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SLIC to Become Annuity Service Provider

Published on November 21, 2022
Current Context: The Shriram Life Insurance Company (SLIC) Ltd got a nod from the Pension Fund Regulatory Development Authority (PFRDA) to be empanelled as an Annuity Service Provider (ASP).
SLIC to Become Annuity Service Provider
  • This approval will help SLIC to manage the annuity component of the maturity proceeds under the New Pension Scheme (NPS).
  • The certification by the PFRDA will enable the insurer to cumulate NPS subscribers under its Immediate Annuity Plus plan.
  • Through the ASP, SLIC will assist in mobilizing 40% of the NPS maturity amount, making it open to investment in its annuity schemes.
  • Annuity Service Provider is an Insurance Regulatory and Development Authority of India (IRDAI)-registered insurance company enlisted by PFRDA for delivering Annuity Services to NPS subscribers upon their exit from the system.
  • SLIC was established in 2005 with its headquarters in Hyderabad. The current MD & CEO of the company is Casparus Kromhout.

Question:

Q.1 Recently the PFRDA certified ______ to be empanelled as an Annuity Service Provider.
a. PNB Metlife
b. Shriram Life
c. Canara HSBC
d. IndiaFirst
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