Atal Pension Yojana: If a person starts investing in Atal Pension Yojana and dies after continuously investing for 10 to 15 years, then what will happen to his deposited amount? Will that amount be returned to the nominee or will his nominee be given pension benefits? Know what the rules are..
If you are troubled by the tension of regular income in old age, then Atal Pension Yojana can be helpful for you. Through this you can arrange a pension of up to Rs 5000 for yourself. But only those people who are not taxpayers and whose age is between 18 years to 40 years can invest in it. In Atal Pension Scheme, the investor has to invest till he completes the age of 60 years and after that the pension starts.
But suppose a person starts investing in Atal Pension Yojana and dies after continuously investing for 10 to 15 years, then what will happen to his deposited amount. Will that amount be returned to the nominee or will his nominee be given pension benefits? Know what the rules are-
What is the rule if subscriber dies before 60?
According to Atal Pension Yojana, if the applicant investing in it dies due to some disease or accident before completing the age of 60 years, then his invested amount does not go waste. In such a situation, the spouse or nominee has the right to withdraw the entire amount deposited by the APY subscriber. Apart from this, if the spouse wishes, he can continue contributing to the APY account and receive pension after 60. The subscriber’s spouse will be entitled to receive the same pension amount that the subscriber was to receive.
What is the rule in case of death of a pensioner?
Whereas if a person taking the benefit of Atal Pension Yojana dies after completing the age of 60, then the same pension will be paid to his spouse and on the death of both the subscriber and the spouse, the amount is deposited till the age of 60 years. The pension amount will be returned to the nominee.
Apply for APY like this
If you also want to apply under Atal Pension Yojana, then first of all open a savings account in a bank. If you already have a savings account in the bank, then you will have to get the application form of the scheme from there. Fill all the information correctly in the form like name, age, mobile number, bank account number etc. Attach all the necessary documents asked for. After this submit the form to the bank. After this all your documents will be verified and your account will be opened under Atal Pension Yojana.
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