Aadhaar made mandatory for Pradhan Mantri Vaya Vandana Yojana pension scheme

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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.