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

Meera, a 35-year-old salaried employee in Pune, wants a government-backed pension scheme with a defined subscriber account (PRAN), market-linked returns through fund managers regulated by PFRDA, and the option of Tier I and Tier II accounts. Which scheme best fits her requirement?

The National Pension System fits. It is regulated by PFRDA, issues a PRAN to each subscriber, invests through regulated pension fund managers for market-linked returns, and offers Tier I pension and Tier II voluntary accounts. Atal Pension Scheme gives a fixed guaranteed pension instead.

  1. AAtal Pension Scheme with guaranteed fixed pension only
  2. BNational Pension SystemCorrect
  3. CPradhan Mantri Jan Dhan Yojana
  4. DSukanya Samriddhi Account

Explanation

The National Pension System is regulated by PFRDA, gives each subscriber a Permanent Retirement Account Number, and offers Tier I (pension) and Tier II (voluntary) accounts with market-linked returns. Atal Pension Scheme offers a guaranteed fixed pension but is a different design with no Tier II, so it does not match all features.

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