Exclusive: NPS products to be sold in offices of life insurance companies SOON, sources say - check details

After the outbreak of the coronavirus pandemic, the demand for a pension scheme is gaining traction rapidly in the country and the central government has also shown its willingness to give pension cover to a greater number of people through the Atal Pension Scheme (APS).

The process of opening National Pension System (NPS) account has been simplified in the last one year. And soon the sale of NPS products will be seen in the offices of life insurance companies. As per the information, after the approval of the individual agents of the pension regulator, there will be opportunities for NPS agents on the lines of insurance and mutual fund agents.

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According to sources, the life insurance companies will sell NPS products as distributors. Also, life insurance companies will be on the lines of Point of Presence (POP).

There will also be individual agents selling NPS products. Pension Fund Regulatory and Development Authority (PFRDA) has approved individual NPS agents. The aim is to maximize the reach of NPS.

Existing insurance agents will also have a chance to become an NPS agents and rules related to the commission of individual agents will be released soon.