Hello and welcome to ExamPundit. The Finance Minister Shri Arun Jaitley has announced a new initiative called Atal Pension Yojana (APY) in Union Budget 2015-16. Hence we though of giving a short note on Atal Pension Yojana. The APY will be focused on all citizens in the unorganised sector.



Here are the Highlights of Atal Pension Yojana:


Benefit of APY:  

  • Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years.
  • The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.



Eligibility for APY:

  • Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.


Age of joining and contribution period:

  • The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.



Focus of APY:  

  • Mainly targeted at unorganised sector workers.


Enrolment and Subscriber Payment:  

  • All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges.


Funding of APY:

Government would provide

  • fixed pension guarantee for the subscribers;
  • would co-contribute 50% of the subscriber contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and
  • would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.


Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of subscribers

The Table of contribution levels, fixed monthly pension to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period is given below.

  • For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins at the age of 18 years.
  • For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454, if the subscriber joins at the age of 40 years.


It is very important for the Insurance and Banking Exams in 2015. The PDF is not given at this moment. It will be given later!!


Pradhan Mantri Suraksha Bima Yojana -

http://www.exampundit.in/2015/03/short-note-pradhan-mantri-suraksha-bima-yojana.html

Pradhan Mantri Jeevan Jyoti Bima Yojana -

 http://www.exampundit.in/2015/03/short-note-pradhan-mantri-jeevan-jyoti-bima-yojana.html

Regards



Team ExamPundit



Books For 2015 Banking/Insurance Exams