Aadhaar made mandatory for Pradhan Mantri Vaya Vandana Yojana pension scheme |ForumIAS

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News:Government has decided to make Aadhaar mandatory for subscribers of the Pradhan Mantri Vaya Vandana Yojana(PMVVY).

Facts:

About Pradhan Mantri Vaya Vandana Yojana(PMVVY):

Government has launched the Pradhan Mantri Vaya Vandana Yojana (PMVVY) in 2017.
Aim:To provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions.
The scheme is implemented by the Life Insurance Corporation of India (LIC).There is no maximum age for entry in the scheme.
‎The scheme provides an assured return of 8% per annum for 10 years.It is also exempted from Goods and Services Tax.
‎The differential return which is the difference between return generated by LIC and the assured return of 8% per annum would be borne by the Government of India as subsidy on an annual basis.
In Budget 2018,government has increased the limit of Rs7.5 lakh per senior citizen to Rs15 lakh.The budget has also decided to keep the scheme open for investment till March 2020.