The National Pension System (NPS) is a government-regulated, voluntary retirement savings scheme that provides financial security during retirement. One of the key features of NPS is the NPS Assured Pension option, which guarantees a monthly pension for life.
NPS Assured Pension Eligibility
To be eligible for the NPS Assured Pension, you must meet the following criteria:
- Be an Indian citizen between the ages of 18 and 70 years
- Have a valid Permanent Retirement Account Number (PRAN) under the NPS
- Have contributed a minimum of ₹1,000 per year to your NPS account
- Have completed at least 10 years of continuous contributions to the NPS
Additionally, Hindu Undivided Families (HUFs) and Persons of Indian Origin (PIOs) are not eligible for the NPS Assured Pension scheme .
Required Documents for NPS Assured Pension
To apply for the NPS Assured Pension, you will need to submit the following documents:
- Permanent Account Number (PAN) card
- Aadhaar card
- Address proof
- Identity proof
- Passport-sized photographs
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How to Apply for NPS Assured Pension
You can apply for the NPS Assured Pension through the following steps:
- Open an NPS account at an authorized Point of Presence (POP) or POP-Service Provider (POP-SP)
- Contribute a minimum of ₹1,000 per year to your NPS account for at least 10 years
- Upon reaching the age of 60 or retirement, you can opt for the NPS Assured Pension by submitting the required documents to your POP or POP-SP
- The Pension Fund Regulatory and Development Authority (PFRDA) will then process your application and initiate the monthly pension payments
The NPS Assured Pension provides a guaranteed monthly income for life, making it a valuable retirement planning tool. To learn more about the scheme and its benefits, visit the official PFRDA website at www.pfrda.org.in.