Atal Pension Yojana

The below two options are available to spouse/ nominee of the subscriber, incase of death of the subscriber before attaining the age of 60 years:
 

Option 1: An option will be available to  the spouse of the subscriber to continue contribution in the APY account of the subscriber (which can be maintained in the spouse’s name) for the remaining vesting period of the deceased subscriber (till the original subscriber would have attained the age of 60 years). The spouse of the subscriber shall be entitled to receive a lifelong pension from this account. Such APY account would be in addition to the APY account which the spouse would be maintaining in his/ her own name, if any.   

In case of unmarried subscribers, the entire corpus will be returned to the nominee of the subscriber. 

Option 2: The entire accumulated corpus till date under APY will be returned to the spouse / nominee of the subscriber.

Atal Pension Yojana (APY) is a voluntary pension scheme launched by the Government of India for all Citizens of India, especially the poor, the under-privileged and the workers in the unorganized sector. Under the scheme, the subscriber is entitled for the following benefits:
 

• Central Government guaranteed minimum pension amount: Each subscriber under APY shall  receive a Central Government guaranteed minimum pension of Rs.1000 per month or Rs.2000 per month or Rs.3000 per month or Rs.4000 per month or Rs.5000 per month, after the age of 60 years until death.  
• Central Government guaranteed minimum pension amount to the spouse: After the  subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse.  
• Return of the pension wealth to the nominee of the subscriber: After the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.  

The subscribers are required to contribute the prescribed contribution amount from the age of joining APY till age 60 to enjoy the triple benefits.

The below two options are available to spouse/ nominee of the subscriber, incase of death of the subscriber before attaining the age of 60 years:
 

Option 1: An option will be available to  the spouse of the subscriber to continue contribution in the APY account of the subscriber (which can be maintained in the spouse’s name) for the remaining vesting period of the deceased subscriber (till the original subscriber would have attained the age of 60 years). The spouse of the subscriber shall be entitled to receive a lifelong pension from this account. Such APY account would be in addition to the APY account which the spouse would be maintaining in his/ her own name, if any.   

In case of unmarried subscribers, the entire corpus will be returned to the nominee of the subscriber.  

Option 2: The entire accumulated corpus till date under APY will be returned to the spouse / nominee of the subscriber.

Voluntary exit under APY before 60 years of age is permitted. The subscriber shall only be refunded the contributions made by him along with accrued income earned on his contributions (after deducting the account maintenance charges).   

In the case of those subscribers who had joined the scheme before 31st March 2016 and had received Government Co-Contribution, they shall not receive the Government co-contribution and the accrued income earned on the same, if opted for Voluntary exit before 60 years.  

However, to avail of the triple guaranteed benefits of the Govt. of India, the subscribers are urged to continue making contributions into the scheme till 60 years of age.

The subscriber shall receive the following three benefits on attaining the age of 60:
 

• Guaranteed minimum pension amount: Each subscriber under APY shall receive a Government of India guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death.  
• Guaranteed minimum pension amount to the spouse: After the subscriber’s demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber, until the death of the spouse.
• Return of the pension wealth to the nominee of the subscriber: After the demise of both subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 years of the subscriber.

• Operational guidelines
• Ombudsman under NPS and APY
• APY FAQs
• APY Grievance Redressal Mechanism
• Aadhar Seeding Process
• Charges Under APY

The subscriber will submit the request to the associated bank branch for drawing the monthly pension. Upon successful submission and processing of the request, the subscriber will start receiving the monthly pension until death.

After the death of the subscriber, the same amount of monthly pension will be received by the spouse (default nominee), until death. Upon the death of both the subscriber and the spouse, the nominee will receive the entire pension wealth accumulated till the age of 60 years of the subscriber.