GS PrelimsGovernance and social sectorGovernance2016

Regarding 'Atal Pension Yojana', which of the following statements is/are correct? 1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers. 2. Only one member of a family can join the scheme. 3. Same amount of pension is guaranteed for the spouse for life after subscriber's death. Select the correct answer using the code given below.

A

1 only

B

2 and 3 only

C

1 and 3 only

D

1, 2 and 3

Correct Answer: Option C

Explanation

1. Statement 1 is correct. The Atal Pension Yojana (APY) is a government-backed pension scheme launched in 2015. It provides a minimum guaranteed pension ranging from Rs. 1,000 to Rs. 5,000 per month upon attaining the age of 60. It is primarily targeted at citizens in the unorganized sector. 2. Statement 2 is incorrect. Eligibility for APY is individual-based (any Indian citizen between 18-40 years with a bank account). There is no restriction limiting enrolment to only one member of a family; multiple eligible members from the same family can join the scheme. 3. Statement 3 is correct. In the event of the subscriber's death, the scheme guarantees that the spouse will receive the same amount of pension for the rest of their life. After the death of both the subscriber and the spouse, the accumulated pension corpus is returned to the nominee.

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