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NPS subscriber has died, will the nominee be entitled to pension?  Learn the rules related to this
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NPS subscriber has died, will the nominee be entitled to pension? Learn the rules related to this


National Pension System Rules: It is the desire of every sensible person that he should do retirement planning with the beginning of his job. If you want to get pension and fund facility at the time of retirement, then NPS i.e. National Pension System is a great option for you. This retirement plan has been started by the government in the year 2004, in which every employee gets the facility of fund and pension on the basis of his contribution. There are ways to invest in it. The first Tier-1 which is the Retirement Account and the second Tier-2 which is the Volaretary Account. The total 60 percent of the amount invested in this can be taken as a lump sum fund on retirement and the other 40 percent can be used as an annuity.

Subscribers have many questions regarding NPS. The common question in this is whether if an NPS pension holder dies, then his nominee will get the benefit of pension or not. What happens to the annuity deposited by him. Let’s know about this-

Know what is the rule of NPS?

PFRDA has made some rules for NPS for pension regulation in the country. According to that rule, if an NPS subscriber dies, then in such a situation the remaining amount of NPS corpus is given to the nominee. If he wishes, he can also be given the option of taking annuity. In such a situation, he can also become entitled to get pension every month, but for this, the nominee will have to choose the annuity scheme by filling the death claim form.

What if there is no NPS nomination?

If the NPS subscriber has not made a nominee, then in such a situation the money deposited in the corpus will be given to the legal heir of NPS. For this the family members will have to show the Succession Certificate. After submitting this certificate, its verification will be done. After this, the remaining amount will be handed over to the family.

These documents are required to claim the corpus amount of NPS-

  • To claim the amount, you have to download a form by visiting www.npscra.nsdl.co.in.
  • After this, this form will have to be filled and submitted along with the subscriber’s death certificate, succession certificate, Aadhaar, PAN card.
  • After this, the Revenue Department will complete the entire process for verification.
  • After this your lump-sum amount will be transferred to your account.

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