Feb 032017

A new Aadhaar-based smart card designed with seniors in mind was introduced during the Union Budget 2017-18. The new smart card program will feature the health details of seniors and can be used to help seniors get the benefits they are looking for. This is also to provide seniors with an assured income as they age and get into their retirement years.

A pilot program for these cards will be introduced in the next few months. About fifteen cities around India will use these although there is no detail yet as to which specific cities will participate in the pilot program. The goal will be to make the Aadhaar system the key platform for use.

Aadhaar Based Smart Card

What the Aadhaar Based Smart Card For Seniors citizens Will Feature

The cards will feature a number of key points:

  • Health details of each senior that has a card will be included on their cards. The specifics that will be included in these cards have not been released at this point.
  • A payment setup will be provided through the card. This allows pensions and other retirement income forms to be sent directly to seniors who qualify for it.
  • Seniors can also present these cards to different offices and other government spaces that they have benefits with and present them to get access to the benefits they are owed. The process for doing this will vary by each location and more details on what will be included will be released in the future.

Aadhaar Support Is Strong

The efforts to make the Aadhaar-based smart card will cover a vast variety of seniors. About 111 crore citizens around India have an Aadhaar number. About 7 to 8 lakh new enrollments for numbers came about per day following the demonetisation period. This is about 2 to 3 lakh higher than usual. The Aadhaar system is also expected to become more popular for payments as the system becomes more commonplace in today’s market.

Biometrics Through Aadhaar

On one related note, the Union Budget 2017-18 stated a plan to create an Aadhaar-based payment system that uses biometrics. This would work alongside the BHIM app that was integrated for use with UID support for monetary transactions. Details on when this particular development will come into fruition are unclear at this moment. The biometric system will especially increase upon how secure the process of handling cards will be.

Interest on LIC Savings Included

The Aadhaar-based cards will also be supported by an added amount of interest on investments through LIC. The system will provide 8 percent interest on savings that are offered through LIC. This is available to all seniors as a means of providing additional income. This will help them with their retirement needs.

Details on when the Aadhaar-based smart cards will be released to the public are unclear but they should be out through much of the country by the end of the year. This is aiming to make it easier for seniors to get the most out of the benefits that they are aiming to use.

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