/Month Total Premium payable: 8.31 lakh	2083/Month Total Premium payable: 14.99 lakh	1302/Month Total Premium payable: 9.37 lakh	3125/Month Total Premium payable: 22.50 lakh	1953/Month Total Premium payable: 14.10 lakh	3778/Month Total Premium payable: 27.20 lakh	2361/Month Total Premium payable: 17.00 lakh
35 Years (PPT: 55 years)	2856/Month Total Premium payable:	1795/Month Total Premium payable:	3643/Month Total Premium payable: 21.86 lakh	2277/Month Total Premium payable: 13.66 lakh	5464/Month Total Premium payable: 32.79 lakh	3142/Month Total Premium payable: 18.85 lakh	6228/Month Total Premium payable: 37.37 lakh	3893/Month Total Premium payable: 28.02 lakh
45 Years (PPT: 40 years)	5130/Month Total Premium payable: 24.62 lakh	3206/Month Total Premium payable: 15.38 lakh	4818/Month Total Premium payable: 26.02 lakh	3011/Month Total Premium payable: 16.26 lakh	7227/Month Total Premium payable: 34.69 lakh	4517/Month Total Premium payable: 21.68 lakh	7873/Month Total Premium payable: 42.51 lakh	4920/Month Total Premium payable: 26.57 lakh
55 Years (PPT: 30 years)	9719/Month Total Premium payable: 34.99 lakh	6074/Month Total Premium payable: 21.87 lakh	13,912/Month Total Premium payable: 50.09 lakh	8,695/Month Total Premium payable: 31.30 lakh	20,869/Month Total Premium payable: 75.13 lakh	13,043/Month Total Premium payable: 46.96 lakh	27,400/Month Total Premium payable: 98.64 lakh	17,126/Month Total Premium payable: 61.65 lakh
60 Years (PPT: 20 years)	13299/Month Total Premium payable: 31.92 lakh	8312/Month Total Premium payable: 19.95 lakh	20,249/Month Total Premium payable: 60.75 lakh	12,655/Month Total Premium payable: 37.97 lakh	30,373/Month Total Premium payable: 91.12 lakh	18,983/Month Total Premium payable: 68.34 lakh	39,476/Month Total Premium payable: 118.43 lakh	24,672/Month Total Premium payable: 74.02 lakh

Age of Female Applicant	Premium Amount for Rs. 75 lakh Term Plan		Premium Amount for Rs. 1 crore Term Plan		Premium Amount for Rs. 1.5 crore Term Plan		Premium Amount for Rs. 2 crore Term Plan
Age of Female Applicant	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker	Smoker	Non-Smoker
18 Years (PPT: 67 years)	1265/Month Total Premium payable: 10.27 lakh	791/Month Total Premium payable: 6.42 lakh	1521/Month Total Premium payable: 12.23 lakh	951/Month Total Premium payable: 7.65 lakh	2282/Month Total Premium payable: 18.35 lakh	1426/Month Total Premium payable: 11.47 lakh	2801/Month Total Premium payable: 22.52 lakh	1751/Month Total Premium payable: 14.08 lakh
25 Years (PPT: 60 years)	1598/Month Total Premium payable: 11.51 lakh	999/Month Total Premium payable: 7.19 lakh	1769/Month Total Premium payable: 12.74 lakh	1102/Month Total Premium payable: 7.94 lakh	2653/Month Total Premium payable: 19.10 lakh	1658/Month Total Premium payable: 11.94 lakh	3112/Month Total Premium payable: 22.41 lakh	1945/Month Total Premium payable: 14.01 lakh
35 Years (PPT: 55 years)	2345/Month Total Premium payable: 15.48 lakh	1466/Month Total Premium payable: 9.68 lakh	2946/Month Total Premium payable: 17.67 lakh	1841/Month Total Premium payable: 11.05 lakh	4419/Month Total Premium payable: 26.51 lakh	2762/Month Total Premium payable: 16.57 lakh	5028/Month Total Premium payable: 30.17 lakh	3142/Month Total Premium payable: 18.85 lakh
45 Years (PPT: 40 years)	4284/Month Total Premium payable: 20.56 lakh	2678/Month Total Premium payable: 12.85 lakh	3909/Month Total Premium payable: 21.11 lakh	2443/Month Total Premium payable: 13.19 lakh	5864/Month Total Premium payable: 31.67 lakh	3665/Month Total Premium payable: 19.79 lakh	6588/Month Total Premium payable: 35.58 lakh	4118/Month Total Premium payable: 22.24 lakh
55 Years (PPT: 30 years)	7434/Month Total Premium payable: 26.76 lakh	4646/Month Total Premium payable: 16.73 lakh	10,245/Month Total Premium payable: 36.88 lakh	6,403/Month Total Premium payable: 23.05 lakh	15,368/Month Total Premium payable: 55.32 lakh	9605/Month Total Premium payable: 34.58 lakh	20,296/Month Total Premium payable: 73.07 lakh	12,685/Month Total Premium payable: 45.67 lakh
60 Years (PPT: 20 years)	9983/Month Total Premium payable: 23.96 lakh	6240/Month Total Premium payable: 14.98 lakh	15,035/Month Total Premium payable: 45.11 lakh	14,096/Month Total Premium payable: 28.19 lakh	22,553/Month Total Premium payable: 67.66 lakh	14,096/Month Total Premium payable: 42.29 lakh	29,266/Month Total Premium payable: 87.80 Lakh	18,291/Month Total Premium payable: 54.87 lakh

What is Atal Pension Yojana

How Does Atal Pension Yojana Work?

Features of Atal Pension Yojana

1. Option to Increase Contribution

2. Withdrawal Policies

2. Withdrawal Policies

3. Auto-debiting

4. Guaranteed Pension

5. Restrictions on Age

6. Penalty Conditions

Benefits of Atal Pension Yojana

1. Retirement Benefit

2. Death Benefit

3. Source of Income

3. Source of Income

4. Pension plan backed by the government

5. Exemptions from Taxes

How Can I Apply for Atal Pension Yojana?

Eligibility Criteria for Atal Pension Yojana

Key Things You Need to Know

Frequently Asked Questions (FAQs)

1. What are the documents required to apply for the APY Scheme?

2. Can one open an APY account without having a savings account?

3. What if my savings bank account has insufficient balance?

4. Who is not eligible to receive Government co-contribution under APY?

5. How much should I contribute towards APY?

6. Is it mandatory to declare a nominee when applying for Atal Pension Scheme?

7. What is the mode of contribution to Atal Pension Yojana?

8. Can I open two Atal Pension Yojana accounts?

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DISCLAIMERS