Pensions are important after retirement so that a person keep, without his or her job, can live a better and reputable life. Pensions are everything a being look forward too and it’s important to provide them with the money of their sweat and hard work.  

Swavalamban Pension Yojna is a part, a policy to take steps for the betterment of old people and give them an equal value of their service.

Swavalamban Pension Yojna is a policy run by the government from the year 2010-11 under Congress government when Dr Manmohan Singh used to be the Prime Minister of India.

Pension funds provide the security and also stability when people has no hard sustainable source of income. Retirement plans and pensions stop old people from losing their pride and living a poor life.

According to United Nations, life expectancy at present time is 65 years whereas it will be 75 by the year 2050, which results in the increase of post-retirement age by then.

APY Yojana


Pension Fund Regulatory and Developmental Authority (PFRDA) was established by the Indian Government on October 10, 2003, for the development and for regulating the pension sector In India.  On January 1

On January 1st, 2004, National Pension System was launched and its objective was to provide pension to every citizen of India. But the NPS was not for armed forces.  

However, to encourage people from every sector to sign up for saving money for their retirement plan- Swavalamban Pension Yojna was put in motion in 2010-11’s Union Budget of the country. 

In this, the government was said to be contributing INR 1000 for every eligible NPS holder that contributes maximum INR 12,000 to INR 1000 per annum.

Eligibility of Yojna

The holder should not be a government employer, must have a private job. However, an employer should not be employed in any type of autonomous body. They must not be covered under the security scheme under these rules.

  • The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948
  • The Seamen‚Äôs Provident Fund Act, 1966
  • The Jammu and Kashmir Employees‚Äô Provident Fund Act, 1961 etc.

Benefits of SPY

It is one of the most transparent methods and everybody is allowed to know their worth value.

It is user-friendly and very easy to sign up with. All you have to do is to open your account and get a PRAN- Permanent Retirement Account Number.

The best part of this service is even if you get transferred or shift somewhere else, it will still be the same, your Permanent Retirement Account Number will still be the same, no matter where you go in this country.

Who Can Join

  • Central Government employees
  • It is applicable to all the new employees other than those of armed forces.
  • State Government Employees
  • It is there for all state government workers.
  • Corporate
  • Corporate workers can choose any of the Pension Funds Policies according to his suitability.
  • Individual
  • Any Indian Citizen between the age of 18 to 27 can apply for the following policy By submitting his/her, Point of Presence or Point of Presence Service Provider.
  • Un-Organised sector workers
  • Any citizen of India between the age 18 to 60 can submit for being a part of NPS.

Contribution for Development of Country

These types of policies are mainly for poor sections of the society.  And to become the beneficiary, one has to deposit 1000rs to 10,000 per annum and not more.

However, with the change in central government of India, the scheme has also been replaced by the Atal Bihari Pension

However, with a change in the central government of India, the scheme has also been replaced by the Atal Bihari Pension Yojna- NPS Yojna. The benefits are also heavily promised by the government.  This new scheme is mainly launched to attract the workers from unorganised sectors for their retirement safety.



In this scheme, the subscriber would receive rs 1000 per month and also thereafter. And it also goes up to 5000rs per month as per government orders. 

The least minimum age to join this scheme is 18 years of age. And the maximum age to join this scheme is now 40 Years. And that is how the contribution by the subscriber will only be for 20 years on calculating.

Who is eligible for this Atal Bihari Pension Yojna

The person has to be the citizen of India, Over 18 years of age or 18to 40 years of age.

Minimum/ Maximum pension to be received

The scheme will be paying 1000rs to 5000rs depending on the contributor’s own contribution.

Migration of Swavalamban to  Atal Bihari Pension Yojna

All the accounts are automatically turned into APY accounts with an option given of pulling out from the scheme once and for all. If someone chooses to opt out, the fund or government’s contribution will only be served up to 2016 or the next year 2017 and that too only if found eligible.

However’ migration will take place at only age 18 to age 40. Over the 40 years of age and linked with swavalmaban, can opt out if want and the entire amount will be given to him or her totally and no force will be there.

How to take up Atal Yojna Scheme

To take up Atal Yojna scheme (swavamban pension yojna before), a customer will have to submit an application form that is available online with all of the documents required. Some of the main documents are-

The Aadhar Card- one of most important KYC form in present situation which also identifies the nominee’s

Atal-Pension-Yojana-Scheme pic


Documents of a beneficiary in case something wrong happens with the customer and to avoid future dispute, the beneficiary can be the wife, children, Husband, trust or anything the customer wants.

There are following sections in the bank’s form

  • Account Number of the customer
  • Name of the bank
  • Branch of the Bank
  • Email Id
  • Marital Status
  • Spouse Name?
  • Name of the Nominee
  • Relationship with nominee
  • Age
  • Mobile Number
  • Aadhar Card Details of the customer, of the wife and of the nominee to verify and open an account.