Under the National Pension System, if a subscriber reaches the age of 60, then they can withdraw 60% of the amount as a lump sum. While the remaining is used to purchase an annuity. If the investor dies after 60 years, then the annuity payout option depends on the type of annuity taken by the subscriber. Some of the annuity payout options are lifetime annuity, lifetime annuity with return of purchase price, an annuity with joint life, and last survivor benefits.u003cbr/u003eIf a subscriber chooses for return of purchase option, then the original annuity corpus shall be returned to the legal heirs, and the annuity will be stopped.u003cbr/u003eIf a subscriber chooses the joint annuity, then the annuity shall continue in case of the demise of the subscriber, and the amount is paid to the spouse.