National Pension Scheme: PFRDA changes rules for death claims benefit-- Now nominees have to do THIS
Pension regulatory authority PFRDA issued a circular on January 6 regarding NPS death claims benefits. Continue reading to find out the detail.
NPS death claim new rule
![NPS death claim new rule NPS death claim new rule](https://english.cdn.zeenews.com/sites/default/files/2023/01/06/1138078-untitled-design-2023-01-06t120432.441.jpg)
According to the Pension Fund Regulatory and Development Authority (PFRDA), in the event that National Pension System (NPS) subscribers pass away, intermediaries may submit withdrawal claims using a video-based customer identification process (VCIP).
In the event of a subscriber's death, the complete accrued pension wealth of the subscriber (100 percent NPS Corpus) shall be given to the nominees or legal heirs as applicable, according to the PFRDA (Exits & Withdrawals under NPS) Regulations 2015 and revisions.
Documents required for NPS death claims
![Documents required for NPS death claims Documents required for NPS death claims](https://english.cdn.zeenews.com/sites/default/files/2023/01/06/1138070-untitled-design-2023-01-06t120117.703.jpg)
What is the new circular regarding NPS death claims?
![What is the new circular regarding NPS death claims? What is the new circular regarding NPS death claims?](https://english.cdn.zeenews.com/sites/default/files/2023/01/06/1138067-untitled-design-2023-01-06t115832.282.jpg)
The PFRDA indicated that video verification has been included as an additional layer to verify the nominee, claimant, and legal heir while clearing the withdrawal claims in the event of the untimely death of pension investors in a circular released on January 4, 2023. Through Aadhaar e-KYC, the credentials of the candidate can be found.
The regulator claimed that intermediaries have been requesting that VCIP be used so that withdrawal claims can be processed more quickly.
What old circular said regarding this?
![What old circular said regarding this? What old circular said regarding this?](https://english.cdn.zeenews.com/sites/default/files/2023/01/06/1138065-untitled-design-2023-01-06t115558.920.jpg)
How to get VCIP done?
![How to get VCIP done? How to get VCIP done?](https://english.cdn.zeenews.com/sites/default/files/2023/01/06/1138063-untitled-design-2023-01-06t115107.510.jpg)