Annuity Scheme News Today

The state government had tabled supplementary demands worth Rs 55, 520.77 crore in the winter Maharashtra budget session last year.

Currently, it is mandatory for an NPS subscriber retiring at 60 to buy at least 40 per cent of the total accumulated corpus to purchase an annuity plan from life insurers at the time of maturity.

The accumulated pension wealth will be paid to the deceased subscribers family members on the basis of a legal heir certificate issued by the States Revenue Department or a succession certificate issued by a court of competent jurisdiction.