About 7 crore people have subscribed to the Atal Pension Yojana whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said on Wednesday.
APY is a low-cost pension scheme that offers a guaranteed minimum pension of Rs 1,000-5,000 per month from the age of 60 years onwards (depending on the contributions by the subscribers).
In case of death of the subscriber, the same pension will be provided to the spouse till he/she is alive. In the event of death of both the subscriber and the spouse, the entire corpus is given to the nominee.
"Since its inception in 2015, 6.90 crore people have subscribed to the Atal Pension Yojana and a corpus worth Rs 35,149 crore has been accumulated," Sitharaman said at an event to launch the NPS Vatsalya scheme.
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