Atal Pension Yojana (APY)

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News– Atal Pension Yojana (APY) has reached a major milestone with total gross enrollments crossing 8 crore.

About Atal Pension Yojana (APY)

  • Purpose: Provides pension coverage for workers in the unorganised sector.
  • Nodal Ministry: Ministry of Finance
  • Launched in: 2015
  • Type: Central Sector Scheme
  • Implementing agency: Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS).
  • Eligibility:
    • Individuals aged 18–40 years
    • Must hold a bank account
    • Must not be income tax payers
  • Benefits:
    • Guaranteed monthly pension of Rs. 1,000 to Rs. 5,000 after the age of 60
    • In case of the subscriber’s death, the spouse continues to receive the pension
    • After both spouse and subscriber pass away, the accumulated corpus is paid to the nominee
    • In case of premature death, the spouse can choose to continue contributions until the subscriber would have turned 60
  • Payment Frequency: Monthly / Quarterly / Half-yearly
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