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News India Live, Digital Desk: Now both the support of old age and illness will be available in one investment. Pension Fund Regulatory and Development Authority (PFRDA) has introduced a new and revolutionary feature to make retirement planning even stronger, which is named ‘NPS Swasthya’. This scheme is specially designed for those who not only want regular income (pension) after retirement, but also want protection from huge healthcare expenses in old age. What is ‘NPS Health’ and how does it work? Till now, National Pension System (NPS) was only an investment vehicle where you deposited money and on retirement you got a lump sum amount and pension. But ‘NPS Swasthya’ takes the process a step further. PFRDA, in collaboration with health insurance companies, has designed a model in which a part of the subscriber’s pension corpus can be directly used as health insurance premium. Its biggest advantage is that after retirement, when the income is limited, you will not have to worry about paying heavy medical premiums from your pocket. Your pension plan itself will manage your medical cover. Special features of this new initiative Integrated Health Cover: This scheme links the pension fund with health insurance, so that there is no shortage of funds during a medical emergency after retirement. Easy premium payment: The annuity received at the time of maturity can be used directly to buy a health insurance plan. Tax Savings: Along with the existing benefits of NPS, health insurance There is a possibility of additional tax exemption under Section 80D on insurance premium. Customized Plan: Subscribers will be able to choose different health cover options as per their need and budget. Why is this change necessary in retirement planning? Considering the way medical inflation is increasing in India, pension alone is not enough. It is often seen that a large part of the lump sum amount received after retirement is spent on the treatment of diseases. The aim of this initiative of PFRDA is to ensure that the elderly do not have to depend on anyone else for treatment. This scheme not only provides financial security but also gives assurance of living a respectable life.