Protean eGov Technologies Limited

(formerly NSDL e-Governance Infrastructure Limited)

Frequently Asked Questions (FAQs) on Final Exit, Annuity and

continuation/deferment Process for eNPS Subscribers

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 FAQs on Final Exit, Annuity and continuation/deferment Process:-

1. What is an Exit?

An exit is defined as closure of individual pension account of the Subscriber under National
Pension System (NPS).

2. When can a Subscriber exit from NPS? What are the exit types under NPS?

As per PFRDA (Exits & Withdrawals under NPS) Regulations 2015 & amendments thereto,
following Exit categories are allowed for the Subscribers who have joined NPS before attaining
the age of sixty years:
 Upon Normal Superannuation – When a Subscriber reaches the age of
Superannuation/attaining 60 years of age, at least 40% of the accumulated pension
wealth of the Subscriber needs to be utilized for purchase of an Annuity providing for a
regular pension to the Subscriber and the balance pension wealth is paid as lump sum to
the Subscriber.
In case, the total corpus in the NPS account is less than or equal to Rs. 5 lakh, Subscriber
can avail the option of complete (100%) Withdrawal.
 Pre-mature Exit – In case of pre-mature exit (exit before attaining the age of
superannuation/attaining 60 years of age) from NPS, at least 80% of the accumulated
pension wealth of the Subscriber needs to be utilized for purchase of an Annuity providing
for a regular pension to the Subscriber and the balance pension wealth is paid as a lump
sum to the Subscriber. However, Subscriber can exit from NPS only after completion of 5
years in NPS.
In case the total corpus in the NPS account is less than or equal to Rs. 2.5 lakh, the
Subscriber can avail the option of complete (100%) Withdrawal.
 Exit upon Death – 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
Exit Form.

3. What are the exit types under NPS for a Subscriber, joining NPS on or after
attaining the age of sixty years?

As per PFRDA (Exits & Withdrawals under NPS) Regulations 2015 & amendments thereto,
following Exit categories are allowed for the Subscribers who have joined NPS on or after
attaining the age of sixty years:

 Upon Normal Superannuation (Exit after completion of three years in NPS)

– When a Subscriber exits after completion of three years in NPS, at least 40% of the
accumulated pension wealth of the Subscriber needs to be utilized for purchase of an
Annuity providing for a regular pension to the Subscriber and the balance pension wealth
is paid as lump sum to the Subscriber.
In case, the total corpus in the NPS account is less than or equal to Rs. 5 lakh, Subscriber
can avail the option of complete (100%) Withdrawal.
 Pre-mature Exit (Exit before completion of three years in NPS) – In case of pre-
mature exit (exit before completion of three years in NPS), at least 80% of the

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 accumulated pension wealth of the Subscriber needs to be utilized for purchase of an
Annuity providing for a regular pension to the Subscriber and the balance pension wealth
is paid as a lump sum to the Subscriber.
In case the total corpus in the NPS account is less than or equal to Rs. 2.5 lakh, the
Subscriber can avail the option of complete (100%) Withdrawal.
 Exit upon Death – 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. If nominee/legal heir wishes to opt for annuity (pension), they are
required to select Annuity Service Provider (ASP) and annuity Scheme in Death
Exit Form.

4. Which options are available to Subscriber at the time of Superannuation / at the

age of 60 years?

Subscriber can remain invested in NPS (Up to 75 years) or can exit from NPS. Following
options are available to Subscribers:
 Continuation of NPS Account: Subscriber can continue to contribute to NPS account
beyond superannuation/60 years (Up to 75 years) and avail additional tax benefit on the
contributions. Subscriber has an option to exit anytime during continuation, if he/she
wishes to exit.
 Deferment of NPS Account: Subscriber can defer his/her Withdrawal and stay invested
in NPS upto 75 years of age. Subscriber can defer only lump sum Withdrawal, defer only
Annuity or defer both lump sum as well as Annuity. Subscriber has an option to withdraw
deferred lump sum amount in a phased manner upto 75 years of age or withdraw anytime
the entire amount. Also, Subscriber has an option to exit anytime during Deferment, if
he/she wishes to exit.

