National Pension Scheme For Traders And Self Employed Persons

Under the Scheme, a minimum monthly assured pension of Rs. 3000/- will commence after the beneficiary attains the age of 60 years.

Under the scheme, the beneficiary may visit the nearest Common Service Centre and get enrolled in the scheme using her/his Aadhar number and savings bank account/Jan-Dhan account number on self-certification basis. Nearest Common Service Centres (CSCs) can be located at locator.csccloud.in/.

No, Self-Certification and age as in Aadhaar card will be the basis for enrollment. However, any change of date of birth will not be allowed later.

Exit provisions are as under: in case an eligible beneficiary exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then his share of contribution only will be returned to him with savings bank rate of interest payable thereon. if an eligible beneficiary exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher if an eligible beneficiary has given regular contributions and died due to any cause, her/his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such beneficiary along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher in case of exit on account of clauses (i), (ii) and (iii) above, the accumulated share of Government's contribution shall be credited back to the Pension Fund any other exit provision, including nomination, as may be decided by the Central Government by issuing instructions from time to time. after death of beneficiary and his or her spouse, the corpus shall be credited back to the fund;

The scheme is being implemented through LIC and CSCs. LIC is the pension fund manager and also responsible for pension pay out.

Yes. Monthly subscription shall be automatically debited on a fixed date of every month from her/his linked savings account. Only, first subscription will be paid in cash for which receipt will be provided by concerned CSCs/VLEs.

There is no administrative cost to the beneficiary as it is a Social Security Scheme of the Government of India. The enrollment under the Scheme is free for beneficiaries.

Yes, there is a provision for family pension under the scheme. It is applicable only to the spouse of the beneficiary. If the beneficiary dies, after the pension has commenced, the spouse of the beneficiary shall be entitled to receive 50 % of the pension.

If the payment of subscription has been stopped or delayed, the beneficiary can revive the scheme after paying the outstanding subscription with a nominal interest as decided by the Government.