ICICI Pension Funds launches NPS Swasthya Equity Plus under PFRDA sandbox

ICICI Pension Funds launches ICICI PF NPS Swasthya Equity Plus with Apollo HealthCo and KFin Technologies, offering medical withdrawals and healthcare benefits under PFRDA’s sandbox framework. By Anshul ICICI Pension Funds Management Company on February 20 announced the launch of ‘ICICI PF NPS Swasthya Equity Plus’, a new pension scheme under the National Pension System (NPS), structured as a proof of concept under the Pension Fund Regulatory and Development Authority’s (PFRDA) regulatory sandbox framework. The scheme allows subscribers to withdraw up to 25% of their own contributions for medical expenses incurred across the Apollo network through the Apollo 24|7 platform, while the remaining corpus continues to be invested for retirement. It has been developed in partnership with Apollo HealthCo Limited and KFin Technologies Limited. Under the structure, 70% to 100% of the corpus will be invested in equities, up to 30% in debt instruments and up to 10% in money market instruments. The first partial withdrawal is permitted after a minimum accumulation of ₹50,000, and there is no cap on the number of partial withdrawals, subject to the 25% limit of the subscriber’s own contributions. An emergency exit provision allows withdrawal of up to 100% of the total corpus if medical expenses exceed 70% of the accumulated amount. Withdrawals will be authenticated via OTP and disbursed directly to the Apollo network through KFintech, which acts as the Central Recordkeeping Agency for the scheme. Subscribers are required to maintain a regular NPS account alongside the Swasthya account, in line with PFRDA regulations. The scheme also provides access to healthcare-related benefits such as discounts on pharmacy purchases, diagnostics, consultations and hospital services within the Apollo network, subject to terms and availability. ICICI Pension Funds said the product is being offered under the PFRDA’s sandbox framework and is not a regular NPS scheme. As a market-linked product, returns will depend on net asset value movements, and there is no assurance of guaranteed returns. Total charges are capped at 0.30% of assets under management per annum, as defined by PFRDA. Note To Readers isclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.