Pension Fund Regulatory and Development Authority Launches NPS Swasthya Program

Pension Fund Regulator Launches Healthcare Funding Initiative Alongside Retirement Planning

The Pension Fund Regulatory and Development Authority (PFRDA), the regulatory authority for the National Pension System (NPS), has launched the second "Proof of Concept (POC) of NPS Swasthya", a multi-partner initiative aimed at providing comprehensive financial and health security to subscribers.

The NPS Swasthya initiative is structured to address a growing gap in India's retirement landscape, where healthcare costs are projected to rise by 11.5 per cent to 14 per cent in 2026, significantly outpacing inflation and putting long-term financial security under pressure for millions. The initiative comes at a time when the pension ecosystem is rapidly scaling, with NPS and Atal Pension Yojana (APY) having a cumulative subscriber base of 9.64 crore and combined assets under management pegged at Rs 16.55 lakh crore as of 29 March 2026.

The NPS Swasthya scheme is designed to provide subscribers access to a "Net Eligible Balance" up to 25 per cent of their contributions, which can be accessed for immediate medical expenses through the MAven App, developed by Medi Assist Healthcare Services. The app features direct integration with the CAMS Central Recordkeeping Agency (CRA) API.

Read also: US Man Arrested at Anti-Immigrant Protest for Vandalizing Indian Flag Amid Chants of Anti-India Slogans

Key partners in the initiative include Medi Assist Healthcare Services as the core technology partner, CAMS KRA for subscriber onboarding and KYC enablement, Tata Pension Fund and Axis Pension Fund as designated pension fund managers, Aditya Birla Health Insurance for integrated top-up insurance cover, and Medi Assist TPA for claims administration.