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StaffCorner

06 May, 2012 05:23 PM

Six insurers picked for NPS annuity payment

Six insurers picked for NPS annuity payment Six life insurance companies have been chosen to provide annuities to the subscribers of the new pension system (NPS).

The six companies finalised by pension fund regulator, PFRDA, are Life Insurance Corporation of India (LIC), SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Star Union Dai-ichi Life Insurance and Reliance Life Insurance.

Under the provisions of NPS introduced in 2004, a maximum of 60 per cent of corpus accumulated at the time of exit, normally on attainment of 60 years of age, can be withdrawn, but a minimum of 40 per cent corpus has to be utilised for purchasing an annuity from one of the empanelled annuity service providers.




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