Atal Pension Yojana Subscriber: Death benefits before 60 – Processing rules relaxed till September 30

By: |
Updated: Aug 14, 2020 4:40 PM

PFRDA has informed that the timeline for processing of death claims requests under APY, based on scanned documents, has been extended.

Atal Pension Yojana, APY, Subscriber, Death benefits before 60, rules relaxed, CRA, PFRDA, POPThe spouse of the subscriber is entitled to receive the same pension amount as the subscriber until death of the spouse.

The PFRDA has provided an extension in the processing of death claim requests under Atal Pension Yojana (APY), in view of the COVID 19 pandemic. In a recent circular, Pension Fund Regulatory and Development Authority (PFRDA) has informed that considering the continuing disruption of normal activities and travel restrictions across various parts of the country owing to the Covid-19 pandemic, the timeline for processing of death claim requests under APY, based on scanned documents, has been extended till 30th September 2020, and consequently, the deadline for submission of physical documents to CRA has been extended till 30th October 2020.

Earlier in June, owing to the difficulties faced by Point of Presence (PoP) under Atal Pension Yojana PoP in the processing of death claim requests during the Covid-19 Pandemic, the Authority had eased the processing of death claim requests till June 30, 2020, while the deadline for submission of physical documents to CRA was until July 31, 2020.

In its June circular, the PFRDA had advised as under:

(i) PoP-APY shall duly verify and attest the documents of death claim requests and submit the scanned copies of all requisite documents through their registered e-mail ID to NSDL-CRA.

(ii) PoP-APY shall also submit, through their registered email ID, a declaration stating ‘All requisite physical documents shall be submitted to CRA by July 31, 2020.’

(iii) NSDL-CRA shall accept these scanned documents along with declaration as above, submitted by PoP-APY, for processing them.

Death of APY subscriber before 60 years

In case of death of the subscriber before 60 years, the option will be available to the spouse of the subscriber to continue contributing in the APY account of the subscriber, which can be maintained in the spouse’s name, for the remaining vesting period, till the original subscriber would have attained the age of 60 years.

In case of death, these documents are to be submitted:

1. Original death certificate of the subscriber.

2. KYC of spouse or nominee.

3. Proof of bank details for spouse or nominee.

4. Relationship proof of claimant with subscriber

The spouse of the subscriber is entitled to receive the same pension amount as the subscriber until the death of the spouse. Or, the entire accumulated corpus under APY will be returned to the spouse. In other cases, it will be settled in the name of the nominee.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Wealth of India’s super rich grows by 20% amid Covid; Mumbai home to 26% wealth creators
2ICICI Bank launches special festive bonanza with additional discounts on loan products
35 scenarios when opting for loan restructuring might not be a good idea