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Consider the following with respect to Atal Pension Yojana, 1. It mainly focused on providing old age security to the unorganized workers who are not covered under any of the social security schemes. 2. Contributions to the Atal Pension Yojana (APY) are eligible for tax benefits similar to the National Pension System (NPS). 3. Any individual aged between 18 years to 40 years and have a bank account are eligible for the scheme. Select the correct answer using the codes below.

Consider the following with respect to Atal Pension Yojana, 1. It mainly focused on providing old age security to the unorganized workers who are not covered under any of the social security schemes. 2. Contributions to the Atal Pension Yojana (APY) are eligible for tax benefits similar to the National Pension System (NPS). 3. Any individual aged between 18 years to 40 years and have a bank account are eligible for the scheme. Select the correct answer using the codes below. Correct Answer All of the above

The correct answer is 1, 2, and 3.

Key Points

  • ​ Atal Pension Yojana:
    • The scheme was launched on 9th May 2015, to create a universal social security system for all Indians, especially the poor, the underprivileged, and the workers in the unorganized sector. Hence, Statement 1 is correct.
    • 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. Hence, Statement 3 is correct.
    • The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
    • Benefits:
      • 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). Hence, Statement 2 is correct.
    • Analysis:
      • The scheme has been implemented comprehensively across the country covering all states and Union Territories with a male to a female subscription ratio of 57:43.
      • However, only 5% of the eligible population has been covered under APY to date.

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