National Pension System subscriber? Want to exit? Check the rules, here is how much money you can get

You can exit from the National Pension System (NPS) account normally at the age of 60 or superannuation. The NPS rules, however, also allow for early exit under certain conditions. If you want to exit from NPS before attaining the age of 60 years (irrespective of cause), you will have to use at least 80% of the accumulated pension wealth for purchase of an annuity providing for the monthly pension of the subscriber. The balance (20%) will be paid to you as a lump sum payment, according to NPS rules.In case, your total corpus is not exceeding Rs. 1 lakh, then you can withdraw the whole corpus in lumpsum. 

To exit from NPS, you must complete minimum 10 years of subscription. 

NPS exit at 60 or superannuation.

If you exit NPS at the age of 60 or superannuation then you will have to use at least 40% of the accumulated pension wealth for purchase of an annuity that will provide for the monthly pension. The balance 60 per cent will be paid as a lump sum to you. Budget 2019 proposed to impose no tax on the balance 60 per cent you can withdraw as a lump sum. 

In case your total corpus is not exceeding Rs. 2 lakh, then you can withdraw the whole corpus in lumpsum.

In the event of the death of the subscriber, the nominee/legal heir is allowed to withdraw the entire accumulated pension wealth (100%). The nominee will also get the option to purchase an annuity of the total corpus, depending on his/her choice. 

NPS is a government-backed pension scheme for the government as well as private sector and self-employed individuals in the country. Pension Fund Regulatory and Development Authority (PFRDA) regulates NPS.