13 Retirement Benefits for NPS Employees

How NPS Works?

Retirement Benefits Granted to NPS Employees

FAQs About Retirement Benefits for NPS Employees

Who is eligible to avail the NPS?

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All employees of the Central Government, State Government, and other public sector organisations are eligible to join the NPS. Additionally, private sector employees and self-employed individuals can also join the NPS voluntarily.

What happens to the NPS account if the account holder passes away?

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In the event of the subscriber's demise, the accumulated pension wealth is paid to the nominee or legal heir of the account holder. The nominee or legal heir can receive the benefits as a lump sum or a regular pension.

Can NPS employees change their pension fund managers?

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Yes, NPS employees can change their pension fund managers once in a financial year. They can choose from a list of authorised pension fund managers provided by the Pension Fund Regulatory and Development Authority (PFRDA).

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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