What is annuity? Who is the Annuity Service Provider? What are the ASPs appointed by PFRDA?

NATIONAL PENSION SYSTEM
What is annuity? Who is the Annuity Service Provider? What are the ASPs appointed by PFRDA?

Annuity in the context of NPS refers to the monthly payment that will be received by the subscriber from the Annuity Service Provider after his exit from NPS. Annuity Service Provider is an IRDA registered insurance company empanelled by PFRDA for providing of Annuity Services to NPS subscribers upon their exit from the system. ASPs will be responsible for managing the funds (allocated for buying annuity) and payment of the pension after a subscriber attains the age of 60. Pension Fund Regulatory and Development Authority (PFRDA) has empanelled the following seven IRDA approved life insurance companies for providing annuity services to the subscribers of National Pension System (NPS).  Life Insurance Corporation of India  SBI Life Insurance Co. Ltd.  ICICI Prudential Life Insurance Co. Ltd.  Bajaj Allianz Life Insurance Co. Ltd.  Star Union Dai-ichi Life Insurance Co. Ltd.  Reliance Life Insurance Co. Ltd.  HDFC Standard life insurance co ltd
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