Is the contribution to LIC Pension Fund under NPS eligible for tax saving?

Investment in the Tier I account of the National Pension System (NPS) is eligible for tax benefit irrespective of the pension fund manager chosen. Currently, there are seven pension fund managers available - Aditya Birla Sun Life, HDFC, ICICI Prudential, Kotak Mahindra, LIC, SBI, and UTI. One needs to choose anyone among them while investing. The chosen pension fund manager can also be changed once every financial year. This can be done online as well as offline through a point-of-presence (POP). You can check and compare the performance of schemes managed by different pension fund managers by visiting the 'NPS' section on our website.

This article was originally published on May 20, 2022.