NPS e-nomination process to change from October 1
The pension regulator has recently revised the process flow of e-nomination for both government and corporate sector customers. As per the new process flow, the Nodal Office will have the option to accept or reject the one-time e-nomination request. If the Nodal Office does not initiate any action against the request within 30 days of its allotment, the request will be accepted in the Central Recordkeeping Agencies (CRA) system.
“The revised process flow will also be applicable to the existing e-nominations, which are still unauthorised,” PFRDA said in a circular last month.
The revised e-nomination process flow will be effective from October 1, 2022. An NPS subscriber is required to enroll in the prescribed form while signing up for the pension scheme.
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Changes in the process flow of e-enrolment for NPS subscribers with effect from October 1
No separate form to buy annuity plan on maturity
To ease the onboarding process for NPS investors, IRDAI has relaxed the requirement of submission of a separate offer form for purchasing annuity products on maturity. Earlier, NPS investors had to submit an exit form to PFRDA and a detailed proposal form to the life insurance company to buy an annuity plan to receive pension. From now on, the exit form of NPS will be treated as the offer form to buy annuity from life insurance companies.
Submission of Digital Life Certificate
The insurance regulator has also advised insurance companies to adopt Aadhaar-based authentication for verification of life certificates such as Jeevan Pramaan to ease the process for pensioners. Kanjeevaram Bardhwaj, Executive Vice President (Legal & Compliance) and Company Secretary, Future Generali India Life Insurance, said, “Since, under annuity policies, the annuity amount is payable only as long as the annuitant is alive, life insurers can provide annuity. certificate from the annuitant. IRDAI has now clarified that the signature on the survival certificate can be obtained through biometric based digital means.”
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NPS pension rules relaxed and digital life-certificate allowed
NPS Tier-2 account holders cannot contribute through credit card
NPS Tier-2 account holders are no longer allowed to contribute through credit cards with effect from August 3, 2022. “The authority has decided to stop the facility of payment of membership/contribution using credit cards as the mode of payment in Tier-II. PFRDA in a circular last month said that all POPs are advised that They should stop accepting credit cards as the mode of payment for Tier-II account of NPS with immediate effect.
Note that payment by credit card option is still available for NPS Tier-1 account holders.
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You can no longer contribute to NPS Tier II accounts using a credit card