PFRDA To Roll Out NPS Swasthya Pension Scheme in Next 60–70 Days

New Delhi: Pension Fund Regulatory and Development Authority (PFRDA) chairman S Ramann Tuesday said the regulator would roll out NPS Swasthya Pension Scheme, a bundled product of health insurance with pension in the next 60-70 days.

NPS Swasthya is basically bundling the concept of a dedicated pension account to be paid for medical purposes. There will be a top-up health insurance, which is going to be obtained by the pension fund on behalf of the NPS subscribers, he said at an event of PFRDA here.

The pension funds will tie up with the insurance companies to provide top-up health insurance.

“It was recently approved at the board meeting, and we should be able to roll it out in about 60 to 70 days, because it requires full integration at the back end,” he said.

Aditya Birla Health Insurance Co Ltd has been roped in as the first service provider and others may join the scheme soon.

Initially, it will be launched by a pension fund as a ‘proof of concept’ in collaboration with Central Recordkeeping Agency and Health Benefit Administrator/Third Party Administrator, the regulator had said in a circular in January, he said.

This is open to all categories of NPS subscribers, he added.

Fees and charges applicable under the scheme will be governed by the Multiple Scheme Framework (MSF) and shall be disclosed transparently. Such charges will include those payable to the Health Benefit Administrator (HBA).

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