|Atal Pension Yojana
(launched on 1 June 2015)
(open for all workers in the unorganised sector; subscribers of Swavalamban scheme can migrate to APY)
(launched on 4 May 2017)
(Government-subsidised pension scheme)
|National Pension Scheme
(Launched on 1 January 2004)
(Open for all Indian citizens from May 2009; Government sponsored pension scheme)
|Minimum entry age is 18 years.||Minimum entry age is 60 years.||Minimum entry age is 18 years.|
|Maximum entry age is 40 years.||
There is no maximum entry age limit
Maximum entry age is 65 years.
|Minimum amount of pension option is Rs 1,000 per month.||Minimum amount of pension is Rs 1,000 per month, or Rs 3,000 per quarter, or Rs 6,000 per half-year, or Rs 12,000 per annum.||Minimum contribution required per annual year is INR 1,000 for Tier 1. There is no minimum contribution required per year if you have a Tier 2 account. You just need to make sure that you have INR 2,000 at the end of the year.|
|Maximum amount of pension is Rs 5,000 per month.||Maximum amount of pension is Rs 60,000 per year with three options on M/Q/HY basis.||The minimum and maximum amount of pension depends on the amount of corpus accumulated at the time of the scheme's maturity|
|It is primarily meant for those working in the unorganised sector.||It is primarily meant for senior citizens who are 60 or above 60 years of age.||It is meant for all Indians or NRIs with Indian citizenship (only) who want to secure their future.|
|The maximum pension amount corpus is Rs 850,000, from which one will receive pension contribution of Rs 5,000 per month (there are no Q/HY/Y options).||The maximum pension amount available is Rs 60,000 per year with M/Q/HY options, on a maximum purchase price of Rs 750,000 (which is the corpus amount).||There is no maximum pension amount available per year|
|The benefit of minimum pension will be guaranteed by the government of India.||It provides for 8 per cent guaranteed returns (8.30 per cent annualised) per annum.||NPS offers no guaranteed returns as they are market-linked and can vary considerably.|
|Premium amount paid can be claimed under Section 80CCD. Current limit for 80CCD tax exemption is Rs 50,000.||Assignment facility is available only favouring LIC for obtaining a loan.||When a person invests in Tier 1 NPS, a person can get tax benefits of up to INR 2 lakhs per annum. As per section 80C of the Income-tax Act, 1961, deduction amounting to INR 1.5 lakh under NPS is covered. A person can also be eligible to get an additional tax deduction of INR 50,000 as per section 80CCD(1B).|
|Assignment facility is not available.||This scheme is open for subscription only for one year.||This scheme is open for all Indian citizens and NRIs (without any other visa)|
|This scheme is available throughout the year.||
This is at present a close-ended scheme and the term (period of contribution) is for 10 years.
You can sign up for it anytime.
|This is an open-ended scheme.||
This scheme has three benefits - pension/survival benefit, maturity benefit and death benefit.
|This scheme is beneficial because it offers income for old people, reasonable returns, tax benefits and security cushion to the elderly.|
|No optional benefits are available.
So, poor people can avail the Atal Pension Yojana whereas the Prime Minister Pension Scheme guarantees a nice nest egg for senior citizens.
|Any person who can afford to pay INR 1000 annually to keep the NPS account active can sign up for it.|