The Atal Pension Yojana (APY) has over 79 lakh enrolled participants in the current fiscal year, bringing the overall enrollment to over 6 crore. This accomplishment of bringing the most disadvantaged parts of society under pension coverage has been made possible thanks to the tireless work of all banks.
The APY, the Government of India’s major social security system, was introduced on May 9, 2015, by Prime Minister Shri Narendra Modi to offer old age income security to Indian residents, with a special focus on the poor, underprivileged, and those in unorganized industries.
In the recent past, the Pension Fund Regulatory and Development Authority (PFRDA) has taken many measures to raise awareness of the plan, including the publishing of a one-page easy APY flyer/handout in Hindi, English, and 21 regional languages.
The subscriber is eligible for triple benefits under the APY, as promised by the Government of India, namely a lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60, depending on their contributions, which fluctuate depending on the age at which they join the APY.
After the demise of the subscriber, the same pension would be provided to the subscriber’s spouse, and upon the dead of both the subscriber and spouse, the pension wealth collected by the subscriber up to the age of 60 would be restored to the nominee.
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