Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVMY)
Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVMY): We have collected the most important points about the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVMY) that are important for exam point of view. We have a collection of Government Schemes that are important for Competitive Exams. How much do you know about the Pradhan Mantri Laghu Vyapari Maan-dhan Yojana? The post will be informative and be useful for future quick revision for competitive exams.
Introduction to PM-LVMY
Purpose: It is a pension scheme for Laghu Vyaparis, who are self-employed and working as shop owners.
Launch Date: July 22, 2019
Eligible Subscriber: self-employed and working as shop owners, retail traders, rice mill owners, oil mill owners, workshop owners, commission agents, brokers of real estate, owners of small hotels, restaurants and other Laghu Vyaparis.
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- However, the annual turnover of the subscriber should be less than Rs 1.5 crore.
- Should have a savings bank account in his name and
- have aadhar number.
Contribution Age: A person can contribute in the scheme if he/she is aged between 18 years to 40 years.
Minimum Monthly Pension: The PM-LVMY provides a minimum monthly pension of Rs 3000. The pension amount varies as per the monthly contribution amount.
Monthly contribution: The amount a subscriber needs to contribute depends on his joining age. The government will also contribute the same amount per month as contributed by the subscriber. You can understand this using the contribution table given below:
Pension Age: A person will get a pension after the age of 60 years.
Fund Manager: Life Insurance Corporation of India is the fund manager of the scheme
Enrollment Agency: Common Service Centre-Special Purpose vehicle (CSC-SPV) has been chosen as enrolment agency under the scheme. CSC-SPV through its over 3.50 lakh Common Service Centres across the country will enroll the beneficiary under the scheme.
Government has earmarked Rs 750 crore for the scheme in the Union Budget 2019-20.
