What are the guidelines for the withdrawal of a deceased Subscriber?
1) As per the Pension Fund Regulatory and Development Authority (PFRDA), (Exits & Withdrawals under NPS) Regulations 2015 and Amendments, in case of the unfortunate event of death of an NPS Subscriber under the Non-Government sector, the entire accumulated pension wealth of the Subscriber (100% NPS Corpus) shall be paid to the nominee(s) or legal heirs, as the case may be.
2) The nominee/legal heir of the deceased Subscriber shall have the option to purchase annuity to receive pension, if they so desire.
3) If the Subscriber has registered through the eNPS Portal of Protean CRA, the withdrawal form to be submitted on account of death of the Subscriber with the requisite documents, shall have to be submitted to NPS Trust. Once NPS Trust has verified the documents and approved the request, CRA shall further authorize the request for further processing.
What are the documents and procedure required for the Subscriber to exit NPS investment?
Documents required:
The Nominee/legal heir is required to submit a duly filled-up Death Withdrawal Form along with supporting documents such as Death Certificate of the deceased Subscriber, Legal Heir Certificate/succession certificate (in case legal heir is claiming NPS corpus), KYC Documents (of Nominee/legal heir), Bank Account Proof (of Nominee/Legal heir) etc. The Death Withdrawal Form contains a list of all the necessary paperwork. The Death Withdrawal Form can be easily downloaded from Protean CRA website www.npscra.nsdl.co.in
Whom to submit to:
The Nominee/Legal heir need to submit documents to the associated Point of Presence (POP) i.e. POP with which Subscriber’s PRAN was last mapped to.
Process:
On receipt of physical documents, the POP will verify the Form & supporting documents. After due diligence, POP will process the request in Protean CRA.
On processing of request in CRA, Lump sum corpus will be credited to the claimants’ bank account. Also, if claimant has opted for annuity, the details will be shared with the selected Annuity Service Provider for commencement of pension.
Is there a NPS form for death withdrawal? How can one access it?
The Withdrawal Form to be submitted on account of death of the Subscriber, can be easily downloaded from the Protean CRA website www.npscra.nsdl.co.in under the “Forms" section of a particular Sector to which the Subscriber belongs to.
How can one claim death benefits if no nominee is registered?
In case the nomination is not registered by the deceased Subscriber before his/her death or the existing registered nominee(s) is not valid as per the PFRDA Exit guidelines, the accumulated pension wealth shall be paid to the legal heirs/ family members, on the basis of the legal heir certificate issued by the competent authorities of the State concerned or the succession certificate issued by a court of competent jurisdiction.
