NPS exit rule change
The National Pension System (NPS) pensioners will no longer have to fill out a separate proposal form to choose the annuity after exiting the pension corpus.
Good news for NPS subscribers
All NPS subscribers now have to fill and upload a proposal form along with the specified supporting documents including KYC in the respective CRA system through their login credentials at the time of initiation of the exit request, Pension Fund Regulatory and Development Authority’s (PFRDA) said in a circular on November 14, 2022
Know the new exit rule
PFRDA also proposed to make the upload of the withdrawal form/document mandatory at a later time, according to the circular.
Jeevan Praman for NPS subscribers
“In order to facilitate ease of living for all senior citizens including NPS Retirees who are receiving periodical annuity payments, Aadhar-enabled authentication for life verification certification viz Jeevan Praman (Govt. of India’s initiative on biometric enabled digital service for pensioners) shall be provided,” PFRDA added.
Ease of service
“Both the above clarifications are welcome steps intended to facilitate ease of servicing annuity policies purchased by annuitants,” said Conjeevaram Baradhwaj, Executive Vice President (Legal & Compliance) & Company Secretary at Future Generali India Life Insurance Company Ltd