a. For the purpose of education of subscriber, treatment of specified illnesses, disability more than 75%, or the reasons as may be specified by PFRDA in the interest of the minor subscriber under the regulations, the guardian shall be allowed to partially withdraw upto 25% of subscribers’ contribution excluding returns thereon after minimum 3 years from the date of opening of account, for maximum three times till the subscriber attains 18 years of age. Such a facility shall be made available on a declaration basis.
b. In the case of the death of the minor subscriber, the entire accumulated pension wealth is to be paid to the guardian.
In case of the death of the guardian registered under the account, another guardian is to be registered on behalf of the minor subscriber by submitting the KYC documents as specified by the PFRDA from time to time.
d. In case of the death of both parents, the legally appointed guardian may continue the account with or without making contributions to the account, and upon attainment of 18 years of age by the subscriber, the subscriber shall have an option to continue or exit from the scheme.
e. The subscriber shall be allowed to exit only upon attainment of age of 18 years. On such exit, at least eighty per cent of the accumulated pension wealth available in the account shall be utilised for the purchase of annuity, and the remaining balance shall be paid in a lump sum. In case the accumulated pension wealth available in the account is equal to or less than two lakh fifty thousand, or purchase of annuity is not available from empanelled Annuity Service Providers (‘ASPs’), the subscriber shall have the option to withdraw the entire accumulated pension wealth.
f. The exits and withdrawals under the scheme shall be governed by the provisions of the Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pensions System) Regulations, 2015 and amendments thereof.
