Atal Pension Yojana: The number of subscribers to the Modi government’s pension scheme, Atal Pension Yojana, has crossed 7 crores. In the first six months of the financial year 2024-25, 56 lakh new subscribers joined the scheme in its 10th year. In 2015, the Modi government launched this ambitious scheme.
According to the data of gross enrollment in Atal Pension Yojana released by the Finance Ministry, the total gross enrollment in this pension scheme has crossed 7 crores, out of which 56 lakh enrollments have taken place from April to September of the current financial year 2024-25. Through Atal Pension Yojana, the government aims to provide pension coverage to the deprived section of society. The Pension Fund and Regulatory Development Authority (PFRDA), the regulator associated with pension matters, has made several efforts at the state and district level to spread awareness about Atal Pension Yojana.
Atal Pension Yojana has been designed to provide a lifetime defined and guaranteed pension to the scheme subscriber under Sampoorna Suraksha Kavach and to give the same pension to the subscriber’s spouse after the subscriber’s death. Also, after the subscriber and spouse of Atal Pension Yojana die, the entire amount accumulated until 60 is returned to the nominee’s family.
The Atal Pension Yojana was launched on 9 May 2015. Its purpose is to connect all Indians with the Universal Social Security Scheme. People between 18 and 40 years old can join the Atal Pension Yojana. The applicant should have a bank account.
This scheme provides a minimum pension of Rs 1,000 to Rs 5,000 after 60 years. If both husband and wife are added, a pension of Rs 10,000 can be obtained under the scheme. If the scheme subscriber dies, the husband or wife will continue to receive a pension for life. If both die, the entire pension amount will be given to the nominee. Subscribers associated with Atal Pension Yojana will start getting pensions from 2035.
