Q. Regarding 'Atal Pension Yojana', which of the following statements is/are correct?
- It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
- Only one member of a family can join the scheme.
- Same amount of pension is guaranteed for the spouse for life after subscriber's death.
Select the correct answer using the code given below. (UPSC Prelims 2016)
Answer:
1 and 3 only
Notes: The correct answer is
[C] 1 and 3 only. The Atal Pension Yojana (APY) was launched in 2015 to create a universal social security system, particularly for the poor and the underprivileged.
- Target Group (Statement 1 – Correct): APY is a government-backed pension scheme in India, primarily targeted at the unorganized sector (e.g., drivers, gardeners, home-based workers). It provides a fixed minimum guaranteed pension ranging from 1,000 to 5,000 per month, depending on the contribution and age of joining.
- Membership (Statement 2 – Incorrect): There is no "one member per family" restriction. Any Indian citizen between the age of 18 and 40 can join the scheme, provided they have a savings bank account. Each individual is treated as a separate subscriber.
- Spousal Benefit (Statement 3 – Correct): In the event of the subscriber's death, the same amount of pension is guaranteed to the spouse for life. Furthermore, after the death of both the subscriber and the spouse, the entire accumulated pension corpus is paid to the nominee.
- Administration: The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS) architecture.
- Exit and Withdrawal: While the scheme is intended for long-term social security, premature exit is permitted under exceptional circumstances like terminal illness or death.