The National Pension System (NPS) is a reliable solution for retirement planning. With reasonable market returns, it provides old-age income. Every subscriber to NPS is assigned a unique Permanent Retirement Account Number (PRAN). Any individual can open a pension account under NPS through eNPS.
There have recently been a number of changes and additions made to the National Pension System (NPS) by the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory Development Authority (PFRDA).
NPS e-NOMINATION PROCESS
Upon receiving your application, the nodal officer will now have the authority to accept or reject it. Additionally, if the Nodal Officer fails to act on your application within 30 days, it will be automatically submitted to the Central Recordkeeping Agency (CRA).
NO SEPARATE PROPOSAL FORM FOR ANNUITY ON MATURITY:
In order to buy annuity products at maturity, IRDAI no longer requires a separate proposal form.
Read More: National Pension Scheme: What happens to death claim benefits when there is no nominee
SUBMISSION OF DIGITAL LIFE CERTIFICATE:
Now, digital life certificates can be submitted online through Jeevan Praman. Life Certificates must be submitted to the Pension Authority each year for as long as the pensioner continues to receive his or her pension.
NPS CONTRIBUTION THROUGH CREDIT CARD
The PFRDA ruling states that NPS account holders in Tier 2 cities will no longer be able to contribute to NPS using credit cards as of August 3, 2022.
