Yes, a housewife can get a state pension by signing up for ‘Atal Pension Yojana’ which was launched by the government in 2015. The scheme can be availed by all citizens, including housewives between the age limit of 18 to 40. The subscriber should have a savings account which will be linked to the pension scheme. The premium can be paid from the savings account through an auto-debit facility or other payment methods.
Based on the subscription amount, the pension will be provided after a gestation period which ranges between 20 to 40 years. The pension is paid out once the subscriber turns 60 years old.
The pension amount is fixed at Rs.1000, Rs. 2000, Rs.3000, Rs. 4000 and Rs. 5000 based on the premium chosen by the subscriber. The premium can be paid to the scheme monthly, quarterly or half-yearly.
In case the subscriber passes away before he/she completes the tenure, the pension amount will be paid to the spouse or nominees. The subscriber can exit the scheme only in the event of terminal disease or death. The subscriber has to forego the scheme if she/he wishes to drop out. No pension amount will be paid after the gestation period.