FinanceInFocus

PMVVY Pension Scheme To Have Aadhaar As Mandatory

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The Government has made Aadhaar mandatory for subscribers of the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a pension scheme for senior citizens. The scheme, which envisages an assured rate of return of 8 per cent annually, is being implemented through Life Insurance Corporation of India (LIC). The scheme was announced in Union Budgets of 2017-18 and 2018-19.

“An individual eligible for receiving the benefit under the scheme shall hereby be required to furnish proof of possession of Aadhaar number (the unique 12-digit biometric identity number) or undergo Aadhaar authentication,” according to a finance ministry notification. The notification, dated December 23, has been issued under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.

It further said any individual desirous of availing benefit under the scheme who does not possess the Aadhaar number or has not yet been enrolled for Aadhaar, “shall be required to apply for Aadhaar enrolment before registering for the scheme”.

In cases where Aadhaar authentication fails due to poor biometrics, the ministry’s Department of Financial Services through its implementing agency will make provisions to help the beneficiaries get the Aadhaar number.

Further, where biometric or Aadhaar one-time password or time-based OTP authentication is not possible, benefit under the scheme may be given on the basis of physical Aadhaar letter whose authenticity may be verified through the quick response (QR) code printed on the Aadhaar letter, the notification said. In Budget 2018-19, the maximum limit under PMVVY has doubled to Rs 15 lakh per senior citizen. The scheme is available for subscription till March 2020.

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