APY: Under the APY scheme, pension facility is available at the age of 60 years. People who do not fall under the tax bracket can contribute to this scheme and can avail pension benefits from the age of 60.
APY: Atal Pension Yojana is run with the aim of providing pension benefits to the elderly. The central government started this scheme on 9 May 2015. Since then, more than 7 crore people have joined this scheme. Under this scheme, pension facility is available at the age of 60 years. People who do not fall under the tax bracket can contribute to this scheme and can avail pension benefits from the age of 60. But suppose a person started investing in Atal Pension Yojana and died after contributing for a few years, in such a situation what will happen to his deposited amount? Will his family get the benefit of pension? Let us tell you what are the rules.
On death before 60
If the APY account holder dies before the age of 60, then in this situation the amount deposited by him is returned to his nominee. But if the spouse of the account holder is alive, then he or she is allowed to continue the scheme. In such a situation, it depends on the spouse whether they want to continue the scheme further or not. If the spouse wants, he or she can close the Atal Pension Yojana account and take the deposited money as sin and if he or she wants, he or she can keep the investment till the account holder turns 60 and receive lifelong pension after 60.
On death after 60
If the account holder who is taking the benefit of pension after 60 dies, then in this situation his or her spouse is given the benefit of lifelong pension. With the start of Atal Pension Yojana, the other spouse becomes authorized as the default nominee. He is given the same amount of pension which has been given to the account holder.
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Investment for at least 20 years is necessary for pension
Let us tell you that the age to contribute to Atal Pension Yojana should be between 18 to 40 years. By contributing to it, a person can get a pension of Rs 1,000 to Rs 5,000 after the age of 60. To get pension, it is necessary to invest in the scheme for at least 20 years. How much pension you will get is decided on the basis of your contribution.
How to apply for APY
If you also want to apply under Atal Pension Yojana, then first 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 like name, age, mobile number, bank account number etc. correctly in the form. Attach all the required documents. After this, submit the form in the bank. After this, all your documents will be verified and your account will be opened under Atal Pension Scheme.
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