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CS Professional · Banking and Insurance - Laws and Practice · Various Government Schemes

Arjun, aged 25, joins the Atal Pension Yojana (APY) and wants to know the key features. Which statement is correct?

APY gives a guaranteed monthly pension of Rs 1,000 to Rs 5,000 from age 60, depending on the contribution and entry age. It is meant for citizens aged 18 to 40, mainly in the unorganised sector, and is administered by PFRDA.

  1. AIt guarantees a minimum monthly pension of Rs 1,000 to Rs 5,000 from age 60, based on the contribution and entry ageCorrect
  2. BIt pays a lump sum at age 45 regardless of contribution
  3. CIt is open only to persons above 60 years
  4. DIt is available only to government employees

Explanation

APY is a guaranteed pension scheme under the Government, administered by PFRDA, for citizens aged 18 to 40, giving fixed monthly pension of Rs 1,000 to Rs 5,000 from age 60. Contributions depend on the chosen pension and entry age. The other options misstate eligibility and benefits.

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