Atal Pension Yojana crossed 6 crores subscriptions

Atal Pension Yojana crossed 6 crores subscriptions

One of the social security schemes of government of India Atal Pension yojana has crossed 6 cr marks and if we talk this financial year FY23 the number is 79 lakh new subscribers. This shows the achievement of Atal Pension Yojana among citizens.

Atal Pension Yojana is a flagship social security scheme launched on 9th May 2015 by PM Narendra Modi focusing on the poor, underprivileged and workers in unorganized sectors. This scheme provides monthly Pension after the contributions by that person as per the criteria. After attaining the age of 60 years,the person will be eligible to get Pension through Atal Pension yojana.

From the commencement of this scheme to till now it has above 6 crore subscribers including 79 lakh subscribers only from this financial year.

About Atal Pension Yojana:

• APY aims to provide a fixed pension to individuals in the unorganized sector during their old age.
• Any Indian citizen between 18 and 40 years can join the scheme.
• The contribution amount depends on the age at which the individual joins. The earlier one enrolls, the lower the contribution. Contributions range from Rs. 42 to Rs. 1,454 per month.
• The pension starts after the age of 60 and ranges from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution made and returns on the investment.
• The pension amount is guaranteed by the government, making it a reliable source of income for subscribers.
• Contributions are automatically debited from the subscriber’s bank account, simplifying the payment process.
• Premature exit is allowed only in case of the death of the subscriber or terminal illness. The spouse can receive the pension in such cases.
• The government of India co-contributes 50% of the total contribution or Rs. 1,000 per annum, whichever is lower, to eligible subscribers who join the scheme before December 31, 2015, and are not covered by any statutory social security schemes.

What is PRAN in APY?

The full form of PRAN is Permanent Retirement Account Number. In the context of the Atal Pension Yojana (APY), PRAN is a unique 12-digit number assigned to individuals who enroll in the scheme. It serves as an account number for the pension account and helps in tracking contributions and monitoring the pension scheme for each participant.

Some other important social security schemes:

1. Pradhan Mantri Suraksha Bima Yojana (PMSBY): This is a government-backed accident insurance scheme that provides insurance coverage in case of accidental death or disability at a nominal premium. It was launched on 9th May, 2015.
2. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Another insurance scheme, PMJJBY, offers life insurance coverage at an affordable premium, providing financial support to the nominee in case of the policyholder’s death. It was also launched on 9th May 2015.

Conclusion:

Atal Pension Yojana has achieved a milestone by crossing the number of total enrollments by more than 6 crore. These types of schemes are necessary to build an environment based on equality and every citizen has the right to contribute to the country’s achievements.

Important Questions:

1. What is Atal Pension Yojana?
2. What is PRAN in APY?
3. The APY has crossed how many enrollments in FY23?

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