Business EconomyPosted at: Apr 8 2026 6:58PM


Karnataka: PFRDA launches 'NPS Swasthya' to link retirement savings with healthcare access

Bengaluru, Apr 8 (UNI) The Pension Fund Regulatory and Development Authority (PFRDA), in collaboration with multiple industry partners, today launched the second proof of concept (PoC) of "NPS Swasthya," a regulatory sandbox initiative aimed at integrating retirement savings with healthcare accessibility.
The initiative brings together key stakeholders, with Medi Assist Healthcare Services as the core technology partner, CAMS KRA handling subscriber onboarding and KYC enablement, Tata Pension Fund and Axis Pension Fund as designated pension fund managers, and Aditya Birla Health Insurance providing integrated top-up insurance coverage. Claims administration will be managed by Medi Assist TPA.
NPS Swasthya is designed to address rising healthcare costs and gaps in retirement preparedness. Healthcare expenses in India are projected to grow between 11.5 per cent and 14 per cent in 2026, outpacing inflation and increasing financial pressure on retirees. This comes amid rapid expansion of the pension ecosystem, with the National Pension System (NPS) and Atal Pension Yojana (APY) together covering 9.64 crore subscribers and managing assets worth Rs 16,55,655 crore as of March 29, 2026.
Unlike traditional NPS structures where funds remain locked until retirement, the NPS Swasthya model allows subscribers to access up to 25 per cent of their “Net Eligible Balance” for medical needs. Withdrawals can be made digitally through the MAven App, integrated with the CAMS Central Recordkeeping Agency system.
The initiative is launched under the Multiple Scheme Framework of NPS, enabling subscribers to allocate investments across different pension fund managers while integrating healthcare preparedness into long-term savings.
Key features include integration of pension savings with a group health super top-up plan, a digital platform combining CAMS and Medi Assist capabilities, and access to a network of over 15,500 hospitals across 1,264 cities for cashless inpatient services and facilitated outpatient care.
PFRDA Chairperson Sivasubramanian Ramann said the scheme reflects the growing need to combine retirement planning with healthcare security, especially as India’s senior citizen population is expected to rise from around 10 per cent currently to over 20 per cent by 2045-50. He noted that the first PoC launched in January 2026 focused on outpatient services, while the second phase expands to inpatient and hospitalisation coverage.
Chief Executive Officer of Tata Pension Fund Kurian Jose said the initiative aligns with evolving retirement solutions that address longer life expectancy and rising healthcare costs.
Executive Director of Axis Bank Subrat Mohanty highlighted growing awareness around financial planning and healthcare, noting that the integrated model offers both flexibility and protection.
Managing Director and CEO of Axis Pension Fund Sumit Shukla said the scheme provides hospitalisation cover of up to Rs 30 lakh at a cost of under Rs 10 per day, making healthcare preparedness more accessible within the NPS framework.
Chief Executive Officer of Medi Assist Satish Gidugu said the initiative leverages technology to convert long-term retirement assets into real-time healthcare resources.
The scheme is open to Indian citizens aged 18 to 85 years, subject to a “Good Health Declaration” to ensure streamlined onboarding. Individuals with major pre-existing conditions such as heart disease or diabetes may be excluded.
With NPS Swasthya, PFRDA and its partners aim to redefine social security by combining financial growth with healthcare protection, advancing the broader vision of inclusive and secure retirement planning in India.
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