Tax exemption on contributions under Section 80CCD(1).

Tax deduction on employers contribution under Section 80CCD(2).

Extra tax deduction of up to Rs.50,000 on voluntary contribution under Section 80CCD(18).

Options for a subscriber at the time of retirement at 60 years;
  a) Must use 40 per cent of the corpus to buy an annuity
  b) Can use the remaining 60 per cent of the corpus to buy an annuity income from a life-insurance company
  c) Can withdraw 40 percent of the 60 per cent corpus tax-free, and withdraw 20 per cent and pay tax on it