Soon, NPS products to be sold in life insurance companies: Sources | Personal Finance News

New Delhi: The COVID-19 Pandemic has changed our viewpoint towards the pension system. The pandemic has deepened the need to have a back-up plan that takes care of our old age. It is in this backdrop that National Pension System (NPS) has emerged as one of the most preferred choice for people needing a contingency plan.

The demand for a pension scheme has gained a lot of momentum with government too focusing on Atal Pension Scheme (APS) for a wider reach. In the last one year, the process of opening National Pension System (NPS) account has been made much simpler. And as per Zee Business sources, soon NPS products will be sold in the life insurance companies. This means that individual agents could sell NPS products as they sell life insurance products.

Sources further added that after NPS agents also get the same opportunities on the lines of insurance and mutual fund agents once they get a go-ahead from the insurance regulator. Sources further added that life insurance companies will sell NPS products as distributors and they will will be on the lines of Point of Presence (POP).

Who can open National Pension System (NPS) Account?

Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years (as on the date of submission of NPS application) can join NPS. Although, opening multiple NPS accounts for an individual is not allowed under NPS, an Individual can have one account in NPS and another account in Atal Pension Yojna.

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