Mon. Feb 17th, 2025

NPS Scheme New Rule: Big change made in the process of e-nomination, what will be the effect on the account holder? – nps scheme new rule e nomination process has been changes check details here



New Delhi. Pension regulators PFRDA and IRDAI keep changing the rules from time to time in favor of those investing in NPS. Now the process of e-nomination has been changed for employees of government and private companies. According to the new rule, the nodal officer can now approve or reject your application. If the Nodal Officer does not take action on your e-nomination application within 30 days, the application will go to the Central Recordkeeping Agency.

From here the application will be automatically accepted. Let us tell you that this rule is applicable from October 1, 2022. Earlier, IRDAI had abolished the process of filling a separate form for taking annuity at the time of maturity. In August, PFRDA had issued an order ending the facility of contribution to NPS through credit card for NPS account holders in Tier 2 cities.

Also read- How to prepare your portfolio amidst the threat of rising inflation and recession? Where would it be beneficial to invest money?

Nominee will not change after the death of the subscriber
In the circular issued on October 22, PFRDA said that after the death of the account holder, the amendment made in the name of the nominee using his log-in information will not be valid. According to the insurance regulator, the nominee can be selected only by the subscribers. If there is any change in it after the death of the account holder, it will be declared invalid and the money will be given only to the already registered nominee. If the account holder has not filed any nominee, the funds will be given to his legal heir.

Nominee recorded in employer’s records
In case of Government Sector Subscribers covered under Regulation 3 (c) and Corporate Subscribers covered under Regulation 4 (c) die without a valid nominee, the records of the employee held with the employer will be considered. If any nominee is found there then only he/she will be considered as the nominee for NPS. After this all the benefits will be transferred to him.

digital life certificate
The account holder receiving pension through NPS has to submit life certificate every year. You can now also submit Digital Life Certificate online using Jeevan Praman Service. Along with this, the insurance regulator has directed all insurance companies to accept life certificates verified with Aadhaar.

Tags: Life certificate for pensioners, National pension, Online business, Pension scheme


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