Apr 122016

Nominee in Atal Pension Yojana

There is a facility to add nominee with the Atal Pension Yojana scheme. Nomination facility is very important is each and every investment plan, especially those which are pension related. Atal Pension Yojana is a flagship retirement policy of the present ruling NDA Govt. which aims to provide pension to the citizens after they attain the age of 60 years. This pension scheme with nomination facility was launched especially for the low income and economic backward classes. Those who do not have a fixed monthly salary or do not enjoy financial stability were encouraged to join the Atal Pension scheme so as to get retirement pensions, just like those who do govt. jobs.

Nominee in Atal Pension Yojana

How to add nominee to the Atal Pension Yojana?

One can add the nomination details along with the Atal Pension Yojana. Having a nominee is very essential for these types of retirement policies as after sudden death of the user of the retirement policy, the nominee will get the retirement benefits. The nominee can be appointed in the Atal Pension scheme at the time of filling up the application form for the same. The name, particulars and relationship of the nominee is to be clearly mentioned in the application form. One can also add the name of nominee even after opening of the APY account. For that, they will have to contact the respective bank or post office from where the APY account has been opened.

Nature of nominee applicable

The nominee who can be added to the Atal Pension scheme may be the spouse of the beneficiary or the depending family member (s). They will get the retirement corpus if the user of the APY scheme dies. So even after the death of the account holder of the APY, the retirement corpus will be given to the nominee registered. So it is very important to register a nominee along with the APY scheme. However, it is not possible to add a nominee after the death of the account holder. In this case the account will get freeze and no retirement corpus will be provided. So the nomination procedure is to be done well in advance.

Brief information about the Atal Pension Yojana

The APY retirement policy was started from 1st June, 2015 and was mainly pitched for the lower income groups of the country, who do not have a financial stability and retirement benefit. Below are some scheme details:

Sl. No. Atal Pension Yojana Fields Related Data
1 Date of effect 1st June, 2015
2 Retirement benefit Fixed pension slabs per month ranging from Rs. 1000 to Rs. 5000
3 Nominee feature Available
4 Govt. contribution to retirement corpus 50 %
5 Age of getting pension 60 years

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