Does NPS have default annuity and ASP?

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Yes. Life Insurance Corporation (LIC) is the default annuity service provider. The default annuity scheme offers annuity for life with option of 100% of the annuity payable to spouse on death of subscriber. Under this option, monthly annuity payment ceases on the death of annuitant and spouse, or after annuitant’s death if spouse dies before the annuitant without return of purchase price. This option is provided by default and subscribers are expected to choose the option suitable to them after they compare retirement insurance.