Subscribers who have joined NPS between 18-60 years
Category
Death of Subscriber (Before 60 years or age of Superannuation)
Limit for withdrawal of entire corpus as lump sum₹ 8 Lakh on the date of death of the subscriber
Government Sector
If APW ≤ ₹8 Lakh: The entire APW of the specific account is payable as lump sum to the nominees/legal heirs as the case may be. The nominee(s)/legal heir(s) can also choose to avail periodic payouts in the form of SLW or SUR.
If ₹8 Lakh < APW ≤ ₹12 Lakh: In such cases the nominee(s)/legal heir(s) as the case may be shall have an option to withdraw an amount not exceeding ₹6 lakh in lump sum or can avail periodic payouts in the form of SLW or SUR. The balance APW shall be utilized to avail periodic payouts in the form of SUR for at least 6 years or for purchase of annuity.
If APW > ₹12 Lakh: At least 80% of the APW of the subscriber has to be utilized for purchase of Default Annuity by family members (spouse, mother & father in that order) and balance 20% of the APW shall be paid as lump sum or through periodic payouts in the form of SLW or SUR to the nominees/legal heirs as the case may be.
In case none of the eligible family members (Spouse, mother or father) are alive, the amount which was to be utilised for the purchase of annuity shall be returned to the surviving children of the subscriber and in the absence of children, to the legal heir(s) of the subscriber, as the case may be.
Non-Government Sector
The entire APW of the subscriber irrespective of the limit of ₹8 Lakh is payable to the nominees or legal heirs as the case may be.
The nominees or legal heir(s) as the case may be shall have an option to avail periodic payouts in the form of SLW or SUR or purchase an annuity.
Subscribers who have joined NPS after 60 years
Category
Death of Subscriber
Limit for withdrawal of entire corpus as lump sum
NIL
Non-Government Sector
The entire APW of the subscriber is payable to the nominees or legal heirs as the case may be.