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:

• 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.

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

• 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.

• Mainly targeted at
  unorganised sector workers.

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

• 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.

• 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