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Annuities in NPS Simplified
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Vaishnavi Verma
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Blog Related Questions
What is annuity in NPS?An annuity in NPS refers to a financial product that provides a regular income stream to the subscriber after retirement. It's a key component of the National Pension System (NPS) where a portion of the accumulated corpus is used to purchase an annuity from an authorized insurance provider.
How annuity works in NPS?Upon retirement, a subscriber can utilize a part of their NPS corpus to purchase an annuity. The annuity provider then guarantees a regular income for the subscriber for a specified period or for the rest of their life, depending on the chosen annuity option. Annuity options include life annuity, joint life annuity, and various other combinations tailored to the subscriber's preferences.
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