Explanation:

Atal Pension Yojana:

• The subscribers of Atal Pension Yojana can receive a fixed monthly pension starting from Rs. 1000 up to Rs. 5000 after their retirement age of 60 until death
• After the death of the subscriber, the spouse will be entitled to get exact same pension amount as the subscriber, until death of the spouse.
• Further, after the death of subscriber as well as spouse, the nominee will receive the entire pension amount accrued by the account holder.
• This amount depends on contribution made by the subscriber.
• The minimum age of joining APY is 18 years and maximum age is 40 years; thus minimum period of contribution by subscriber is 20 years.  I
• If a new subscriber starts contributing at the age of 18, he / she will need to spend Rs.42 every month to receive a pension amount of Rs.1000 after 60.
• This monthly contribution differs as per the tenure of payment and depending on when the individual joins the APY scheme.
• To encourage more and more people to enroll into Atal Pension Yojana scheme, the GOI is also contributing a sum towards the pension scheme for a time period of five years i.e. 2015-2020.
• This provision is for people who are non-tax payers, not beneficiaries of any social security scheme and have joined NPS before 31st December, 2015.