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Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on 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 as accumulated till age of 60 years of the subscriber

News and Press Release - Dated:- 22-3-2016 - The feedback received from various quarters has indicated that the present provision under Atal Pension Yojana (APY) of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers. It has also highlighted the fact that there is 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 h .....

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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 wealth, as accumulated till age of 60 years of the subscriber. Earlier to address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, the Government had launched a new initiative c .....

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