all linked to her Aadhaar number.
Shanta discovers that she, and everyone in her family, is now somehow automatically covered by a cashless medical insurance of Rs 30,000 per year. She also has a life insurance of Rs 30,000 as well as a disability and accident insurance of Rs 75,000.
A new pension account has also been opened in her name which she can use for saving small sums every month for her old age. If she manages to save Rs 1,000 a year in this pension account, the government would deposit Rs 1,000 into her pension account from its own budget.
The packet also contains a telephone number of a local language helpline that will answer any questions she has and also help her with insurance claims.
In the same package, Shanta also receives a prepaid card that is already linked to her Aadhaar number. To activate her card and her new social security account, she visits the Aadhaar enrollment station once more to “authenticate” herself by simply putting her thumb on a small biometric reader.
Every month thereafter, Shanta puts Rs 100 into her prepaid card or mobile wallet linked to Aadhaar. To do this, she would simply walk up to a nearby mobile prepaid recharge store or a bank correspondent (BC) outlet and “load” the cash into her prepaid account. This would work exactly like recharging her prepaid mobile phone. She would be able to do this even if she changes her job or location and use any of the nearly 20 lakh mobile recharge stores or BC (business correspondent) outlets across the country. (This, incidentally, is nearly 10 times the number of all bank and postal branches in India put together).
At the back-end, her monthly savings of Rs 100 would somehow magically flow from her prepaid account to the health insurance company, the pension fund and the life insurer on her behalf and in her name. Any excess money that she loads would remain in her prepaid card or mobile wallet.
If she needs to withdraw some cash for expenses or an emergency, Shanta would simply walk up to a