the maximum age of joining NPS in the private sector i.e. under All Citizen Model and Corporate Model have been increased to 65 years from 60 years. The subscriber joining the NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as is available under the NPS for subscribers joining the NPS before the age of 60 years.
The asset allocation as is applicable to the subscribers beyond the age of 55 years in the Life Cycle Fund will be applicable for those joining after 60 years.
The Exit condition for subscribers joining the NPS beyond the age of 60 years in the NPS-Private Sector will be as follows;
Normal Exit: The subscriber exiting after completion of 3 years from the date of joining the NPS. The subscriber will be required to annuitize at least 40 percent of the Corpus for purchase of annuity and the remaining corpus can be withdrawn in lump sum. In case the accumulated corpus at the time of exit is equal or less than Rs.2 lakh, the subscriber will have the option to withdraw the entire corpus in lump sum.
Premature Exit: Any exit before completion of3 years will be treated as premature exit. In such case, the subscriber will be required to annuitize atleast 80 percent of the corpus for purchase of annuity and the remaining corpus can be withdrawn in lump sum. In case, the accumulated corpus at the time of exit is equal or less than Rs.1 lakh, the subscriber will have the option to withdraw the entire corpus in lump sum.
Exit due to the death of the subscriber: The entire corpus shall be payable to the nominee of the subscriber.
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