All Pradhan Mantri Pension Schemes Yojana List 2020 [Mandhan Yojana]
The Prime Minister of India, Narendra Modi is a big proponent of financial and social security for the poor and the needy. He has mentioned on various occasions that this government wants to offer financial security to those who belong to poor categories. In this respect, the central government has implemented several pension schemes for the senior citizens. Some of these are pension plans, which allow the applicant to save money so that they can get a fixed sum after the maturity.
Pradhan Mantri Shram Yogi Maandhan Yojana [PMSYMY]
The central government has implemented the Pradhan Mantri Shram Yogi Maandhan Yojana in 2019. It was announced in the financial budget, and the guidelines highlighted that the applicants will attain a pension of Rs. 3000, sponsored by the central authority. The beneficiaries of this project will get the pension every month in the pension account. The applicant can open an account by applying for this scheme and make a small contribution. The age of the applicant must be between 18 and 40 years to enroll for this scheme. Once the pension holder passes away, the nominee will acquire Rs. 1500 as a family pension.
Prime Minister Kisan Mandhan Yojana [PMKMY]
As the name suggests, the Prime Minister Kisan Mandhan Yojana has been implemented by the central government to ensure the financial security of the farmers of the country. The scheme highlight that the Ministry of Agriculture & Farmers Welfare will manage the scheme and the Life Insurance Corporation will manage the pension accounts. It has been stated in the scheme guidelines that the pension will be generated once the farmer attains the age of 60 years. To avail the perks of this scheme, the applicant must be of 18 years of age. The upper age limit is 40 years. Like most central pension schemes, the beneficiary will get Rs. 3000. The transaction will be done via the pension account. 50% of this pension will be given to the spouse/nominee after the death of the farmer. Depending on the age of the applicant, a contribution sum, ranging between Rs. 55 and Rs. 220 must be paid by the applicant.
Atal Pension Yojana [APY]
People, working in the unorganized sectors do not get any pension benefits. So, they lack financial security during old age. The Prime Minister implemented the Atal Pension Yojana for offering this security to these candidates. The pension plan has unique features and was officially launched in 2015. Only registered labors, associated with the unorganized sector will be able to apply for this scheme. The scheme has several pension slabs. The applicants’ contributions towards the pension scheme will determine the pension amount. An applicant can secure Rs. 1000 to Rs. 5000 as pension under this project. The contribution can be done on a monthly, annual, quarterly and half-yearly basis. The scheme also offers the facility of family pension for the spouse or the nominee. The applicant will get the pension once he/she attains 60 years. The pension will be generated on a monthly basis and will be deposited in the pension account. The pension account must be opened in the selected banks only.
National Pension Scheme for Traders and Self Employed Persons Yojana [PM Laghu Vyapari Mandhan Yojana]
Apart from offering financial security to the unorganized sector labors and farmers, the Prime Minister is also aware that the self-employed and business owners require old age economic support. To ensure this, the central government came up with a unique pension project that is targeted towards the people who fall in this category. Under the PM Laghu Vyapari Mandhan Yojana for Traders and Self Employed Persons Yojana, people who have their own businesses will be able to contribute money in their pension accounts. The scheme offers a monthly pension of Rs. 3000 for the beneficiaries. The Prime Minister also stated that the central government will also contribute the same amount as pooled in by the beneficiary. The applicants, falling in the age group of 18 and 40 years will be allowed to partake in this scheme. If the yearly business turnover is more than Rs. 1.5 crore, then the applicant will not be allowed to get the benefits of this pension scheme.
The central government monitors these pension schemes closely to ensure proper distribution of the benefits. The schemes allow the permanent and legal residents of the country to avail these benefits. The Prime Minister has announced that the central government will revise the scheme guidelines to ensure that more and more eligible applicants can enroll to secure financial stability. The details of these schemes are available on our portal. You can gather the necessary information from these blogs.
Other links –
- YSR Jagan Mohan Reddy Scheme List Andhra Pradesh
- Sakala Scheme in Karnataka 2020
- Aasara Pension Scheme Telangana List
- Varishtha Pension Bima Yojana Apply