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List of Annuity Service Provider enrolled under NPS

At the time of exit from NPS for reasons other than death of the subscriber, the subscriber is required to purchase an annuity providing for a monthly pension to the subscriber from an Annuity Service Provider empanelled with PFRDA. In Indian context, annuities in simple terms, are financial instruments which offer a monthly/quarterly/annual pension at a guaranteed rate for the period you choose for a given purchase price.

Annuity Service Providers are IRDA licensed and regulated Life Insurance companies, transacting annuity business in India and who are empanelled by PFRDA for servicing the annuity requirements of the NPS subscribers.

 

Functions of ASPs

  • To provide Annuity services to the NPS subscribers at the time of superannuation/ annuitisation through National Pension System as per option exercised by the subscriber.
  • To receive grievances from NPS subscribers during the purchase of annuity and post purchase of annuity related to the servicing of annuity services and redressal of the grievances.

The ASP’s are prudentially regulated and monitored by Insurance Regulatory and Development Authority (IRDA). Under National Pension System (NPS), the subscriber has the option to choose the type of Annuity and the Annuity Service provider. The subscriber may choose the annuity type/scheme basing on his requirements from amongst the available schemes offered by the respective ASP’s.

Purchase annuity online: At the time of withdrawal from NPS, the subscriber will have an option to purchase annuity online. The following online facilities will be given to the subscribers:

  • Selection of Annuity Service Provider (ASP) – the subscriber can choose from the list of selected ASPs.
  • Selection of annuity scheme – the subscriber will have an option to choose from the annuity schemes available.
    • Option to change ASP & scheme (if already registered) before attaining retirement age
    • The entire transfer of amount between NPS System and ASP will take place without any manual intervention.