PFRDA said, as coronavirus is declared pandemic by the government of India, a decision has been taken to declare coronavirus as a dangerous disease and life threatening in nature.
For covering expenses related to the treatment of coronavirus, National Pension Scheme (NPS) subscribers will now be allowed partial withdrawal, The Pension Fund Regulatory and Development Authority of India (PFRDA) has said.
According to PFRDA, as coronavirus is declared a pandemic by the government of India, a decision has been taken to declare coronavirus as dangerous and life threatening in nature.
The treatment of the illness of the subscriber, his spouse, children, including a legally adopted child or dependent parents, partial withdrawal will be allowed to. NPS other rules will remain the same.
Things to know about NPS' partial withdrawal
Under the specific situation, the NPS subscribers can make partial withdrawal after three years from the date of joining the system.
For several things, NPS’ partial withdrawal is allowed such as: education, marriage, construction of house and treatment of critical illness.
During the entire tenure of subscription under NPS, the subscriber can make a partial withdrawal a maximum of three times.
As on the date of application for withdrawal, the subscriber is allowed a maximum of 25 percent of partial withdrawal of the contributions made by him.
NPS subscribers can make online requests for partial withdrawal. Alternatively, the subscriber can also submit a physical partial withdrawal form along with documents to Point of Presence service providers, based on which POP can initiate an online request.The Nodal Office/PoPs/Aggregators would ensure that the subscriber has provided the medical certificate and formal request for partial withdrawal," the PFRDA said in case of treatment towards coronavirus.