competition in focus 2020 pdf Published this articles page no 208 The simplified procedures and the documentary requirements and the procedures can be completed at point of contact which a claimant is likely to get in touch in case of an accident resulting in a claim under the scheme. An IT enabled webbased system is there to keep the claimants informed seamlessly about the progress and status of the claim till its settlement. Claim settlement is made to the bank account of the insured or his nominee in case of death of the account holder. The scheme intends to serve the goal of financial inclusion by achieving penetration of insurance down to the weaker sections of the society ensuring their or their familys financial security which otherwise gets pulled to the ground in case of any unexpected and unfortunate accident. 3. Pension Scheme Atal Pension Yojana (APY) is open to all bank account holders. However the Central Government is co contributing 50 percent of the total contribution or Rs. 1000 per annum whichever is lower to each eligible subscriber for a period of 5 years i.e. from Financial Year 2015 16 to 201920 who joined the scheme before December 31 2015 and who are not members of any statutory social security scheme and who are not income tax payers. Such a move will encourage pension culture among people in the unorganised sector. A subscriber joining the scheme of Rs. 1000 monthly pension at the age of 18 years would be required to contribute Rs. 42 per month. However if he joins at age 40 he has to contribute Rs. 291 per month. Similarly a subscriber joining the scheme of Rs. 5000 monthly pension at the age of 18 years would be required to contribute Rs. 210 per month. However if he joins at age 40 he has to contribute Rs. 1454 per month. Monthly pension would be available to the subscriber and after him to his spouse and after their death the pension corpus as accumulated at age 60 of the subscriber would be returned to the nominee of the subscriber. The subscribers would receive the fixed minimum pension of Rs. 1000 per month Rs. 2000 per month Rs. 3000 per month Rs. 4000 per month Rs. 5000 per month at the age of 60 years depending on their contributions which itself would be based on the age of joining the scheme. Therefore the benefit of minimum pension would be guaranteed by the Government. However if higher investment returns are received on the contributions of subscribers higher pension would be paid to the subscribers. The minimum age of joining APY is 18 years and maximum age is 40 years. competition in focus 2020 pdf
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