The scheme was launched on 9th May 2015, with the objective of creating a universal social security system for all Indians, especially the poor, the under-privileged and the workers in the unorganised sector.
Administered By: Pension Fund Regulatory and Development Authority through National Pension System (NPS).
Eligibility: Any citizen of India can join the APY scheme.
- The age of the subscriber should be between 18-40 years.
- The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
Benefits – Atal Pension Yojana
It provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age.
The amount of pension is guaranteed for a lifetime to the spouse on the death of the subscriber.
In the event of the death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.
Tax Benefits: Contributions to the Atal Pension Yojana (APY) are eligible for tax benefits similar to the National Pension System (NPS).
Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct? (2016)
- It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
- Only one member of a family can joins the scheme.
- The same amount of pension is guaranteed for the spouse for life after the subscriber’s death.
Select the correct answer using the code given below:
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Read more: Rooppur Nuclear Power Plant
