PFRDA introduces NPS-Lite Scheme, pension scheme for poor

Pension Fund Regulatory and Development Authority (PFRDA) has introduced NPS-Lite which specifically targets the economically disadvantages sections of society. NPS-Lite expects to build a corpus sufficient enough to buy an annuity for their old age. Earlier PFRDA had extended New Pension System (NPS) to all citizens of India with effect from 1st May, 2009. The NPS system has failed to take off due to lack of incentives for marketing.

“Swavalamban Scheme” of Govt. of India, which grants an incentive of Rs.1000 to all eligible NPS accounts shall be available to all NPS-Lite account holders as well, if they meet the prescribed criteria.

NPS-Lite works on a “group” model and shall be available through “Aggregators” appointed by PFRDA. It also aims at harnessing the outreach and capacity of the Government operated schemes, NGOs, MFIs, NBFCs etc. in targeting and servicing the old age savings needs of low income workers.

“Andhra Pradesh Building and Other Construction Workers Welfare Board” has already been appointed as an aggregator under NPS-Lite for making NPS available to its more than a million potential member base.

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10 Comments

  1. Uttam Kumar

    Dear Sir, Pl. Provide NPS ( Lite ) full details & acount opening center in Lucknow, Uttar Pradesh

  2. DHIRAJ KAHHADIYA

    Dear respected sir, kindly provide NPS ( Lite) full details & account opening center i surat, Gujarat.

  3. chandan sharma

    sir, please give me a complete details, i m intrested to invest nps please tell me .

  4. digambar

    sir.
    i am intrested to invest in pention sceme NPS.but i dont know how can apply?where? Please tell me in detail

  5. abdul razzak

    Dear Sir / Madam,

    I m interested in NPS Lite 2011 Scheme and i want to know the complete details of this scheme.
    So kindly please mail me the same at the earliest.

    Awaiting for reply.

    Warm Regards,

    Abdul Razzak

  6. Digvijay

    Guys,

    the New pension Scheme is useless. Unless, your company or govt is contributing to a part of it, you should not take it up. Instead use that same money to buy insurance based mutual fund and I will recommended LIC ULIS (I am not a MF sales man). If you meet unfortunate death, your family will get insurance and the market value.

    I admit that the charges for ULIS will be more. At the same time, they are giving at least 11% returns on an average.

    Why block your money with govt? They will anyway tax your returns. Also, they will play around with the public money for free. Remember UTI US 64? The problem with NPS is that, if it is your contribution alone, you will get stuck in a low return scheme and your money will be at the mercy of govt whims and fancies.

    And people asking for NPS Lite, it is for poor people.

  7. md.haider azam

    sir i request to kindly inform detail of pfrda plain with all branches of delhi

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