For the welfare of the people across the country Indian government introduced many schemes to support them financially. Likewise they introduced a pension scheme “Pradhan Mantri Pension Yojana”. This scheme is beneficial in order to help the young people when ages. Indian government introduced this scheme to ensure that the citizens of India should not worry about money in case of any accident or illness caused else need of financial support at any cause when their age will be 60 years.
The government launched Pradhan Mantri Pension Yojana in May 2015 and it is not applicable for all the people. It is eligible for the person who contributes their service over 20 years in government sectors and they can avail all the benefits of this scheme. The people who work in private sectors or owing any occupation in their own were not eligible for this scheme.
Enrolment process and eligibility criteria for joining in Pradhan Mantri Pension Yojana
- The age criteria to avail the benefits of this scheme should be 60 and above.
- Once attaining the age of 60 they can choose one of the option from the fixed pension amount in INR.
- The person who is providing their service in the government sectors should hold a bank account. So that they can enrol to this scheme by filling the authorisation form and submitting in their respective banks.
- The application form is available in different languages and applicant can downloaded from online.
- The one who enrolled to this scheme can’t exit before the person attains the age of 60. He can exit before age of 60 in case of beneficiary’s death.
The form requires the complete details which includes following-
- Account number
- Spouse and nominee details as well because after contributor’s death. Contributor’s can claim spouse amount and then after the death of the contributor’s spouse compensation will be handed over to the nominee in return of accruing the corpus.
- The account holders who signed up for this scheme should maintain optimum balance in their bank account for every month. In case he failed to maintain the minimal balance then he have to pay some amount for it as a fine based on the monthly contribution.
- If there is no payment regarding the scheme can leads to freeze the account if it is not paid for six months, still it continues till twelve months then the account will be deactivated and it prolongs to 24 months can results in closing the account.
Benefits gained by the senior citizens through this policy
The government introduced this pension scheme to make sure the security of the ageing citizens of India. It is also beneficial to promote the savings and investments of the people who are in lower middle class level of society. The people who subscribed to this can claim the benefits at any time once they aged sixty. Mainly the poor people will enjoy more advantages of this scheme than others. The contribution of this scheme is favourable only for the non income tax payers.
For Further information visit: http://www.awasyojanajaipur.com