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Retirement Planning Questions

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What are rules for withdrawal under NPS?

March 16, 2016 PolicyAdvisor 0

When you are 60 years old, that is normal retirement age or NRA, you must annuitize (buy annuities for) 40% of your pension wealth. The […]

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If the subscriber dies before 60 years, who will receive benefits?

March 16, 2016 PolicyAdvisor 0

On the subscriber’s unexpected death, 100% of the accumulated pension is paid to the nominee or legal heir of the subscriber. There is no annuity […]

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Suppose I retire before 60 years and stop contributing. What happens?

March 16, 2016 PolicyAdvisor 0

In this case, at least 80% of your accumulated pension must be used to buy annuities, with the balance being paid to you as a […]

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What are the rules for withdrawal of pension funds when I am 60 years old?

March 16, 2016 PolicyAdvisor 0

You must use at least 40% of your accumulated pension to buy annuities. The balance can be received as a lump sum benefit. RETIREMENT PLANNING […]

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Are there income tax benefits under NPS?

March 16, 2016 PolicyAdvisor 0

Yes. Employed individuals are eligible for a tax deduction of up to 10% of salary (basic + DA) under Sec 80CCD(1) of the Income Tax […]

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Can nominees be changed after registration? Are there charges?

March 16, 2016 PolicyAdvisor 0

Yes. Nominees in your NPS Tier I account can be changed whenever you want after you receive your PRAN. Nominations made at the time of […]

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Who can be a nominee?

March 16, 2016 PolicyAdvisor 0

Only individuals are eligible to be nominees. An NPS subscriber can nominate up to three nominees. Nominee details cannot be repeated more than once. The […]

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Does NPS offer nomination facilities?

March 16, 2016 PolicyAdvisor 0

Yes, a nominee must be appointed at the time of account opening with the NPS via the prescribed form. You can appoint up to three […]

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What subscriber schemes are available?

March 16, 2016 PolicyAdvisor 0

There are two subscriber investment schemes by the NPS: Active choice where the individual can decide on which asset classes to invest and the amount […]

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Who are the pension fund managers for NPS?

March 16, 2016 PolicyAdvisor 0

The NPS has eight pension fund managers. These are: ICICI Prudential Pension Fund, LIC Pension Fund, Kotak Mahindra Pension Fund, Reliance Capital Pension Fund, SBI […]

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