Financial Education
Question #156
What are the provisions to settle the cases in the unfortunate death of the NPS subscriber during the service?
The entire accumulated pension wealth of the subscriber shall be paid to the nominee or nominees or legal heirs, as the case may be of such subscriber. Further the nominee or family members 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, else the entire accumulated pension wealthof the subscriber shall be paid ti the nominee's or nominees' or legal heirs' Retirement Account. 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 complement authorities of the State Concrened or the succession certificate by a court of completent jurisdiction.
Found this helpful? Share with others!