(1) The main functions of a empanelled annuity service provider is,-
(a) to provide different kinds of immediate annuities to the subscribers at the time of exit from the National Pension System;
(b) to provide minimum immediate annuity variants options as required by the Authority and to be able to provide any new variant as required by the Authority from time to time in the interest of subscribers in conformity with the Insurance Act, 1938 (4 of 1938) and the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), and therules, regulations and guidelines made thereunder;
(c)to provide monthly or any other periodical annuity payment to the subscriber for the annuity contract purchased by the subscriber under the National Pension System;
(d) theannuityservice provider shall be responsible for handling the grievances and issues related to or arising out of the entering into the annuity contract with the subscribers under the National Pension System.
(2) The initial customer interaction for the National Pension System, shall be,-
(a) addressing queries of potential subscribers regarding purchase of annuities;
(b) providing and displaying of Insurance Regulatory and Development Authority approved information onannuities and application form or offer document or other publicity material pertaining to immediate annuities available including the annuity calculators.
(3) Subscriber registration for purchase of annuity,-
(a) to make available the necessary infrastructure required for receipt and acceptance of applications with the specified premiums and issuance of annuity contracts in line with the approvals granted by the Insurance Regulatory and Development Authority;
(b) facilitate or provide infrastructure required for online purchase of annuity products by the subscribers through the central record keeping agency registered and regulated by the Authority, including the necessary software support. The annuity service provider shall provide the necessary application forms, literature on t