Q36) Consider the following statements about Atal Pension Yojana.
i) Atal Pension Yojana (APY) provides an option to the spouse to continue to contribute for balance period on premature death of the subscriber.
ii) 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.
Which of the above statements is/are correct?
Q36) Consider the following statements about Atal Pension Yojana.
i) Atal Pension Yojana (APY) provides an option to the spouse to continue to contribute for balance period on premature death of the subscriber.
ii) 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.
Which of the above statements is/are correct?
The correct option is C c) Both i and ii
Ans: C Explanation: 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 called Atal Pension Yojana (APY) with effect from 1st June, 2015.
The Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber.
The spouse of the subscriber shall be entitled 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.
c) Both i and ii
Ans: C
Explanation: 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 called Atal Pension Yojana (APY) with effect from 1st June, 2015.
The Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber.
The spouse of the subscriber shall be entitled 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.
