Exit on completion of 60 years
On completion of 60 years, the subscriber will get the guaranteed minimum monthly pension or higher monthly pension, depending on the investment returns.
Voluntary closure of APY account
In case a subscriber, who has availed Government co-contribution under APY, chooses to voluntarily exit APY before the age 60, he shall only be refunded the contributions made by him to APY, along with the net actual interest earned on his contributions (after deducting the account maintenance charges), whereas, the Government co-contribution and the interest earned on the Government co-contribution shall not be returned to such subscribers.
Further, in exceptional circumstances i.e., in the event of specified illnesses, as mentioned in the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015, before the age of 60 years, the accumulated pension wealth till date would be given to the subscriber.
In case of voluntary exit from APY,
a. Submit the Account closure form to the APY-SP (now POP);
b. Get the same checked by the official of the POP who shall ensure that you have filled up the correct account closure form along with the reason for closure;
c. In case of exit due to specified illness (as mentioned above) submit the relevant documents as required to be submitted to the POP.
Exit on death of the subscriber
a. Death after 60 years of age – After the subscriber’s demise, 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.
b. Death before 60 years of age – If the subscriber dies before the age of 60 years, his / her spouse would be given an option to continue contributing to 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. 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 demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age 60 of the subscriber.