NPS Rule Change: The Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory Development Authority (PFRDA) periodically take action to safeguard the interests of those who invest in the National Pension System.
PFRDA and IRDAI have both modified the rules in response to this. In this case, if you also invest in NPS for retirement, you should be aware of the recently modified PFRDA and IRDAI laws.
Revised guidelines for NPS nomination
The pension regulator revised the e-nomination procedure for workers in public and private companies. The nodal officer will now have the authority to accept or reject your application in accordance with the new rule. At the same time, your application will automatically be submitted to the Central Recordkeeping Agency (CRA) and accepted if the Nodal Officer does not act on it for 30 days. As of October 1, 2022, this regulation is in force.
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For annuity on maturity, no separate form will be required.
RRDAI regularly relaxes the rules in an effort to make investment in NPS simpler. RRDAI recently did away with the separate form-filling procedure for obtaining an annuity at maturity.
Digital life certificate
Every year for the duration of their pension, each pensioner must submit a Life Certificate to the Pension Authority. The Jeevan Praman service now allows for the online submission of digital life certificates. Additionally, the insurance regulator has mandated the adoption of Aadhaar-verified life certificates by all insurers.
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Contribution using a Credit Card to NPS
NPS account users in Tier 2 cities will no longer be able to make contributions to NPS using credit cards as of August 3, 2022, according the PFRDA ruling. However, account holders from Tier 1 cities can still use this feature.
