New Delhi, May 26 -- Administered by the Pension Fund Regulatory and Development Authority (PFRDA), the Atal Pension Yojana is a government initiative that seeks to create a universal social security system for all Indians.

Announced by then Finance Minister Arun Jaitley in 2015, it runs under the overall National Pension System (NPS) architecture and aims to provide pension cover for the poor, underprivileged, and unorganised sector workers.

The contributions differ, based on pension amount chosen and subscribers receive a guaranteed minimum monthly pension of Rs.1,000, Rs.2,000, Rs.3,000, Rs.4,000, or Rs.5,000 after the age of 60 years, based on the inputs made.

Notably, the contribution amounts are automatically debited from your li...