Pradhan Mantri Shram Yogi Maan-dhan

About This Scheme

The scheme "Pradhan Mantri Shram Yogi Maan-dhan" was launched by the Ministry of Labour and Employment, Government of India, and the scheme aims to ensure old age protection for unorganised workers. The scheme provides a minimum assured pension of ₹3,000/- per month after attaining the age of 60 years, matching government contributions, and a family pension amounting to 50% of the pension for the spouse. The applicant must be an unorganised worker in the entry age group of 18 to 40 years with a monthly income of ₹15,000/- or less, and must make regular age-specific monthly contributions. The scheme is implemented by the Life Insurance Corporation of India and Common Services Centres.

Eligibility

1. The applicant must be an unorganised worker. 1. The applicant must have an entry age between 18 and 40 years. 1. The applicant must have a monthly income of ₹15,000/- or less. 1. The applicant must possess a Savings Bank Account or Jan Dhan account number with an Indian Financial System Code. 1. The applicant must possess a mobile phone.

Benefits

- A minimum assured pension of ₹3,000/- per month is provided to the subscriber after attaining the age of 60 years.- A matching contribution is provided by the Central Government on a 50:50 basis, where an equal amount to the subscriber's age-specific contribution (ranging from ₹55/- to ₹200/-) is credited to the pension account. ** During the receipt of the pension, if the subscriber dies:* The spouse of the beneficiary shall be entitled to receive a family pension equal to 50% of the pension received by the beneficiary. ** If a beneficiary has given regular contributions and died due to any cause before the age of 60 years:* _Their spouse will be entitled to join and continue the scheme subsequently by the payment of regular contributions._ ** If a beneficiary has given regular contributions and died due to any cause before the age of 60 years, and the spouse decides to exit:* _The beneficiary's contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate (whichever is higher) will be returned._ ** If the subscriber exits the scheme within a period of less than 10 years:* _The beneficiary's share of contribution only will be returned to them with the savings bank interest rate._ ** If the subscriber exits after a period of 10 years or more but before the superannuation age of 60 years:* _The beneficiary's share of contribution along with accumulated interest as actually earned by the fund or at the savings bank interest rate, whichever is higher, will be returned._

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.