Pension is a life policy which can benefit you in many ways & in India NSP, National Pension System can be applicable, today know How to Apply for Old Age Pension in India by NPS Step by Step Guide and gain the benefit of free pension in your old age times by Government. To know in short, NSP is a Free Scheme through which you can apply for Pension and can have a little amount monthly directly in your bank for livelihood.
In India, the Pension regulator was started in 2003. The National Pension System (NPS) is regulating and administering this. Pension regulator is guaranteed by the Government of India. All the Indian citizens are eligible for Old Age Pension under National Pension Scheme through NPS.
How to Apply for Old Age Pension in India by NPS Step by Step Guide you need to know
What is Pension? Definition of Pension:
“There are different type of Pensions but here we are talking about Social and state pensions were many countries have created funds for their citizens and residents to provide income when they retire (or in some cases become disabled). Typically this requires payments throughout the citizen’s working life in order to qualify for benefits later on. A basic state pension is a “contribution based” benefit and depends on an individual’s contribution history.
Many countries have also put in place a “social pension”. These are regular, tax-funded non-contributory cash transfers paid to older people. Over 80 countries have social pensions. Some are universal benefits, given to all older people regardless of income, assets or employment record.
Examples of universal pensions include New Zealand Superannuation and the Basic Retirement Pension of Mauritius. Most social pensions, though, are means-tested, such as Supplemental Security Income in the United States of America or the “older person’s grant” in South Africa”.- Wikipedia
Samething is happening in India under NSP commission where the pension is provided to Senior Citez through which Grand Maas & Grand Paas can get a little amount that gets directly deposited in Bank account so they can use it for their living.
Steps to Apply for Senior Citizen Pension through NSP Government India:
One should have the Mobile number, email ID and an active Bank account with net Banking facility enabled. In case, an applicant selects to open the individual pension account with PAN, the activation of the PRAN is subject to KYC verification by the empanelled POP (name and address should match with POP record) selected by the applicant during the registration process.
How to Apply for Pension using Aadhaar Card through NSP-
- Visit the official website of NPS portal at- eNPS – National Pension System (nsdl.com)
- Scroll down and click on “National pension system” then again scroll down and click on “Registration button”
- Fill up your details and enter Aadhaar registered mobile number there
- Opening of Individual Pension Account under NPS (only Tier I / Tier I & Tier II) by All Indian Citizens (including NRIs) between 18 – 65 years so we suggest you to Choose Tire 1 & Tire 2 option
- You’ll get an OTP on the entered mobile number, submit it and click continue.
- Now, Upload your scanned Signature and Photo in online form and click continue.
- After you upload the form you’ll be redirected to the payment gateway for initial contribution towards your account. The minimum amount is 500, which you can pay by Debit Card/ Credit Card or net banking
- A Permanent Retirement Account Number (PRAN) will be assigned to you. After which within a few days you’ll receive a welcome kit from PFRDA which will have a PRAN Card, IPIN. TPIN and scheme details
- Take a print of the online form you filled, affix your photocopy and sign in the given space. You must submit it to the CRA.
NOTE– If you’re unable to proceed after dicking to continue after entering Aadhar details! This is due to your mobile number isn’t linked with aadhaar. Although you can also try with your PAN Card. If still an issue is persisting. Go to your nearest Aadhar Enrollment Centre and register your mobile number with your aadhaar and then proceed because to apply for senior citizen pension by NSP it is must to have Aadhaar.
If you have grandparents or a senior citizen with legal documents and everything that is needed to apply so you can surely apply for it or can teach your Grandparents how to apply or can apply yourself for them. This Guide is posted with intention to help who feel stucked so we request not to misuse it anytime.
-Thanks for Reading.