National Pension System: National Pension System is a voluntary pension scheme. Under this scheme, you deposit money every month. After this you get a huge amount at the time of retirement. In this scheme, the investor is required to invest continuously for at least 20 years. After investing till the age of 60, you will get its return. If an investor dies after taking the National Pension Scheme, money is given to his nominee. Only the nominee is entitled to take the NPS death claim.
It has been seen many times that the subscriber of NPS does not choose the nominee and he dies. In such a situation, the biggest question arises whether after the death of the subscriber, any other person can choose his nominee. On this matter, the Pension Fund Regulatory and Development Authority (PFRDA) has given some important rules related to NPS.
Can a nominee be added after the death of an NPS subscriber?
PFRDA has issued a circular on 22 October. In its notification, PFRDA said that only NPS subscribers can choose the nominee under the NPS scheme. In such a situation, as soon as the subscriber is alive, he can choose someone as a nominee. After this no such choice can be made.
What is the rule in case there is no nominee?
If the nominee is added after the death of the subscriber then it is completely invalid. If a person does not have a nominee, then in such a situation, there is a rule to give the money of the plan to the legal heirs of the subscribers. Along with this, the nominee of PF of people working in government and private sector can also get the claim of NPS.