UPI Web Desk

After real estate, govt made Aadhaar mandatory for pension scheme

After real estate, govt made Aadhaar mandatory for pension scheme
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New Delhi: The government has made Aadhaar card mandatory for carrying out a number of tasks.

Like bank accounts and mobile phone number, you are also required to link your 12-digit unique identification number Aadhaar to mutual fund holdings, insurance policy, PPF and small savings schemes such as Kisan Vikas Patra.

Recently, the government has made Aadhaar number mandatory for obtaining benefits under the Varishtha Pension Bima Yojana (VPBY) pension scheme. The scheme is meant for senior citizens, which is implemented through Life Insurance Corp. of India (LIC).

Subscribers of the scheme who do not have Aadhaar numbers will have to submit an application to get enrolled by 31 December, according to a finance ministry notification.

As per a government notification dated November 20, “An individual eligible for receiving the benefit under the scheme is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication.”

The Varishtha Pension Bima Yojana 2017 was approved by the Union Cabinet. The scheme is aimed at providing income security to elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions.

Beneficiaries are advised to get their Aadhaar enrolled at enrolment centres by 31 December, in case they are not already enrolled.

Effective from 20 November, the notification is applicable to all states and Union territories, except the states of Assam, Meghalaya and Jammu and Kashmir.

According to estimates, there are more than 1.18 billion Aadhaar card holders in the country.

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