What is Atal Pension Yojana (APY) and its Benefits? Who can be a Beneficiary?

• “The Atal Pension Yojana (APY) is a government-backed pension scheme launched in India.”
• “The scheme aims to provide a steady income for citizens during their old age.”
• “It primarily targets workers in the unorganized sector who lack access to formal pension plans.”

Eligibility for APY

• “To be eligible for the Atal Pension Yojana (APY), individuals must be Indian citizens between 18 and 40 years of age.”
• “They should have a valid bank account and possess a unique mobile number.”
• “Even non-taxpayers are eligible to join the scheme.”

Contribution and Pension Options

• “Contributions for the APY are divided into different categories based on the desired pension amount and the subscriber’s age.”
• “The contribution amounts range from Rs. 42 to Rs. 210 per month.”
• “The pension amount is determined by the subscriber’s contribution and age at the time of joining the scheme.”

Benefits of APY

• “The APY provides a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month.”
• “The actual pension amount depends on the contribution and age of the subscriber.”
• “In the event of the subscriber’s demise, the spouse is eligible to receive the pension.”
• “If both the subscriber and the spouse pass away, the nominee can receive the accumulated corpus.”

Financial Security and Inclusion

• “The Atal Pension Yojana (APY) aims to provide income security and financial stability to individuals in their post-retirement years.”
• “It bridges the pension gap in the unorganized sector and promotes financial inclusion.”
• “The scheme ensures that individuals have a reliable pension source to support themselves during old age.”