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

Ravi, a 30-year-old auto driver in Nashik, joins the Atal Pension Scheme and chooses a monthly pension of Rs 5,000 from age 60. Which statement about the scheme is correct?

The Atal Pension Scheme provides a guaranteed monthly pension in fixed slabs of Rs 1,000 to Rs 5,000 from age 60, backed by the Government of India. It is for ages 18 to 40 and is not open to income-tax payers, so market-linked uncertainty does not apply.

  1. AThe pension amount is not guaranteed and depends on market returns
  2. BThe pension is guaranteed by the Government of India for the subscriber's chosen slab, with fixed slabs from Rs 1,000 to Rs 5,000 per monthCorrect
  3. COnly persons who pay income tax can join the scheme
  4. DThe scheme permits joining after age 60 with a lump sum payment

Explanation

Atal Pension Scheme gives a guaranteed minimum monthly pension of Rs 1,000, 2,000, 3,000, 4,000 or 5,000 from age 60, with the Government guaranteeing it. Income-tax payers are not eligible, and joining ages are 18 to 40, so the other options are wrong.

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