There are no insurance benefits in the Atal Pension Yojana scheme. This scheme is for workers in the unorganized sector (maids, gardeners, drivers, etc). It helps workers to save money for their old age while they are working and guarantees returns for their retirement. The subscriber would have to make monthly contributions towards the scheme depending on the fixed amount of pension they want. There are guaranteed pension amounts of Rs. 1000 to Rs. 5000 that will be given to the subscriber.
When the subscriber dies, his/her spouse will continue to receive the pension amount. And after the death of both the spouse and the subscriber, the nominee will receive the pension money that the subscriber had accumulated. If you are a part of any other social security scheme and a taxpayer, you won’t be entitled to government contribution. You would need to pay a premium for a minimum of 20 years to avail of the pension where the fixed monthly pension will be Rs. 1000/Rs. 2000/Rs. 3000/Rs. 4000 or Rs. 5000.