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Question

38. Regarding 'Atal pension Yojana', which of the following statements is/are correct?
1.  It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
2.  Only one member of a family can join the scheme
3.  Same amount of pension is guaranteed for the spouse for life after subscriber's death.
Select the correct answer using the code given below.
  1. Only 1
  2. Only 2 and 3
  3. Only 1 and 3    
  4. All of the above


Solution

The correct option is C Only 1 and 3    
The Yojana mainly addresses the longevity risks among the workers in unorganised sector and encourages them to voluntarily save for their retirement. So, 1 is correct. Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme. So, 2 is wrong. As per the Ministry of Finance, “The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscribe”. So, clearly 3 is correct.

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