“ICICI PF NPS Swasthya Equity Plus,” an exclusive pension scheme under the National Pension System (NPS), has been introduced by ICICI Pension Fund Management Limited, a fully owned subsidiary of ICICI Bank. Through the Apollo 24|7 mobile app, subscribers of ICICI PF NPS Swasthya Equity Plus have the option to withdraw up to 25% of their own contributions to the scheme for medical expenses throughout the Apollo network (at specific hospitals and pharmacies), while the remaining corpus accumulates for retirement.
Shri Sivasubramanian Ramann, Chairperson, Pension Fund Regulatory Development Authority, said, “At PFRDA, our vision of old-age security is rooted in comprehensive planning that begins early and evolves with life’s changing vulnerabilities. With initiatives such as NPS Vatsalya and now this health-focused pension framework under the regulatory sandbox, we are exploring innovative ways to strengthen citizens’ financial preparedness. This initiative does not replace insurance; rather, it complements it by creating a disciplined, purpose-driven savings pool dedicated to healthcare needs. By leveraging India’s Digital Public Infrastructure, including Aadhaar authentication and UPI, we are demonstrating how technology can enable secure, transparent, and goal-based financial solutions. As India moves towards Viksit Bharat, it is imperative that we build integrated products that safeguard both health and wealth, ensuring dignity and resilience in later years.”
“I would also like to formally acknowledge and thank ICICI Pension Fund, Apollo Hospitals and KFintech for their collaborative spirit and commitment in translating this concept into a live, actionable model. Such partnerships between regulators, pension fund managers, and healthcare providers are essential as we work towards building a resilient, pension-inclusive ecosystem aligned with the vision of Viksit Bharat,” he added.
Mr. Sumit Mohindra, Chief Executive Officer, ICICI Pension Fund Management Limited, said, “We are delighted to launch ‘ICICI PF NPS Swasthya Equity Plus’ in collaboration with Apollo HealthCo. With increasing longevity and rising healthcare costs, retirement planning needs to account for medical contingencies. This scheme, an innovative step in that direction, is designed for Indians who seek to build a structured retirement corpus, while retaining the flexibility to utilise accumulated savings in the NPS scheme for medical-related expenses. Our partnership with Apollo Hospitals Group ensures subscribers receive meaningful value across a wide healthcare ecosystem, while operational enablement through KFintech as the Central Recordkeeping Agency delivers a seamless experience across healthcare access and pension servicing.”
Mr. Madhivanan Balakrishnan, CEO, Apollo HealthCo Ltd., said, “Apollo is focused on strengthening its connected, tech-enabled care continuum that supports healthier lives. This initiative advances that vision by integrating healthcare with financial planning, making everyday care easier to access, while staying anchored to long-term wellbeing.”
Mr. Sreekanth Nadella, Managing Director & CEO, KFin Technologies, said, “ICICI PF NPS Swasthya Equity Plus, under the aegis of PFRDA’s NPS Swasthya Proof of Concept, reflects a progressive step towards advancing financial inclusion by making retirement solutions more responsive to essential life stage needs such as healthcare, within a regulated framework. Enabling such flexibility within a long-term retirement system requires a robust technology and recordkeeping infrastructure to ensure governance, transparency, and rule-based processing, rather than discretionary access to funds. As the Central Recordkeeping Agency, KFintech’s digital architecture ensures secure validation, compliant unit redemption, and auditable transaction flows, thereby delivering a seamless experience for subscribers while safeguarding the continuity and integrity of their retirement corpus.”
Key features and benefits of ICICI PF NPS Swasthya Equity Plus
As per ICICI Pension Fund Management, the following are the exclusive benefits for ‘ICICI PF NPS Swasthya Equity Plus’ subscribers.
High investment in equity: 70%-100% of the corpus will be invested in equity, up to 30% into debt and up to 10% in money market instruments.
Withdrawal limits:
- Up to 25% of own contributions can be withdrawn for healthcare expenses – including OPD, diagnostics, hospitalisation, and pharmacy purchases – anytime during the tenure of the scheme through Apollo 24|7 platform and at selected Apollo Hospitals and Apollo Pharmacy
- There is no limit on the number of partial withdrawals while the first withdrawal is permitted after accumulation of at least ₹50,000
Emergency exit provision: Up to 100% of total corpus withdrawal permitted if emergency medical expenses exceed 70% of the total corpus accumulated.
Safety and security: Withdrawals are authenticated via OTP and amounts are disbursed directly to the Apollo network via KFintech, the Central Recordkeeping Agency for this scheme.
Healthcare ecosystem benefits: Subscribers get preferential access and discounts across the Apollo network,
How to Open an Account?
By clicking the NPS Swasthya button available on the ICICI Pension Fund’s website (https://www.iciciprupension.com) or through the Apollo 24/7 mobile app, anyone can establish their ICICI PF NPS Swasthya Equity Plus account. Please be aware that, in accordance with PFRDA standards, creating and maintaining a Common Scheme NPS account has to be done in addition to the NPS Swasthya account.
The Apollo network offers discounts, which might change periodically based on their terms. The ICICI Pension Funds website has a list of healthcare facilities that are limited to POC regions.
Benefits for ‘ICICI PF NPS Swasthya Equity Plus’ subscribers at the Apollo network
| Service | Benefits |
|---|---|
| Pharmacy Orders through Apollo 24I7 & Apollo Pharmacies | Additional 2% discount (max. total discount of up to 18%), over and above existing benefits |
| Diagnostic Orders through Apollo 24I7 | 15% additional discount on the diagnostic bill value |
| Virtual Consultations on Apollo 24I7 | 3 free consultations every month |
| In-Patient Services – Apollo Hospitals | Room rent & investigations: 10% discount; OT: 5% discount; Professional fee: 5% discount |
| Out-Patient Services – Apollo Hospitals | Investigation: 15% discount; Consultation: 10% discount |
| Health Checks – Apollo Hospitals | 20% discount on health check packages |
| Hospital First Touch Benefits – Apollo Hospitals | Registration fee waived; Free ambulance pickup & drop (on availability); Dedicated helpline |