Short Note – Atal Pension Yojana 2015



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 –

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

Pradhan Mantri Jeevan Jyoti Bima Yojana –


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





Regards

Team ExamPundit

Books For 2015 Banking/Insurance Exams