Continuation/Deferment option shall be exercised at least fifteen days prior to the age of
60 years/superannuation. Else, the NPS Account gets automatically continued till 75 years
of age (as per PFRDA Exit Regulations) and there is no need to initiate separate
continuation request. Subscriber has an option to exit anytime during continuation, if
he/she wishes to exit.

 Exit & start pension: If Subscriber does not wish to continue/defer NPS account, he/she
can exit from NPS. He/she can initiate exit request online as per NPS exit guidelines and
start receiving pension.

5. Where shall Subscriber find the Exit forms? What are the different types of Exit
Forms?

You can find the Exit forms under "Forms" section, which is available under All Citizens of
India sector on this website. Based on the different types of Exit request, following forms are
made available:
 Superannuation Exit
 Premature Exit
 Exit upon Death
 Continuation / Deferment of NPS Account

6. What is an Exit Claim ID and what is its relevance?

 In case of Superannuation/ attaining 60 years of age, Exit Claim ID is generated 6

months before the Superannuation/ attaining 60 years of age and communicated by CRA

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 to Subscriber. The Claim ID is required to initiate online Exit request. Exit request cannot
be raised without Claim ID.
The Subscriber can utilize this 6 months period to complete exit formalities such as to
update Subscriber details (like Bank details, address, contact details etc., if any) in the
CRA system, decide Annuity Service Provider (ASP) & the pension scheme to be opted etc.
prior to Superannuation.
 In case of Pre-mature Exit, the Subscriber is required to raise online grievance in CRA
for generation of Claim ID by accessing CRA system (www.cra-nsdl.com) with PRAN as
User ID and password and obtain Claim ID. The Claim ID is communicated by CRA to
Subscriber. Exit request cannot be raised without Claim ID.

Claim ID is not required in case of Subscribers, joined NPS on or after attaining the age of
sixty years. Subscriber can directly initiate the Exit request in the CRA system whenever
he/she wishes to exit.

7. When Subscriber will be able to initiate online Exit request?

Claim ID will be generated by CRA six months before the Superannuation/ attaining 60 years
of age. Once the Claim ID is generated, Subscriber will be able to initiate the online Exit
request in CRA system.

In case of Subscribers, joined NPS on or after attaining the age of sixty years, Exit request
can be initiated by Subscriber any time whenever Subscriber wishes to exit. Claim ID is not
required for such Subscribers.

8. What are the pre-requisites for Exit?

The Subscriber should ensure below before initiating online exit request:

 Clam ID is available for PRAN.

 PRAN is FATCA Compliant. Also, Subscriber details (such as PAN, address, contact details,
Bank details, nomination details etc.) are updated in NPS account. If required, Subscriber
can update these details online by accessing CRA system (www.cra-nsdl.com) with PRAN
as User ID and password. Alternatively, Subscriber may raise online grievance in CRA
System.
 Subscriber is required to submit the Exit request using OTP Authentication & eSign using
Aadhaar. Hence, valid Mobile Number / Email ID of the Subscriber should be registered in
CRA to receive OTP as part of OTP Authentication. For eSign using Aadhaar, Subscriber’s
Mobile Number registered with Aadhaar should be valid to receive OTP as part of eSign.

9. What are the options available for Subscriber for initiating online Exit request in
the CRA system?

The exit process for eNPS Subscribers is a paperless process wherein eNPS Subscriber is not
required to submit any physical documents or not required to visit any Point of Presence (POP)
to process his/her Exit request. The Subscriber has two options for initiating online Exit
request in CRA system as given below:

 Exit through Self-Authorization –This option will be applicable only if the NPS Corpus
of the Subscriber is less than Rs. 10 lakh. As part of the withdrawal process, the KYC
details of the Subscriber will be verified through Aadhaar based KYC. The request will get
processed in the CRA system directly on successful KYC verification & eSign. Verification
and authorization of request is not required.

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 Exit through Bank-POP Authorization – This option will be available if the NPS Corpus
of the Subscriber is greater than Rs. 10 lakh or if Subscriber wishes to initiate Exit request
with Bank-POP authorization option. As part of the Exit process, the KYC details of the
Subscriber will be verified by the registered Bank of the Subscriber (registered as Bank-
POP in the CRA system).

10.How the Subscriber can initiate the online Exit request in CRA system with Self-
Authorization option and what is the process?

This option will be applicable only if the NPS Corpus of the Subscriber is less than Rs. 10 lakh.
The Subscriber will follow below steps:

 Subscriber will initiate online Exit request (Superannuation or Premature) in CRA system
(www.cra-nsdl.com) by logging with PRAN as User ID & Password.
 Subscriber will select the “Exit from NPS” Menu and Self-Authorization option/choice.
 The Subscriber will be required to upload Aadhaar Paperless Offline e-KYC file. The
Subscriber needs to download e-KYC file from Aadhaar i.e. UIDAI website.
 The Subscribers details such as complete name and date of birth registered with Aadhaar
need to match with details registered in CRA. On successful updation of KYC details
(Address details), the Subscriber will be allowed to initiate exit request.
 Subscriber again needs to select the “Exit from NPS” Menu and Self-Authorization
option/choice.
 The registered details of Subscriber such as PRAN, contact details, Bank detail, nomination
details etc. will be auto-populated. All these details (except nominee details) will be non-
editable.
 Subscriber needs to capture details such as lump sum withdrawal percentage, annuity
percentage, Annuity Service Provider, Annuity scheme, etc.
 During request initiation, Bank Account of the Subscriber will be verified through online
Bank Account Verification. The Bank of the Subscriber should be empaneled for Online
Bank Account Verification.
 Subscriber will mandatorily upload the scanned copies of all the relevant documents such
as KYC Documents (Identity & Address Proof), Copy of bank proof, copy of PAN and copy
of PRAN card/ePRAN etc. The uploaded scanned documents should be appropriate.
 Subscriber is required to submit the request using Aadhaar eSign. In case of eSign, the
OTP will be sent on Mobile Number registered with Aadhaar.
 On successful eSign of the exit request by eNPS Subscriber, the request will get executed
in the CRA system.

You may refer the detailed Standard Operating Procedure (SOP) for eNPS Exit available on
this website.

11.How the Subscriber can initiate the online Exit request in CRA system with Bank-
POP authorization option and what is the process?

If the NPS Corpus of the Subscriber is greater than Rs. 10 lakh or if Subscriber wishes to
initiate Exit request with Bank-POP authorization option, the Subscriber will follow below
steps:

 Subscriber will initiate online Exit request (Superannuation or Premature) in CRA system
(www.cra-nsdl.com) by logging with PRAN as User ID & Password.
 Subscriber will select the “Exit from NPS” Menu and Bank-POP authorization
option/choice.

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 The registered details of Subscriber such as PRAN, contact details, Bank detail, nomination
details etc. will be auto-populated. All these details (except nominee details) will be non-
editable.
 Subscriber needs to capture details such as lump sum withdrawal percentage, annuity
percentage, Annuity Service Provider, Annuity scheme, etc.
 During request initiation, Bank Account of the Subscriber will be verified through online
Bank Account Verification. The Bank of the Subscriber should be empaneled for Online
Bank Account Verification.
 Subscriber will mandatorily upload the scanned copies of all the relevant documents such
as KYC Documents (Identity & Address Proof), copy of bank proof, copy of PAN and copy
of PRAN card/ePRAN etc. The uploaded scanned documents should be appropriate.
 Subscriber is required to submit the Exit request using OTP Authentication / eSign.
 In case of OTP Authentication, two distinct One Time Passwords (OTP) will be sent
on Mobile Number and email ID registered in CRA.
 In case of eSign, the OTP will be sent on Mobile Number registered with Aadhaar.
 On successful OTP Authentication / eSign of the exit request by eNPS Subscriber, the
request will be submitted to the registered Bank of Subscriber (registered as Bank-POP in
CRA system) for KYC verification online in the CRA system.
 On successful authorization of request by Bank-POP, the request will get executed in the
CRA system.

You may refer the detailed Standard Operating Procedure (SOP) for eNPS Exit available on
this website.

12.Who will verify & authorize Exit request submitted by Subscriber online?

The Bank which is registered in NPS records of Subscriber will be acting as mapped Bank
POP for verification & authorization of online Exit request raised by Subscriber.

13.What if Subscriber’s registered Bank is not registered as Bank-POP in CRA?

If Subscriber’s registered Bank is not registered as Bank-POP in CRA, then three options are
available to the eNPS Subscribers:
a) Subscriber can initiate Exit through Self-Authorization - This option will be applicable only
if the NPS Corpus of the Subscriber is less than Rs. 10 lakh. As part of the Exit process,
the KYC details of the Subscriber will be verified through Aadhaar based KYC. The request
will get processed in the CRA system directly on successful KYC verification & eSign.
b) The Subscriber can update his/her Bank details in CRA system of any Bank which is
registered as Bank-POP. The Subscriber can update Bank details directly online in CRA
system by logging to his/her NPS Account.
c) Alternatively, the Subscriber can shift his/her PRAN to any other POP and then initiate exit
request. The list of POPs is available on this website. The Form UOS-S06 - Change of POP
Subscriber is available under "Forms" section, which is available under All Citizens of India
sector on this website. The Subscriber needs to submit Form UOS-S06 to desired POP for
shifting of PRAN.

14.What are the documents to be submitted by Subscriber in case of

Superannuation & Pre-mature Exit?

If exit request is initiated by Subscriber online in CRA System through OTP Authentication /
eSign and complete scanned documents are uploaded, then physical Exit Form & documents

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are not required to be submitted to Bank-POP. Bank-POP can verify & authorize Exit request
based on scanned documents using maker-checker User IDs.

15.What process to be followed if OTP Authentication / eSign is not possible or

Subscriber is not able to initiate online Exit request?

In case, OTP Authentication / eSign is not possible or Subscriber is not able to initiate
online request then,

 Subscriber needs to shift his/her PRAN to any other Point of Presence (POP).
 The list of POPs is available on this website. The Form UOS-S06 - Change of POP
Subscriber is available under "Forms" section, which is available under All Citizens of
India sector on this website.
 The Subscriber needs to submit Form UOS-S06 to desired POP for shifting of PRAN.
 Once PRAN is shifted to POP, Subscriber needs to submit the physical Exit Form along
with the required supporting documents to the associated POP. On receipt of physical
documents, POP will initiate online Exit request in the CRA system on behalf of the
Subscriber and authorize the same.

16.Whether any charges are required to be paid by the eNPS Subscriber while
processing Exit request through Bank-POP Authorization? If Yes, then what are
the charges & how to pay?

As per PFRDA guidelines, Exit request processing fee payable to the Bank by eNPS Subscribers
is 0.125% of total NPS corpus (minimum Rs. 125 and maximum Rs. 500).

For example, if corpus of eNPS Subscriber initiating Exit request is Rs. 90,000 then processing
fees payable will be Rs. 125 (minimum amount). In case, Corpus is Rs. 3,00,000, the
processing fee will be Rs. 375 (0.125% of corpus). However, in case corpus is Rs. 7,00,000
then applicable processing fee is Rs. 500 (maximum).

The fees shall be collected by the Bank by debiting Subscriber’s Bank Account.

17.Whether OTP Authentication / eSign is mandatory?

Yes, OTP Authentication / eSign is mandatory. The Exit request will get submitted in CRA only
on successful OTP Authentication / eSign by the Subscriber.

18.What is meant by successful OTP Authentication / eSign?

In order to submit Exit request using OTP Authentication, valid Mobile Number / Email ID of
the Subscriber should be registered in CRA to receive OTP. During the OTP Authentication
process, Subscriber will receive two distinct One Time Passwords (OTP) on Mobile Number
and email ID registered in CRA. On submission of correct OTPs, OTP Authentication will be
successful.

In order to eSign, name of the Subscriber as per CRA records and name of the Subscriber as
per UIDAI (Aadhaar) records should match 100% and Active Mobile Number is registered with
UIDAI. During the eSign process, the Subscriber will receive an OTP from UIDAI (Aadhaar)
on Mobile Number registered with Aadhaar. On submission of correct OTP, if the name is
matching 100% then only eSign will be successful.

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19.What if name of the Subscriber as per CRA records and name as per UIDAI
(Aadhaar) is not matching?

If name of the Subscriber as per CRA records and name as per Aadhaar is not matching then
eSign will not be possible and Subscriber cannot initiate Exit request. In such case,

 The Subscriber is required to update his/her name either in CRA records or in UIDAI
(Aadhaar) records and then initiate exit request.
 Alternatively, the Subscriber can shift his/her PRAN to any other POP and then initiate
exit request. The list of POPs is available on this website. The Form UOS-S06 - Change
of POP Subscriber is available under "Forms" section, which is available under All
Citizens of India sector on this website. The Subscriber needs to submit Form UOS-
S06 to desired POP for shifting of PRAN.

20.I have captured Exit request but I fail to OTP Authentication / eSign the same,
what to do?

If Subscriber fails to OTP Authentication / eSign Exit request during Exit request initiation
process, then an option is available to OTP Authentication / eSign request subsequently.
Following steps are required to be followed by the Subscriber:

a) Login to your NPS Account by accessing CRA system (www.cra-nsdl.com) with PRAN as
User ID and password
b) Select Menu “Exit from NPS”
c) Click on Sub-Menu “Status View”
d) Click on Acknowledgement No Hyperlink
e) Details entered at the time of initiation will be displayed
f) Click on the button “Proceed to OTP Authentication /eSign” displayed at bottom of the page

Kindly note that Subscriber can OTP Authentication /eSign Exit request within 15 days from
date of capturing of Exit request.

21.What if Subscriber fails to OTP Authentication / eSign Exit request within

stipulated period of 15 days?

If Subscriber fails to OTP Authentication / eSign Exit request, his/her request will get auto
cancelled after 15 days from the date of capturing of Exit request. In such case, the Subscriber
is required to capture new Exit request in CRA system.

22.Can a Bank-POP reject Exit request?

Yes, Bank-POP may reject Exit request during KYC verification. In case of rejection, it is
mandatory for Bank-POP to provide reason of rejection.

23.What is to be done in case Exit request is rejected by Bank-POP?

The Subscribers is required to take necessary action as per the rejection reasons
communicated by Bank and then re-initiate Exit request.

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24.How does the Subscriber receive the Withdrawal proceeds?

The Withdrawal proceeds are credited in Subscriber’s Bank Account (as per the bank details
provided at the time of initiating online Exit request) through electronic mode only.

25.Can a Subscriber claim for 100% Withdrawal in case of Superannuation and Pre-
mature Exit?

 In case of Superannuation, a Subscriber can claim 100% Withdrawal if the total

accumulated corpus is less than Rs. 5 lakh.
 In case of Pre-mature Exit, if the total accumulated corpus is less than Rs. 2.5 lakh,
the Subscriber can avail the option of complete Withdrawal.

26.How Subscriber can check the status of Exit request?

Subscriber can check Exit status as per below mentioned options:

 Subscriber can check status through the ‘Limited Access View’ (Pre Login) which is
available at CRA system home page (www.cra-nsdl.com).
 Subscriber can also check the Exit status by logging to CRA system (www.cra-nsdl.com).

27.In case of pre-mature exit, when will Subscriber’s Annuity start i.e. immediately
or after the age of superannuation / 60 years?

Annuity starts immediately, if Subscriber fulfills the Age and Corpus criteria for purchasing
Annuity (depending upon choice of ASP and Annuity scheme of the respective Annuity Service
Provider).

28.Can Subscriber continue his/her Tier-2 account after closure of Tier-1 account?

No, upon exit from Tier-1 account, Tier-2 account gets closed automatically. The Subscriber
is required to initiate online Tier-2 withdrawal request alongwith Tier-1 Account.

29.What Tax benefits are available in case of Tier-1 Withdrawal?

Lump sum Withdrawal - In case of exit upon attaining the age of superannuation, lump
sum withdrawal i.e. 60% of the total accumulated pension wealth is tax exempted.
Annuity - The amount utilized for purchase of annuity at exit upon attaining the age of
superannuation is tax exempted. However, the annuity income (pension) received will be
taxed in the year of receipt as per the applicable tax slab of the subscriber.

30.What Tax benefits are available in case of Tier-2 Withdrawal

No, Tax benefits are not available in case of Tier -2 Withdrawal.

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 Exit upon death of eNPS Subscriber:

31.What are the guidelines for Exit due to death of Subscriber?

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 Exit Form.

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

As per the PFRDA exit guidelines, Nominee / Claimant can settle the eNPS death claim through
NPS Trust. The Nominee / Claimant is required to follow below steps:

a) Nominee/Claimant has to get a Bank’s KYC Confirmation (Bank Certificate) on bank’s

letterhead containing the photo and signature of the Nominee/Claimant. The Nominee
/ Claimant needs to obtain this certificate from his/her Bank.
b) The Bank’s letter needs to be signed with seal by the designated bank official where
Nominee / Claimant has the bank account and where Nominee / Claimant would like
to receive the lump sum and/ or annuity and submit the same to NPS Trust.
c) Nominee/Claimant is required submit duly filled-up Death Exit Form alongwith
supporting documents such as [such as Death Certificate, KYC Documents (Id Proof &
Address Proof) and other required documents]. The Death Exit Form is available on
CRA website www.npscra.nsdl.co.in. under Forms Section.
d) The above mentioned documents for all the Nominees/Claimants are required to be
submitted to NPS Trust at below address. Exit Form needs to be submitted by each of
the Nominee/Claimant.

eNPS Withdrawal Cell

National Pension System (NPS) Trust
14th Floor, IFCI Tower,
61, Nehru Place,
New Delhi – 110019

e) Post receipt of duly verified documents in the manner as given above, NPS Trust will
authorise the Exit request after due diligence and after satisfying themselves about
the veracity of the claim.
f) NPS Trust will forward the approved death claim to CRA for processing online death
Exit request in the CRA system.

Alternatively, Nominee / Claimant can also process death claim by utilizing the services any
Bank Point of Presence (Bank POP). Nominee / Claimant need to approach any Bank POP and
submit the Death Exit Form along with supporting documents. Bank POP will process the
death claim in the CRA System after due diligence and after satisfying themselves about the
veracity of the claim, by shifting PRAN from eNPS to Bank POP. The List of Bank POP / POP-
SP is available on CRA website https://www.npscra.nsdl.co.in/pop-sp.php

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33.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 Exit request) through electronic mode only.

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

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

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

35.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.

Further, for more details about nomination, please refer clause 32 of PFRDA (Exits &
Withdrawals under NPS) Regulations 2015 & amendments thereto.

 Annuity Related:

36.What is Annuity?

In the context of NPS, Annuity refers to the monthly sum received by the
Subscriber/Claimant) from the Annuity Service Provider (ASP). A percentage of the pension
wealth as decided by the Subscribers/Claimants (minimum 40% or 80% is to be invested with
ASP in case, Withdrawal is due to Superannuation & Pre-mature Exit) is utilized for purchase
of Annuity from the empaneled Annuity Service Providers.

37.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

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under NPS can be accessed at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php
on this website.

38.Which Annuity Schemes are available?

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

 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).
 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.
 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).
 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.
 NPS - Family Income Option with Return of Purchase Price - Subscriber will get
annuity for life time and on death of the Subscriber, annuity will be payable to spouse of
the Subscriber (if any) for life time. On death of Spouse, to dependent mother and then
to dependent father of the Subscriber. On death of the last annuitant, payment of annuity
ceases and 100% of the purchase price will be returned to the surviving children of the
Subscriber and in absence of children, the legal heirs of the subscriber as applicable.

39.Where Subscriber/Claimant can check the rates offered by the Annuity Service
Providers? How much annuity (pension) Subscriber/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 Subscriber/Claimant etc. The
scheme wise Annuity rates and other details can be checked
at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php on this website.

40.When and how the pension will get started for the Subscriber/Claimant?

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

On execution of Exit request in CRA, the annuitant’s details (Subscriber/Claimant details) and
scanned documents will be shared with ASP as opted by Subscriber/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 Subscriber/Claimant for completion of annuity formalities. Alternatively, if
required, Subscriber/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

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Subscriber/Claimant within stipulated timeline. ASP will issue annuity policy to
Subscriber/Claimant.

41.Can Subscriber/Claimant change Annuity Service Provider or Annuity type after

buying the Annuity?

Once an Annuity is purchased, the option of cancellation or reinvestment with another Annuity
Service Provider or in other Annuity scheme shall not be allowed unless the same is within
the time limit specified (free look cancellation period as provided in terms of the Annuity
contract or specifically provided by the IRDAI) by the Annuity Service Provider.

42.What happens if the Subscriber/Claimant dies after purchasing Annuity?

The mode and manner of payment of amount (if any) will depend on the type of Annuity
scheme selected by the Subscriber/Claimant while buying the Annuity. Family members of
the deceased Annuitant need to contact concerned Annuity Service Provider. ASP contact
details can be accessed at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php on
this website.

 Continuation / Deferment under NPS:

43.How can the continuation/deferment Withdrawal be processed?

 Continuation/Deferment option shall be exercised at least fifteen days prior to the age of
60 years/superannuation. The Subscriber will initiate online Continuation/Deferment
request in CRA system.
 In case, the Subscriber is not able to initiate online request, Subscriber needs to send
dully filled-up Continuation/Deferment Form from registered email ID to CRA at
npsclaimassist@nsdl.co.in. The request will be processed by CRA.
 You can find the Continuation/Deferment form under "Forms" section, which is available
under All Citizens of India sector on this website.

Continuation/Deferment option shall be exercised at least fifteen days prior to the age of
60 years/superannuation. Else, the NPS Account gets automatically continued till 75 years
of age (as per PFRDA Exit Regulations) and there is no need to initiate separate
continuation request. Subscriber has an option to exit anytime during continuation, if
he/she wishes to exit.

44.Can Subscriber withdraw Lump sum amount in phased manner?

Facility of phase Withdrawal is available for NPS Subscribers who have opted “Deferment”
option at the time of attaining 60 years/Superannuation. Subscriber can opt for Withdrawal
of lump-sum amount in a phased manner over the period from 60 years (or any other
retirement age as prescribed by the employer) to 75 years. However, Subscriber has to buy
Annuity prior to Phased Withdrawal.

45.Can Subscriber opt for deferment option during the continuation period?

No, Subscriber can't exercise the option of deferment (lump-sum and/or Annuity) after
obtaining the continuation option.

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