Annuity in the context of NPS refers to the monthly payment that will be received by the subscriber from the Annuity Service Provider after his exit from NPS. Annuity Service Provider is an IRDA registered insurance company empanelled by PFRDA for providing of Annuity Services to NPS subscribers upon their exit from the system. ASPs will be responsible for managing the funds (allocated for buying annuity) and payment of the pension after a subscriber attains the age of 60. Pension Fund Regulatory and Development Authority (PFRDA) has empanelled seven IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).
At present seven ASPs are providing the Annuity services to NPS Subscribers. The ASPs are as follows:
The contact details of the ASPs is available at https://www.npscra.nsdl.co.in/annuity-service-providers.php
The different type of Annuity options are: