Government schemes provide assistance for citizens from all walks of life across our nation; however, when it comes to traders there are only select programs. While earning money can come easily during youth years, once we enter old age we all face financial issues which make everyday tasks harder than before. Recognizing this problem among traders the government created Pradhan Mantri Laghu Vyapari Mandhan Yojana which offers financial assistance through pension. Our article today at Lok Pehal will explain how best to take advantage of it by applying online and what documents we need.
What is Pradhan Mantri Laghu Vyapari Mandhan Yojana (PMLVMY)?
Pradhan Mantri Laghu Vyapari Mandhan Yojana is a social security scheme launched by the Government of India for small traders and shopkeepers aged 18-40 years with annual income under Rs 1.5 lakh who contribute 55 to 200 per month can get an assured pension payment after age 60 of Rs 3000 each month after contributing Rs 55 to 200 monthly. This scheme seeks to secure small traders’ future by linking them up with existing government pension schemes.
What are the objectives of Pradhan Mantri Laghu Vyapari Mandhan Yojana?
Pradhan Mantri Laghu Vyapari Mandhan Yojana seeks to provide financial security to small traders and shopkeepers so that they don’t encounter financial difficulty during their final years of life. Through this scheme, small traders can contribute towards pension schemes for themselves up to age 60; with one month’s pension payment up to Rs 3000 being provided after age 60 as compensation from this social security scheme aimed at making small traders self-reliant so as to prevent dependency in old age in future.
What are the eligibility requirements of Pradhan Mantri Laghu Vyapari Maandhan Yojana?
A person should qualify as shopowner/retail owner to participate.
Age requirement should vary between 18-40.
An applicant trader’s annual income should fall below Rs 1.5 crore per annum.
An applicant trader should not be covered under the National Pension Scheme which is funded by the Central Government.
What are the advantages of Pradhan Mantri Laghu Vyapari Maandhan Yojana?
At 60 years, beneficiaries will be entitled to receive a monthly pension of Rs 3000.
If an applicant dies before reaching 60 years, 50% of his pension will be distributed monthly to his spouse as compensation for loss of support.
If the applicant becomes disabled before age 60 and no longer qualifies to make contributions, he or she can withdraw all amounts deposited along with any interest accrued on these amounts.
If the applicant closes his scheme prior to 10 years, then all deposited money can be withdrawn with interest; but if closing after 10 years is an option as well.
What are the documents required for Pradhan Mantri Laghu Vyapari Maandhan Yojana?
Aadhar Card
Business Related Documents
Bank Passbook
Passport Size Photo
Mobile Number
What is the application procedure of Pradhan Mantri Laghu Vyapari Maandhan Yojana?
To register online under this scheme, visit a CSC Approved Cyber Cafe near you and bring all necessary documents as photos must be uploaded with each application form.
Conclusion
The Pradhan Mantri Laghu Vyapari Mandhan Yojana provides small traders with financial security during old age. Through this scheme, the government provides social security benefits to small traders so they remain self-reliant in their later years – strengthening both their finances and social standing at the same time. Pension arrangements provided under Pradhan Mantri Laghu Vyapari Mandhan Yojana (PM Laghu Vyapari Mandhan Yojana) protect traders against financial difficulties and ensures their future security, making this scheme both helpful and necessary for small traders. If this article of ours was informative and interesting to you, share it with others so they too can take advantage of this initiative! If this scheme interests you then share this link amongst friends and family so they too may take part.
