Atal Pension Yojana

Atal Pension Yojana, a government backed pension scheme intended to provide pension benefits with a minimum contribution per month. This scheme is targeted to the unorganised sector and provides pension benefits with a minimum contribution per month.

Under this social security scheme, for every contribution made to the pension fund, the Central Government would also co-contribute 50% of the total contribution or 1,000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. But the subscriber has to contribute for a period of 20 years or more under this scheme.

It was introduced to help the low-income group of the society like maids, drivers or security guards. Upon the death of the contributor, the nominee can claim for the accumulated corpus or pension money.

Beneficiary:

Suitable for all individuals between 18 to 40 years of age

Benefits:

Provides fixed monthly pension between Rs 1000 to Rs 5000 post retirement