Atal Pension Yojana is being run by the government to get the benefit of pension after retirement. The Government of India started this in the year 2015. If your age is between 18 to 40 years, then you can invest in this scheme. Under APY, you have to invest for at least 20 years. After attaining the age of 60 years, you get Rs 1000 to Rs 5000 as pension on your investment.
But in such a situation, many times a question comes in the mind that if the person applying under Atal Pension Yojana dies before 60 years, then what happens to the amount invested by him? Is this amount received in the form of pension to the family members even after his death? If this question also comes in your mind, then know its answer here.
Spouse gets pension
Atal Pension Yojana is being run by the government to get the benefit of pension after retirement. The Government of India started this in the year 2015. If your age is between 18 to 40 years, then you can invest in this scheme. Under APY, you have to invest for at least 20 years. After attaining the age of 60 years, you get Rs 1000 to Rs 5000 as pension on your investment.
But in such a situation, many times a question comes in the mind that if the person applying under Atal Pension Yojana dies before 60 years, then what happens to the amount invested by him? Is this amount received in the form of pension to the family members even after his death? If this question also comes in your mind, then know its answer here.
Spouse gets pension
According to Atal Pension Yojana, if the applicant who invests in it dies before the age of 60 years due to any illness or accident, then his invested amount does not go in vain. In such a situation, his spouse is given the benefit of pension for the whole life. If the applicant’s spouse is also not alive, then their nominee will be given a lump sum installment which can range from around Rs 1.70 lakh to Rs 8 lakh.
Also know the rules of withdrawal before 60 years
Generally, under Atal Pension Yojana, the applicant is not allowed to withdraw before the age of 60 years. But if the applicants want to withdraw the amount deposited in the scheme for the treatment of any serious or prolonged illness or are not able to make further investment in the scheme due to any reason, then in this case they can withdraw the deposit amount. But for this they will not get the interest on the deposit amount.
How to apply for APY
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 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 required documents as asked. After that submit the form to the bank. After this all your documents will be verified and your account will be opened under Atal Pension Yojana.
