What is Atal Pension Yojana? Know features of social scheme launched by PM Narendra Modi

Under the APY scheme, the citizen will receive monthly pension of Rs 1000, 2000, 3000, 4000, or 5000 as per contribution which varies from Rs 42 to Rs 210 per month.

On a two-day trip in West Bengal, Prime Minister took the opportunity to launch three social security schemes in order to reach out to the masses. Modi launched Atal Pension Yojana (APY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), and Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY) schemes after the successful Pradhan Mantri Jan Dhan Yojana campaign.

The scheme comes as a boon for people who were earlier devoid of these financial services. As per a report by Ministry of Finance, only 11 per cent workers avail the benefitsof pension. The scheme come as a good news for workers of all classes in our society. We take a look at the salient features of Atal Pension Yojana below. [Also read: PM Narendra Modi launches Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), & Atal Pension Yojana (APY)]

Under the APY scheme, the citizen will receive monthly pension of Rs 1000, 2000, 3000, 4000, or 5000 as per contribution which varies from Rs 42 to Rs 210 per month. The minimum age to join the APY is 18 years, while the maximum is 40 years. In the APY, the fixed minimum pension amount would be guaranteed by the Government and would be available to the spouse on the death of the subscriber. The annual period of insurance for all the three social security schemes will be from June 1 to May 31. Also, the person would be able to enrol these three schemes through one savings bank account only. (Also read: What is Pradhan Mantri Jivan Jyoti Bima Yojana? Know all features of social scheme launched by Narendra Modi government)

While launching the social security schemes Narendra said, “Jan Dhan was being taken a step forward to Jan Suraksha with the launch of these social security schemes. Jan Dhan Yojana helped bank the unbanked, Mudra Bank would help fund the unfunded, and these schemes would help secure the unsecured.