Government of India has targeted to provide the pension scheme of unorganized sector staff. Atal pension yojana (previously known as Swavalamban Yojana) is the scheme which helps unorganized sector staff to secure pension for elderly age.
Every amount made to Atal pension yojana put into pension fund & Government of India would also co-contribute ₹1,000 per annum or 50% of the total contribution, whichever is lower. To join Atal pension yojana the minimum age is 18 year & maximum age is 40 year. The age of start pension is 60 year. To identify the beneficiaries Aadhar is primary document.
The monthly pension scheme can be opted from 1000 to 5000 by contributor. A fixed monthly pension amount starting from Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000 will be received by contributor based on pension scheme opted.
After the death of the account holder, the spouse will be entitled to get same pension amount, until the death. After the death of subscriber spouse the nominee will receive the total amount earned by account holder.