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Exit upon death of Subscriber

1.What are the guidelines for withdrawal due to death of Subscriber?

As per PFRDA (Exits & Withdrawals under NPS) Regulations 2015 & amendments thereto, in case of death of Subscriber, the entire accumulated pension wealth of the Subscriber (100% NPS Corpus) shall be paid to the Nominees or Legal heirs, as the case may be, of such Subscriber. Though, the Nominee/Legal heir of the deceased Subscriber shall have the option to purchase any of the annuities being offered upon exit, if they so desire, while applying for withdrawal of benefits on account of deceased Subscribers’ Permanent Retirement Account. If nominee/legal heir wishes to opt for annuity (pension), they are required to select Annuity Service Provider (ASP) and annuity Scheme in Death Withdrawal Form.

2.What are the documents required from Nominee/Claimant in cases of death Withdrawal request?

The Nominee/Claimant is required to submit duly filled-up Death Withdrawal Form alongwith supporting documents such as [Death Certificate deceased Subscriber, KYC Documents (Identity & Address Proof), Bank Account Proof and other required documents]. The list of documents required is given in Death Withdrawal Form. The Death Withdrawal Form is available under "Forms" section, which is available under All Citizens of India sector on this website.

Withdrawal Form needs to be submitted by each of the Nominee/Claimant.

3.What is the process to be followed by Nominee(s) / Claimant(s)?

The Nominee/Claimant is required to submit the Death Withdrawal Form alongwith relevant supporting documents to the associated Point of Presence (POP) of the Subscriber.

The POP will process death withdrawal request online in the CRA system. On processing of withdrawal request by POP, the funds will be transferred to Nominee/Claimant within stipulated timelines. Also, if annuity is opted by nominee/legal heir, then Claimant’s details are shared with Annuity Service Provider (ASP) for completion of annuity formalities.

4. How does the Nominee/Claimant receive the Withdrawal proceeds?

The Withdrawal proceeds are credited in Nominee/Claimant Bank Account (as per the bank details provided at the time of initiating online Withdrawal request) through electronic mode only.

5.How to process death case where multiple Nominees are registered in CRA system??

Such Withdrawal request will be processed as per below mentioned scenario:

  • A)Withdrawal form needs to be submitted by all the Nominees registered in CRA system
  • B)If some Nominee/s doesn’t want to claim the NPS corpus:
    1. Relinquishment deed is to be submitted by the Nominee/s who doesn’t want to claim the NPS benefits.
    2. Indemnity Bond is to be submitted by the Nominee who is claiming the NPS benefits
    3. Format of Relinquishment deed and Indemnity Bond is available under "Forms" section, which is available under All Citizens of India sector on this website.
  • C)In case one Nominee is a major and other is a minor:
    1. Major Nominee will submit his/her Withdrawal form.
    2. Guardian (on behalf of minor) will submit the Withdrawal form along with the birth proof of the minor.

6.How to process the death cases if no nominee is registered in CRA system for PRAN?

In case, the nomination is not registered by the deceased subscriber before his/her death, the accumulated pension wealth shall be paid to the family members on the basis of the legal heir certificate issued by the Revenue authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.

7.What is Annuity?

In the context of NPS, Annuity refers to the monthly sum received by the Claimant from the Annuity Service Provider (ASP). A percentage of the pension wealth as decided by the Claimant is utilized for purchase of Annuity from the empaneled Annuity Service Providers.

8.Who are the Annuity Service Providers (ASPs) and which are the ASPs available at present?

Indian Life Insurance companies which are licensed by Insurance Regulatory and Development Authority (IRDA) can act as Annuity Service Providers. However, Annuity Service Providers need to be empaneled by PFRDA to provide Annuity services to the NPS Subscribers. The list of Annuity Service Providers empaneled by PFRDA to provide annuity under NPS can be accessed at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php on this website.

9.Where Claimant can check the rates offered by the Annuity Service Providers? How much annuity (pension) Claimant will get?

The amount of annuity depends on the NPS Corpus of the Subscriber and on the other factors such as the Annuity Service Provider (ASP) selected, age of Claimant etc. The Annuity rates and other details can be checked at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php on this website.

10.Which Annuity Schemes are available?

Following are the most common variants of annuity schemes that are available to NPS Subscribers:

  1. Annuity for Life with Return of Purchase Price - Subscriber will get annuity for life time and on death of the Subscriber, payment of annuity ceases & 100% of the purchase price will be returned to the nominee(s).
  2. Annuity for Life without Return of Purchase Price - Subscriber will get annuity for life time and on death of the Subscriber, payment of annuity ceases and no further amount will be payable.
  3. Joint Life Annuity with Return of Purchase Price - Subscriber will get annuity for life time and on death of the Subscriber, annuity will be payable to Spouse for life time. On death of the Spouse, payment of annuity ceases and 100% of the purchase price will be returned to the nominee(s).
  4. Joint Life Annuity without Return of Purchase Price - Subscriber will get annuity for life time and on death of the Subscriber, annuity will be payable to Spouse for life time. On death of the Spouse, payment of annuity ceases and no further amount will be payable.

11. When and how the pension will get started, if opted by nominee/legal heir?

The annuity (pension) will be issued by the Annuity Service Provider (ASP).

If the nominee/claimant has opted annuity, then on execution of withdrawal request in CRA, the annuitant’s details (Claimant details) and scanned documents will be shared with ASP as opted by Claimant. If the annuitant’s details and scanned documents are correct, annuity policy will be issued by ASP.

If documents uploaded are not sufficient/incorrect or any additional documents required, then ASP may contact Claimant for completion of annuity formalities. Alternatively, if required, Claimant may contact ASP. The complete contact details of ASPs are available on this Website under Annuity Service Provider Section at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php.

On completion of annuity formalities, ASP will confirm Annuity request online in the CRA system and Funds (Annuity Corpus) will be transferred to ASP for issuance of annuity to Claimant within stipulated timelines. ASP will issue annuity policy to family members within T+2 working days of receiving the funds at their end.