PFRDA to roll out NPS Swasthya pension scheme in 60-70 days

The Pension Fund Regulatory and Development Authority (PFRDA) will roll out the NPS Swasthya Pension Scheme in the next 60-70 days, PTI reported.

"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," PTI reported, quoting PFRDA Chairman S. Ramann.

What is NPS Swasthya?

Ramann said pension funds will partner with insurance companies to offer the top-up health insurance to National Pension System (NPS) subscribers.

Pilot launch with Aditya Birla Health Insurance

Aditya Birla Health Insurance Co. Ltd. has been selected as the first service provider for the scheme, while more insurers are expected to join later.

The regulator had earlier said in a January circular that the scheme would initially be launched by a pension fund as a proof of concept in collaboration with the Central Recordkeeping Agency and a Health Benefit Administrator (HBA) or Third Party Administrator (TPA).

Open to all NPS subscribers

The NPS Swasthya scheme will be available to all categories of NPS subscribers.

The regulator also said that fees under the scheme will be governed by the Multiple Scheme Framework (MSF) and will be disclosed transparently. These charges will include payments made to the Health Benefit Administrator.