NPS Update: IRDAI advises pensioners to buy annuity products from NPS corpus


NPS Pensioners: National Pension System pensioners will no longer need to fill a separate proposal form for purchasing annuity products i.e. pension plans from the corpus of NPS. Insurance sector regulator IRDAI has decided to provide this facility to provide relief to senior citizens. IRDAI has also issued a circular regarding this order, which has already come into force.

At present, the pensioners of the National Pension System have to fill the exit form which has to be submitted to the NPS. A proposal form has to be submitted to the insurance companies after retirement. From now on, the edit form of NPS will be considered as the proposal form for purchase of annuity. This will save time for the pensioners as well as the insurance companies.

At present, the subscriber of NPS has to buy an annuity plan at the time of maturity with 40 per cent of the total corpus. And investors can withdraw 60 percent of the total corpus in one go. If the NPS corpus is less than Rs 5 lakh, the investor can withdraw the entire amount in one go. And on exit from NPS before the age of 60 years, NPS account holders have to buy an annuity plan with 80 percent of the total corpus. IRDAI has also provided information about annuity products offered by life insurance companies to the pensioners of NPS.

NPS pensioners will be able to submit a digital life certificate. This will reduce the difficulties of pensioners. IRDAI has advised insurance companies to do the verification of life certificates of pensioners through Aadhaar number, suggesting the use of technology.

read this also

SEBI: SEBI chief said, regulator has no control over IPO pricing, but companies will have to make all disclosures

Palm Oil Import: Edible oil can be cheaper, import of palm oil increased by 87% in August


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *