Invest in NPS Annuity to get Regular Post-Retirement Income
NPS offers annuity options that help you keep your future secured but at the same time helps you take care of your loved ones after you.
You can select any of the annuity schemes offered by Annuity Service Providers (ASPs) registered with IRDAI and empaneled with PFRDA. HDFC Life is one of the registered ASPs for annuity issuance and further servicing.
Below is the list of annuity plans available under NPS:
- Annuity for life at a uniform rate to the Subscriber only: In this plan, the NPS subscriber continues to receive pension till the time any unfortunate event, such as death occurs. Post death of the annuitant, the plan terminates.
- Annuity with Life with Return of Purchase Price: In this plan, the NPS subscriber continues to receive pension till the time any unfortunate event, such as death occurs. Upon death of the annuitant, the nominee or legal heir claims the entire amount used for purchase of annuity.
- Annuity with Life with Return of Purchase Price on diagnosis of Critical Illness: In this plan, the NPS subscriber can claim the entire amount for annuity purchase for medical treatment if diagnosed with a Critical Illness. If no illness is diagnosed, upon death of the annuitant, the nominee or legal heir claims the entire amount used for purchase of annuity.
- Joint-Life Annuity to secondary annuitant with Return of Purchase Price: In this plan, the NPS subscriber continues to receive pension till the time any unfortunate event, such as death occurs. Upon death of the annuitant, annuitant’s spouse starts to receive pension. Post his/her death, nominee or legal heir claims the entire amount used for purchase of annuity.
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