Banking · Government Schemes
A bank customer named Mr. Arjun, aged 45, works as a delivery partner for an e-commerce firm and maintains a savings account with a commercial bank. He is concerned about his family's future in case of his untimely death and also wants a steady income after he turns 60. He currently has no other insurance or pension plans. He wants to know if he can join the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Atal Pension Yojana (APY) simultaneously. Evaluate his eligibility and benefits based on the current regulations.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1He is eligible for PMJJBY only if he is an income taxpayer, but he can join APY since he is below 50 years of age.
- 2He is ineligible for both schemes because he is not a regular government employee and does not have a steady salary.
- 3He can join both schemes; PMJJBY will provide a life cover of 2 lakh rupees for a premium of 436 rupees, and APY will provide a pension between 1,000 and 5,000 rupees.
- 4He is eligible for PMJJBY but not for APY because his age exceeds the entry limit of 40 years for the pension scheme.✓
Correct answer
He is eligible for PMJJBY but not for APY because his age exceeds the entry limit of 40 years for the pension scheme.
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