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Centre amends Atal Pension Yojana- Spouse to continue contribution

Revision as of 19:50, 23 March 2016 by Kumar (Talk | contribs) (Created page with "{{Date | March 23, 2016 | New Delhi}} The Centre has amended the ambitious pension scheme Atal Pension Yojana (APY) to give an option to the spouse to continue to contribute...")

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Wednesday, March 23, 2016
New Delhi

The Centre has amended the ambitious pension scheme Atal Pension Yojana (APY) to give an option to the spouse to continue to contribute for balance period even in the event of the premature death of the subscriber.

After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth’s accumulated till age of 60 years of the subscriber. The present provision under APY of handing over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers. There is a growing demand to give an option to the spouse to continue contribution after the death of subscriber to enable him/her to draw pension when the deceased subscriber would have turned 60 years of age. The spouse of the subscriber will be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension as accumulated till age of sixty years of the subscriber.


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