Pradhan Mantri Vaya Vandana Yojana (PMVVY) pension scheme would not be subscribed without Aadhaar Card or Aadhaar authentication. PMVVY is a pension scheme only for the senior citizens.
PMVVY is a scheme that was announced in the Union Budge of both 2017-18, and 2018/19 and is being implemented via LIC (Life Insurance Corporation) of India. Under this scheme, the invester will receive 8% returns annually.
As per the notification issued by the Finance Ministry “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”.
The notification was issued on the 23rdof December has been issued under Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016
The notification further said that any person who does not possess Aadhaar number or has not applied for Aadhaar but wants to avail the benefits from this scheme then he/she “shall be required to apply for Aadhaar enrolment before registering for the scheme”.
If in case the Aadhaar authentication fails owing to poor biometrics, the Ministry’s Department of Financial Services will make provisions in order to help the people in obtaining the Aadhaar numbers via their implementing agency.
Additionally, the notification also said that if the authentication by the biometric or time based OTP (One Time Password) or Aadhaar OTP is not possible, people will be given benefits under this scheme on the basis of the QR (Quick Response) code printed on the physical copy of the Aadhaar Card, after verification of the said QR code.
In 2018/19’s Budget, the maximum limit under this scheme was doubled to Rs. 15,00,000 (Rs. 15 lakhs) per senior citizen. Additionally, one can subscribe to PMVVY till March 2020.
One can buy the PMVVY plan by simply going on the LIC’s official website or clicking here: https://eterm.licindia.in/onlinePlansIndex/pmvvymain.do