Aadhaar becomes mandatory for PMVVY scheme

The Finance Ministry in a notification dated December 23, 2019 has asked the senior citizens who have invested in Pradhan Mantri Vaya Vandana Yojana (PMVVY) to submit their proof of Aadhaar number or undergo Aadhaar authentication.

PMVVY is a pension scheme for senior citizens implemented through LIC of India. The scheme was announced in two versions in Union Budget 2017-18 and 2018-19. It offers assured rate of return in the range of 8-8.3 per cent depending on the mode of pension that the individual chooses.

Sanjoy Datta, Partner, Deloitte India says, “With the notification dated December 23, 2019, the government has made the Aadhaar mandatory in the PMVVY scheme at the time of investing or submission of Aadhaar number by those who have already subscribed to the scheme.