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The correct answer is Option 3: 1 and 3 only.
Atal Pension Yojana (APY) is a pension scheme mainly targeted at the unorganized sector workers, who often lack any formal pension scheme. Here is the detailed explanation of the given options:
1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
Option 1 is correct. Atal Pension Yojana is a minimum guaranteed pension scheme mainly targeted at the unorganized sector workers. It was launched in 2015 by the Government of India to provide financial security to workers in the unorganized sector, who often do not have any formal pension scheme. The scheme aims to encourage workers in the unorganized sector to voluntarily save for their retirement and receive a minimum pension amount after the age of 60 years.
2. Only one member of a family can join the scheme.
Option 2 is incorrect. There is no restriction on the number of members from a family who can join the scheme. Any eligible person from the unorganized sector can join the scheme by opening an APY account and making contributions towards it.
3. Same amount of pension is guaranteed for the spouse for life after subscribers death.
Option 3 is correct. Under APY, the same amount of pension is guaranteed to the spouse for life after the subscriber`s death. This is called the joint-life benefit. In case of the subscriber`s death, the spouse will continue to receive the same amount of pension that the subscriber was receiving until his/her death. After the spouse`s death, the nominee will receive the pension corpus. The amount of pension depends on the contribution made by the subscriber and the age at which the subscriber joined the scheme.
In conclusion, Option 1 and 3 are correct, and Option 2 is incorrect. APY is an important scheme for workers in the unorganized sector, as it provides a minimum guaranteed pension after the age of 60 years. It is important for people to understand the details of the scheme, including the eligibility criteria, contribution amounts, and benefits, to make informed decisions about their retirement planning.