Subscribers who have joined NPS between 18-60 years
Category
Unfortunate Death of Subscriber (Before 60 years or age of Superannuation)
Limit for withdrawal of entire corpus as lump sum
Rs.5.00 Lakh on the date of death of the subscriber
Government Sector
- If the corpus on the date of death of the subscriber is equal to or less than Rs.5.00 Lakh, the entire corpus is payable as lump sum to the nominees/legal heirs as the case may be.
- If the corpus on the date of death of the subscriber is higher than Rs.5.00 lakh, at least 80% of the corpus of the subscriber has to be utilized for purchase of Default Annuity by dependent family members (spouse, mother & father) and balance 20% is paid as lump sum to the nominees/legal heirs as the case may be.
- In case none of the dependent family members (spouse, mother & father) are alive, 20% of the corpus of the subscriber is paid as lump sum to the nominees/legal heirs as the case may be. The balance corpus i.e. 80% is payable to the surviving children of the subscriber or to the legal heirs, as the case may be.
Non - Government Sector
The entire corpus of the subscriber irrespective of the limit of Rs.5.00 Lakh is payable to the nominees or legal heirs as the case may be.
Subscribers who have joined NPS after 60 years
Category
Unfortunate Death of Subscriber
Limit for withdrawal of entire corpus as lump sum
NIL
Non - Government Sector
The entire corpus of the subscriber is payable to the nominees or legal heirs as the case may be.