NPS: How to file death claim if there is no nomination, know the answers to the important questions related to it

The purpose of National Pension System (NPS) is to help people save for retirement.

The purpose of the National Pension System (NPS) is to help people save for retirement. This removes the challenge of income after retirement to all the citizens of the country.

National Pension System (NPS) purpose of the people retirement (retirement) saving for (Savings) To give help. This removes the challenge of income after retirement to all the citizens of the country. NPS is a Voluntary Retirement Savings Plan aimed at subscribers (NPS Subscribers) To help you make better decisions about your future. It helps people to save continuously during their working life. As per PFRDA (Exit and Withdrawal under NPS) Regulations, 2015, in the event of death of the subscriber, the entire accumulated pension wealth of the subscriber (100 per cent NPS corpus) will be distributed to the nominee or legal heir of the subscriber.

If the nominee or legal heir wants to receive annuity (pension), he/she has to choose the annuity scheme on the annuity service provider (ASP) and death withdrawal form.

required documents

The nominee or claimant has to fill and submit the death withdrawal form completely. Along with this, the person will have to submit documents such as death certificate of the deceased subscriber, KYC documents, proof of bank account and other necessary documents.

Keep in mind that every nominee, claimant will be required to submit the withdrawal form. According to the information released on the NSDL website, where multiple nominees are registered in the CRA system, all the nominees registered in the CRA system will have to file a withdrawal form.

If there is no nomination in NPS

If the nomination of the deceased subscriber is not registered before his death, the amount of pension deposited will be paid to the member of his family on the basis of the certificate of legal heir issued by the Revenue Department of the State.

Let us tell you that mainly organized sector employees are associated with NPS. This includes employees of the Central and State Governments, autonomous bodies, employees of private companies and others. At the same time, the goal of Atal Pension Yojana is to bring the employees working mainly in the unorganized sector under the purview of the pension scheme.

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PFRDA has eased some of its rules to make the National Pension Scheme more attractive. The age of joining NPS has been increased from 65 to 70 years. Along with this, PFRDA has improved the rules of entry and exit in the NPS scheme.