NPS Scheme New Rule: Major changes made in the process of e-nomination, what will be the effect on the account holder?

New Delhi. Pension regulator 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 for 30 days, then the application will go to the Central Recordkeeping Agency.

From here the application will be accepted automatically. Please note that this rule is applicable from October 1, 2022. Earlier, RRDAI had done away with the process of filling a separate form for taking annuity at the time of maturity. In August, PFRDA had issued an order doing away with the facility of contribution to NPS through credit cards for NPS account holders in Tier 2 cities.

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Nominee will not change after the death of the subscriber
In a 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/her login information will not be valid. As per the insurance regulator, only the subscribers can choose the nominee. If there is any change after the death of the account holder then it will be declared invalid and the money will be given to the already registered nominee. If the account holder has not registered a nominee, the funds will be passed on to his legal heir.

Nominee recorded in employer’s record
In case of death of public sector subscribers covered under regulation 3(c) and corporate subscribers covered under regulation 4(c) without a valid nominee, the records of the employee with the employer shall be looked into. If a nominee is found there, then he or she will be considered as the nominee for NPS. After that 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 insurers to accept Aadhaar-verified life certificates.

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