PFRDA plans to rope in LIC agents to sell NPS Lite Economic Times
31.08.11
Launched in 2003, the NPS has a total corpus 9924.72 crore and 23.56 lakh subscribers. NPS Lite accounts total 7.43 lakh.
"IRDA had not allowed insurance companies to be roped in as aggregators. That's why we had LIC Housing Finance as an aggregator instead of LIC," a PFRDA official told ET. "The government may now push IRDA to relax this clause."
To provide a boost to NPS Lite, the government had also announced a co-contributory scheme, Swavlamban, during the last fiscal under which it contributes 1,000 to the NPS accounts of poor subscribers. So far, only 3 lakh subscribers have joined against a target of 1 million.
In a report released on Monday, the parliamentary standing committee on finance, headed by Yashwant Sinha, expressed concern over the low popularity of NPS-Lite and urged the government to make more efforts to popularise the scheme.
As of now, the NPS Lite has about 30 aggregators that include government and non-government organisations and also some microfinance institutions such as Bandhan.
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