Atal Pension Yojana also known as APY Scheme was launched in continuation to the Jan Dhan Yojana and the idea of the scheme is to provide a definite pension to all Indians those are employed in rural and unorganized sector.Some recent modification on APY scheme announced by finance ministry makes it more acceptable.
Atal Pension Yojana (APY) has been altered to give an alternative to the spouse to keep on contributing for balance period on sudden death of the subscriber.
At the present provision under Atal Pension Yojana (APY),of handing-over lump-sum amount to spouse on the premature death before 60 years of the subscriber.It is not preferred by many subscribers.The recent amendment in the Atal Pension Yojna was done on the feedback received from subscribers.
Government has decided to give an alternative to the spouse of the subscriber of keep adding to APY record of the endorser, for the remaining vesting period, till the first subscriber would have accomplished the age of 60 years rather than present procurement of giving over single amount add up to life partner on the unexpected passing (demise before 60 years old) of the endorser.
The other condition remain the same as before.After the subscriber’s death, spouse might be qualified for get the same annuity amount as that of the subscriber until the death of the spouse. After the passing of both the subscriber and spouse , the nominee will get the benefits.
In any unnatural or unexpected circumstances, that is, in the occasion of the death of beneficiary or any sudden specified illness, as specified in the PFRDA (Exit and withdrawals under the National Pension System) Regulations, 2015, preceding the age of 60 years, the amassed annuity riches till date would be given to the nominee or the subscriber.