Atal Pension Yojana (APY) | Govt Scheme for UPSC

Launched: 9 May 2015
Main Objective: Increase the number of people covered under any kind of pension scheme.

Atal Pension Yojana is one of the three Jan Suraksha schemes launched by PM Narendra Modi. APY is aimed at increasing the number of pension scheme beneficiaries across the country. The scheme is especially targeted to the private unorganized sector and is open to all Indian citizens between the age of 18 to 50 years with bank accounts

It has an annual premium of 330/- (US$5.10). The Service tax is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount will be automatically debited from the account.

Under the scheme, the beneficiary have to make contribution for at least 20 years before he/she can get pension after attaining age of 60 years. The scheme provides a monthly pension of Rs 1000 to Rs. 5000 per month based on the contribution amount.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. Most of these accounts had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes

Official Website: http://www.jansuraksha.gov.in

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