It will depend on the kind of annuity plan opted for the subscriber. For an example, if the annuity plan is joint life annuity plan, on death of subscriber, the spouse will get the annuity till he / she is alive.
In case of death of the subscriber, option will be available to the nominee to receive 100% of the NPS pension wealth in lump sum. In case, nominee is not alive legal heir to the subscriber can claim the corpus as per due laid down process.
The beneficiary needs to submit a withdrawal request to NPS enabled Kotak Mahindra Bank branch for processing the request. After the request is processed, a Cheque is issued favoring the beneficiary and forwarded to the NPS enabled Kotak Mahindra Bank branch by CRA, which can be collected by the beneficiary.
The mode and manner of payment of amount (if any available) will depend on the type of annuity plan / scheme selected by the subscriber while buying the annuity.