PFRDA’s Swasthya Pension Scheme: The Pension Fund Regulatory and Development Authority (PFRDA) has launched a new and very useful scheme called the NPS Swasthya Pension Scheme. The purpose of this scheme is to provide financial assistance to individuals for medical expenses.
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NPS Swasthya Pension Scheme Details: Expensive treatment and rising medical expenses have become a major concern for every family today. Keeping this problem in mind, the Pension Fund Regulatory and Development Authority (PFRDA) has launched a new and very useful scheme called the NPS Swasthya Pension Scheme. The purpose of this scheme is to provide financial assistance to individuals for medical expenses, so that they don’t have to worry about money when going to the hospital.
What is the NPS Health Pension Scheme?
The NPS Health Pension Scheme is a voluntary and contribution-based scheme. Deposits can be used for outdoor (OPD) and indoor (Hospital Admission) treatment as needed. This means you deposit money, the money will be invested, and you can withdraw the funds from the same funds during treatment.
How will the scheme be implemented?
According to the PFRDA, this scheme has been introduced as a special sector scheme under the NPS and will operate under the Multiple Scheme Framework (MSF). Currently, it will be implemented as a proof-of-concept (PoC) for a limited period under the regulatory sandbox framework. This means it will be tested first, and then a further decision will be made.
Who can benefit from this scheme?
- Any Indian citizen can join this scheme.
- If you don’t already have a Common Scheme account, one will be automatically opened.
- People from both the government and private sectors are eligible if they are enrolled in NPS.
Scheme charges and fees
The fees and charges for this scheme will be determined by MSF. All charges will be completely transparent, including those related to the Health Benefits Administrator (HBA). This means there will be no hidden costs. There is no strict minimum or maximum limit for this scheme. You can contribute as per your convenience, and the money will be invested in accordance with the existing NPS investment rules.
Who can transfer funds from the common scheme account?
If you are 40 years of age or older, you can transfer up to 30% of your or your employer’s contribution from the common scheme account to the NPS health pension account. This facility will not be available to government and PSU employees.
How much money can you withdraw for treatment?
You can withdraw up to 25% of your deposit. There is no limit on the number of withdrawals and no waiting period. However, a minimum balance of ₹50,000 must be maintained in the account for the first withdrawal. You can withdraw the entire amount in case of serious illness.
