ICICI Pension Funds Management Company on February 20 announced the launch of \u2018ICICI PF NPS Swasthya Equity Plus\u2019, a new pension scheme under the National Pension System (NPS), structured as a proof of concept under the Pension Fund Regulatory and Development Authority\u2019s (PFRDA) regulatory sandbox framework.<\/p>\n
The scheme allows subscribers to withdraw up to 25% of their own contributions for medical expenses incurred across the Apollo network through the Apollo 24|7 platform, while the remaining corpus continues to be invested for retirement.
\n<\/p>\n
\nIt has been developed in partnership with Apollo HealthCo Limited and KFin Technologies Limited.
Under the structure, 70% to 100% of the corpus will be invested in equities, up to 30% in debt instruments and up to 10% in money market instruments. The first partial withdrawal is permitted after a minimum accumulation of \u20b950,000, and there is no cap on the number of partial withdrawals, subject to the 25% limit of the subscriber\u2019s own contributions.<\/p>\n
An emergency exit provision allows withdrawal of up to 100% of the total corpus if medical expenses exceed 70% of the accumulated amount.<\/p>\n
Withdrawals will be authenticated via OTP and disbursed directly to the Apollo network through KFintech, which acts as the Central Recordkeeping Agency for the scheme. Subscribers are required to maintain a regular NPS account alongside the Swasthya account, in line with PFRDA regulations.<\/p>\n
The scheme also provides access to healthcare-related benefits such as discounts on pharmacy purchases, diagnostics, consultations and hospital services within the Apollo network, subject to terms and availability.<\/p>\n
ICICI Pension Funds said the product is being offered under the PFRDA\u2019s sandbox framework and is not a regular NPS scheme. As a market-linked product, returns will depend on net asset value movements, and there is no assurance of guaranteed returns. Total charges are capped at 0.30% of assets under management per annum, as defined by PFRDA.<\/p>\n","protected":false},"excerpt":{"rendered":"ICICI Pension Funds Management Company on February 20 announced the launch of \u2018ICICI PF NPS Swasthya Equity Plus\u2019,…\n","protected":false},"author":2,"featured_media":488642,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[196559,45,49,48,133,196557,196556,196560,35403,196561,131,132,196558,196562],"class_list":{"0":"post-488641","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-apollo-healthco-partnership","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-finance","13":"tag-icici-pension-funds","14":"tag-icici-pf-nps-swasthya-equity-plus","15":"tag-kfin-technologies","16":"tag-national-pension-system","17":"tag-nps-medical-withdrawal","18":"tag-personal-finance","19":"tag-personalfinance","20":"tag-pfrda-regulatory-sandbox","21":"tag-retirement-investment-scheme"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/488641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=488641"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/488641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/488642"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=488641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=488641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=488641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}