APY Withdrawal Procedure: If the subscriber dies before attaining the age of 60 years, the spouse (whoever is alive) will have the option to continue contributing to the subscriber’s APY account. If there is a nominee, he can also invest till the end of the scheme. If the person investing in the scheme dies after completing 60 years of age, then his spouse will get the same pension.
APY Withdrawal Procedure: On reaching the age of 60 years, Atal Pension Yojana subscribers will get a withdrawal of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month, depending on the contribution made by the subscriber towards their chosen pension amount. Minimum guaranteed pension will start.
Remember, on the death of both the subscriber and the spouse, only the nominee will have the right to withdraw the pension earned till the age of 60 years.
What happens if you die before 60?
If the subscriber dies before attaining the age of 60 years, the spouse (whoever is alive) will have the option to continue contributing to the subscriber’s APY account. If there is a nominee, he can also invest till the end of the scheme. Let us tell you that the amount of pension that the subscriber was to get after 60 years, the same amount will be given to the subscriber’s spouse or nominee.
At the same time, if the person investing in the scheme dies after completing 60 years of age, then his spouse will get the same pension. Let us talk that if both the husband or wife die and the amount is deposited till the age of 60 years, then in such a case the pension amount will be given to the nominee.
Can I get out early?
Under APY, anyone below 60 years of age is allowed to exit the scheme before the original maturity date. At the same time, under the minimum pension amount guarantee, on reaching the age of 60 years, every APY subscriber will get a minimum pension from the Government of India of Rs 1000 per month, Rs 2000 per month, Rs 3000 per month, Rs 4000 per month or Rs 5000 till death. Will be available per month.
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