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Business News›Wealth›Invest›NPS death claim: Video-based identification allowed
for verification of legal heir, nominee



THE ECONOMIC TIMES DAILY NEWSPAPER IS AVAILABLE ONLINE NOW.

Read Today's Paper


NPS DEATH CLAIM: VIDEO-BASED IDENTIFICATION ALLOWED FOR VERIFICATION OF LEGAL
HEIR, NOMINEE

SECTIONS
NPS death claim: Video-based identification allowed for verification of legal
heir, nominee
By
Sneha Kulkarni

, ET OnlineLast Updated: Jan 05, 2023, 03:40 PM IST
Synopsis


THE PFRDA HAS DECIDED TO PERMIT INTERMEDIARIES TO USE TECHNOLOGICAL INTERVENTION
BY USING VIDEO BASED CUSTOMER IDENTIFICATION PROCESS (VCIP) AS AN ADDITIONAL DUE
DILIGENCE MECHANISM.

Getty Images
The Pension Fund Regulatory and Development Authority (PFRDA) has decided to
permit intermediaries to use technological intervention by using Video Based
Customer Identification Process (VCIP) as an additional due diligence mechanism
for verifying the nominee, claimant, and legal heir while processing the
withdrawal claims in case of the demise of NPS subscribers.

According to a PFRDA circular dated January 4, 2023, “In line with the
technological advancements and for ensuring seamless exit claim processing, it
has been decided to allow the intermediaries to use technological intervention
by using VCIP as an added due diligence mechanism for verification of the
nominee/claimant/legal heir while processing the withdrawal claims in case of
death of NPS subscribers”.



PFRDA, via a circular dated October 6, 2020, had given intermediaries permission
to use the Video Based Customer Identification Process (VCIP) for any
NPS-related services, including onboarding and exit.



PFRDA has received representations from intermediaries requesting that VCIP be
used to facilitate the processing of withdrawal claims in favour of
nominees/claimants/legal heirs owing to the untimely death of NPS subscribers,
stated the most recent PFRDA circular.

How nominee's credentials can be verified
By strengthening the process's security in terms of the confirmation that the
nominee/claimant/legal heir is the same person who submits the documentation for
processing the claim and by keeping a video record of the transaction, VCIP
supports the intermediaries' current due diligence efforts. Using Aadhaar e-KYC
or DigiLocker, the nominee's credentials can be verified.

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According to the latest circular, “the process is optional for use by the
intermediaries. However, PFRDA advises PoPs, especially Online PoPs to use the
emerging technology for enhanced due diligence and error free/ timely processing
of claims. NPS Trust may also use the above process while processing e-NPS death
claims.”



“All the intermediaries are hereby informed to use Instant Bank Account
Verification through penny drop for the purpose of verifying claimants’ bank
account information as part of claim processing which allows independent
verification of Bank Account and name matching,” the circular stated.




The intermediaries who, in addition to being registered with PFRDA, are also
registered with other financial sector regulators are permitted to follow the
VCIP guidelines issued by those regulators for carrying out for NPS-related
activities as well, in order to prevent the intermediaries from being burdened
further by the introduction of this facility. However, the intermediates who are
entirely registered with and subject to the control of PFRDA will adhere to the
rules set forth by PFRDA for carrying out VCIP, as per the release dated October
2020.


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( Originally published on Jan 04, 2023 )





READ MORE NEWS ON

NPS death claimkyc processPension Fund Regulatory and Development
AuthorityPFRDAVCIPVideo kycaadhaar

(Your legal guide on estate planning, inheritance, will and more.)

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