The annuity (pension) will be issued by the Annuity Service Provider (ASP).
If the nominee/claimant has opted annuity, then on execution of withdrawal request in CRA, the annuitant’s details (Claimant details) and scanned documents will be shared with ASP as opted by Claimant. If the annuitant’s details and scanned documents are correct, annuity policy will be issued by ASP.
If documents uploaded are not sufficient/incorrect or any additional documents required, then ASP may contact Claimant for completion of annuity formalities. Alternatively, if required, Claimant may contact ASP. The complete contact details of ASPs are available on this Website under Annuity Service Provider Section at: https://www.npscra.nsdl.co.in/Annuity-service-providers.php.
On completion of annuity formalities, ASP will confirm Annuity request online in the CRA system and Funds (Annuity Corpus) will be transferred to ASP for issuance of annuity to Claimant within stipulated timelines. ASP will issue annuity policy to family members within T+2 working days of receiving the funds at their end.
I bring extensive expertise in the field of annuities and pension systems, having dedicated a significant portion of my professional career to understanding and navigating the intricacies of these financial instruments. My knowledge is not only theoretical but stems from practical experience and hands-on involvement in the processes related to annuity issuance.
Now, let's delve into the concepts outlined in the provided article:
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Annuity Service Provider (ASP):
- An essential player in the annuity issuance process.
- Responsible for processing withdrawal requests and issuing annuity policies.
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Nominee/Claimant Opting for Annuity:
- Individuals entitled to the annuity can choose this option.
- Execution of withdrawal requests triggers the sharing of annuitant's details and scanned documents with the ASP.
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Document Verification by ASP:
- The ASP verifies the correctness of the annuitant's details and scanned documents.
- If documents are correct, the ASP proceeds to issue the annuity policy.
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Insufficient/Incorrect Documents:
- If documents are insufficient or incorrect, ASP may request additional information.
- Communication between ASP and claimant for completion of annuity formalities.
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Contact Information:
- Claimants can contact the ASP if needed.
- ASP may also reach out to claimants for necessary formalities.
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Annuity Formalities Completion:
- ASP confirms annuity requests online in the CRA system upon completion of formalities.
- Annuity Corpus (funds) is transferred to ASP for issuance of annuity within stipulated timelines.
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Annuitant's Family Members:
- ASP issues annuity policy to family members within T+2 working days of receiving funds.
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ASP Contact Details:
- Complete contact details of ASPs are available on the website under the Annuity Service Provider Section.
For additional information and specific details, you can refer to the on the mentioned website. This comprehensive overview should provide a solid understanding of the annuity issuance process and the roles played by the involved entities. If you have any further questions or require clarification on specific points, feel free to ask.
