Atal pension yojana
Can some please let me know the details about atal pension yojana? I have few doubts like :-
- What if someone stops paying after few years?
- What if someone dies before maturity?
- Will there be any lump sum amount given after maturity?
- What if someone dies (also nominee) just a month after maturity?
1. If someone stops paying after few years
According to this scheme the contributor will have to make sure that the monthly contribution should be made available in the bank account on a given date. If the contributor fails to pay the amount monthly, then he will be charged a penalty amount which is based on the amount the contributes.
Here are the details of the penalties charged under this scheme.
- Re 1 per month will be charged as a penalty for the people who invest upto Rs 100 per month.
- Rs 2 per month will be charged as a penalty for a contribution upto Rs 101 to 500 per month.
- Rs 5 per month will be charged as a penalty for a contribution upto Rs 501 to 1000 per month.
- Rs 10 per month will be charged as a penalty for a contribution of more than Rs 1000 per month.
In case of continued delay in payment the following actions will be taken.
- After a late payment of 6 months the account will be frozen
- After a 12 month of discontinuation of contribution the account will be deactivated
- After 24 months the account will be closed permanently.
2. If someone dies before maturity –
If any account holder dies before maturity then his/her spouse or nominee cannot continue with the account, she/he will get the amount deposited by account holder with interest.
3. No, after 60 years of age you will not get the lump sum amount, you will get monthly pension.
Once the enroller reaches an age of 60 he or she can give an application to the bank manager asking for a monthly credit to the bank account regarding the auto credit of pension every month. Once this application is approved the amount of money will be credited to the account monthly. The scheme has no exit policy if once registered for. The user will have to continue this scheme. Only in case of death of the enroller the scheme allows him to close his account and exit the scheme.
4. In this case legal heir of nominee will get the monthly pension.