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 joins 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. 1 only
2. 2 and 3 only
3. 1 and 3 only
4. 1, 2 and 3

Explanation

Statement 1 is correct

• Atal Pension Yojana (APY) is an old-age income security scheme for a savings account holder aged 18-40 who is not an income tax payer. The scheme helps address longevity risks among workers in the unorganised sector and encourages them to voluntarily save for their retirement.
• The scheme is mainly targeted at the poor, the under-privileged and workers in the unorganised sector.

Statement 2 is incorrect

• It is not limited to one member per family.

Statement 3 is correct

• In the event of the subscriber’s death, the same pension amount is provided to the spouse. If both pass away, the accumulated pension amounts up to the age of 60 is transferred to the nominee.

Answer: (c) 1 and 3 only; Difficulty Level: Hard