Daijiworld Media Network – New Delhi

New Delhi, Jul 3: The Pension Fund Regulatory and Development Authority (PFRDA) is set to launch the NPS Swasthya Pension Scheme within the next 60 to 70 days, offering National Pension System (NPS) subscribers a bundled pension and health insurance product.

PFRDA Chairman S Ramann said the scheme, recently approved by the regulator's board, will combine pension savings with top-up health insurance benefits.

"It was recently approved at the board meeting, and we should be able to roll it out in about 60 to 70 days, as it requires full integration at the back end," Ramann said.

Under the scheme, NPS subscribers will have a separate pension account earmarked for medical expenses while also receiving top-up health insurance coverage through partner insurance companies.

Aditya Birla Health Insurance will be the first insurer to join the initiative, with more insurance companies expected to come on board in the future.

The scheme will initially be launched as a proof of concept by a pension fund in collaboration with the Central Recordkeeping Agency (CRA) and the Health Benefit Administrator (HBA) or Third-Party Administrator (TPA).

According to the PFRDA, the scheme will be available to all NPS subscribers, with all applicable charges and fees disclosed in advance to ensure transparency.

Meanwhile, the pension regulator has also launched an AI-powered grievance redressal platform, 'PFRDA Pension Sahayak', aimed at making pension services more accessible and efficient.

The platform integrates multiple pension service touchpoints into a single digital ecosystem, supports 22 Indian languages through Bhashini integration, and allows subscribers to register grievances using voice-based assistance.