PM Laghu Vyapari Mandhan Pension Yojana Details Online
- Benefits of Pradhan Mantri Laghu Vyapari Mandhan Yojana
- Eligibility for PM Laghu Vyapari Karam Yogi Mandhan
- Required Documents for PM Laghu Vyapari Mandhan Pension
- How to apply for PM Laghu Vyapari Mandhan Yojana
- Premium amount of Laghu Vyapari Mandhan Pension
PM Laghu Vyapari Mandhan Pension Yojana is a central Government Scheme initiated by the Prime Minister Narendra Modi. The aim of the scheme is to provide monthly pension to small business traders and shopkeepers. The pension amount of PM Laghu Vyapari Mandhan Pension Yojana is Rs.3000/- per month will be credited in to the scheme beneficiary after attaining 60 years. The benefits of the scheme will be given to the traders and shopkeepers registered under GST. For making the enrollment the application should visit the nearest CSC centres so that the agents will help the beneficiaries to make online registration.
Pradhan Mantri Laghu Vyapari Mandhan Yojana (PMLVMY) pension to small traders and shopkeepers will cover approximately 3 crore beneficiaries. The implementation process will be done by the department of Ministry of Labour & Employment. As it is a new scheme introduced in July 2019, Let us discuss about the details like eligibility, benefits, application process and premium chart amount in this article.
Benefits of Pradhan Mantri Laghu Vyapari Mandhan Yojana
- The scheme will be useful for small trades and shopkeepers of the society as it will provide financial support at the old age.
- As there are lacking the strength to run there small business after reaching 60 years of age and will not get any support from any other sources the central government had initiated this scheme to make them feel self-dependent and empower them to lead there life without feeling as burden to others.
- The enrolled subscriber will get a pension amount of Rs.3000/- per month and it will be provided by Life Insurance Corporation of India on behalf of the Central Government.
- The shopkeepers and small traders such as Laghu Vyapari such as self-employed working as retail traders, shop owners, oil mill owners, commission agents, small hotel owners, restaurants workers and others belonging to the small traders category can avail the beneficiary of the scheme.
- The enrolled person is called as a subscriber should pay the premium amount. This premium amount along with the amount contributed by the central government will be in the equal amount. The total amount will be deposited to the linked bank account of the subscriber upon reaching the age of 60 years and this amount will be credited every month to fulfill there financial needs.
- Life Insurance Corporation of India will implement the process to take the applicants from the eligible persons, take the premium amount and to provide the pension fund.
- The subscriber can also leave the scheme before less than 10 years calculated from the date of joining, so that he will get his share of contribution in the scheme along with savings banks rate of interest-based on the current rate.
- If subscriber comes out of the scheme policy after 10 years from the date of joining, his contribution will be given to him including the interest through the pension fund policy.
- If the subscriber has a sudden death then the contribution will be given to spouse along with interest. In this case, the spouse can wish to continue with the pension scheme by making the monthly contribution.
- In case of death of both subscriber and spouse, the contributed pension amount will be credited back to the pension fund.
- In case of exit, including nomination, the pension contribution will be decided the Central Government by giving timely instructions.
- If the regular contributor subscriber become permanently disabled before attaining 60 years then the spouse will be informed to continue with the scheme or can choose to exit the scheme and get the contribution along with accumulated interest.
- If the subscriber dies at the time of receiving the pension the spouse will get only fifty per cent of pension amount. This will be given only to his spouse.
Eligibility for PM Laghu Vyapari Karam Yogi Mandhan
- The applicant must be a lagu vyapari that mean a small business shopkeeper or trader.
- The annual turnover should not be more than rupees 1.5 crores.
- The applicant should have minimum 18 years of age and maximum 40 years to avail the benefits of the scheme.
- The applicant should not get any other National Pension scheme under Central Government’s state insurance corporation.
- The person should not be a income-tax assesses to apply for the scheme.
Required Documents for PM Laghu Vyapari Mandhan Pension
- Proof of Identity
- Aadhar Card
- Income certificate
- Bank account details
- GST Registration number
How to apply for PM Laghu Vyapari Mandhan Yojana
The enrollment for the scheme Laghu Vyapari Mandhan yojana can be done by visiting your nearest common service centers (CSC), there you will get the the application form to fill in with your details. The VLE agents will make online registration by entering your details in the Online application form also take the required documents mentioned above along with you so that the Agent will scan and upload all your documents to the online application form and successfully enroll your name to the Laghu Vyapari Mandhan yojana.
The scheme plan and implementation is under process. The government should release the dates to make the registrations and other information should also be available through the official portal. We will update you with the information regarding the scheme through this article.
Premium amount of Laghu Vyapari Mandhan Pension
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