NSC: On the death of the subscriber after investing the money in the scheme, the entire amount is returned to the nominee. According to the rule made by PFRDA, only the nominee is entitled to the money deposited in the NPA account.
National Pension System: After retirement, the government keeps on coming up with many schemes so that people do not have any shortage of money. National Pension System (NPS) is one such retirement scheme in which you get pension facility every month by investing lump sum money. Earlier this scheme was started only for government employees. But, from the year 2009 onwards, the government started the National Pension Scheme for private sector employees as well. This is a Voluntary Retirement Saving Plan.
After investing the money in the scheme, the entire amount is returned to the nominee on the death of the subscriber. According to the rule framed by PFRDA, only the nominee is entitled to the money deposited in the NPA account. But, there have been many cases where the subscriber has not filled the nominee in the account. Due to this, there may be a problem in withdrawing the money invested in NPS.
In the absence of nomination, the legal heir will get the claim
If an account holder dies before the nomination, in such a situation, his family or legal heir gets the money deposited in the account. For this the family will have to show the succession certificate. You have to submit this certificate to the revenue department of the state. After this the verification process will be completed. After this the amount deposited in the account will be handed over to the family.
Required documents-
-Death Certificate of the subscriber
-Aadhaar Card of the subscriber
-Aadhar card of nominee or successor
-Succession certificate
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