Table of Contents
- Blog Introduction
- What Is PM Shram Yogi Maan-Dhan ?
- History Of PM Shram Yogi Maan-Dhan
- How Does This Scheme Work?
- Features of PM Shram Yogi Maan-Dhan
- Who Can Open The PM Shram Yogi Maan-Dhan Account?
- How Much You Need To Pay?
- How To Pay?
- Government Contributions
- How & Where To Join The Scheme?
- Retirement Age
- How Much Pension Will You Get from PM Shram Yogi Maan-Dhan scheme?
- Pre-Mature Closure of PM Shram Yogi Maan-Dhan account.
- What If You Die Or Disabled Before 60 Years Of Age?
- In-Active PM Shram Yogi Maan-Dhan Accounts
- Nomination facility in PM Shram Yogi Maan-Dhan scheme
- Help Centres for PM Shram Yogi Maan-Dhan scheme
- FAQ About PM Shram Yogi Maan-Dhan
- Open Your Demat and Trading account with Zero Cost
Blog Introduction
Hello Friends, Welcome to my Blog Investinfy.com the best financial blogs where you will be able to read about the end to end information on many investment schemes and financial topics. In this Blog post we will be focusing on PM Shram Yogi Maan-Dhan Scheme.
Generally when we want to invest money on any investment scheme , we always asks our friends and relatives that where we can invest ? and they suggests the investment schemes which they like most. Then we invest as per their suggestions, that is good as we consider them as our well wisher , But here I want to mention one thing, if we know end to end information of each investment schemes at least it will help us to understand if that investment scheme is good for us or not.
Hence it is better to have a complete idea about each investment scheme where we invest. Therefor this blog will help you to know end to end information of many Indian investment schemes available right Infront of you.
In this blog post I will be explaining my analysis on PM Shram Yogi Maan-Dhan Scheme. This will be a complete guide on PM Shram Yogi Maan-Dhan Scheme. Please read till end of the blog post to know the complete information about this PM Shram Yogi Maan-Dhan Scheme. Lets get started.
What Is PM Shram Yogi Maan-Dhan ?
PM-SYM stands for Prime Minister Shram Yogi Maan-dhan. It is a guaranteed pension scheme for workers of un-organised sectors. It was established by the Government of India to provide guaranteed monthly pension to the workers of un-organised sectors after the age of 60 years.
History Of PM Shram Yogi Maan-Dhan
- This scheme was announced by the Government of India during the Interim Budget of 2019.
- The main objective of this scheme is to provide guaranteed monthly pension to the workers of un-organised sectors after the age of 60 years.
- This scheme was launched on 15-Feb-2019.
How Does This Scheme Work?
- Open PM-SYM account in a Community Service Centre (CSC).
- Based on your age, monthly contribution amount will be decided.
- Pay the contribution amount every month till you reach 60 years of age. The Government will also contribute the same amount every month into your account.
- After 60 years of your age, you will receive the guaranteed monthly pension of Rs. 3,000 till the end of your life.
- After that, your spouse will receive the guaranteed family pension of Rs. 1,500 every month till the end of her/his life.
- After that, the family pension will be stopped. Any remaining amount in the PM-SYM account will be given back to the Government. Your children or legal heirs won’t get any amount.
Features of PM Shram Yogi Maan-Dhan
- Established by the Government of India.
- Safe investment option.
- Pension scheme for all the workers of un-organised sectors.
- Guaranteed monthly pension to you and your spouse.
- The Government will also make equal and matching contributions into your account.
- You will receive a guaranteed monthly pension of Rs. 3,000 after the age of 60 years.
- If you die after 60 years of your age, then your spouse will receive family pension Rs. 1,500 every month.
Who Can Open The PM Shram Yogi Maan-Dhan Account?
To be eligible for this scheme, you should meet all the conditions listed below.
- Your age should be between 18 and 40 years.
- Your monthly income should be Rs. 15,000 or less.
- You should not be an Income tax payer.
- You should not be covered under NPS (National Pension System), ESIC (Employees’ State Insurance Corporation scheme) or EPFO (Employees’ Provident Fund Organisation).
- You need to be a worker from unorganised sector such as home based workers, street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, own account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, audio visual workers or similar other occupations.
How Much You Need To Pay?
- The amount you need to contribute every month will depend upon your age at the time of joining the scheme.
- You need to contribute from the day of joining till you reach 60 years of age.
| Your Age | Your Monthly Contribution in Rs. |
| 18 | 55 |
| 19 | 58 |
| 20 | 61 |
| 21 | 64 |
| 22 | 68 |
| 23 | 72 |
| 24 | 76 |
| 25 | 80 |
| 26 | 85 |
| 27 | 90 |
| 28 | 95 |
| 29 | 100 |
| 30 | 105 |
| 31 | 110 |
| 32 | 120 |
| 33 | 130 |
| 34 | 140 |
| 35 | 150 |
| 36 | 160 |
| 37 | 170 |
| 38 | 180 |
| 39 | 190 |
| 40 | 200 |
How To Pay?
When you join the scheme, you need to pay your first month contribution by cash.
After that, you can contribute to the scheme through auto-debit facility from your Savings Bank (SB) account or Jan-Dhan account.
Government Contributions
In this scheme, the Central Government makes equal and matching contributions into your PM-SYM account.
For example, if your age specific contribution amount is Rs. 100 per month, then the Government will also contribute Rs. 100 per month. So, the total contribution for a month will be Rs. 200.If your age specific contribution amount is Rs. 200 per month, then the Government will also contribute Rs. 200 per month. So, the total contribution for a month will be Rs. 400.
How & Where To Join The Scheme?
You need to visit your nearest Community Service Centre (CSC) to join the scheme.
In addition to your eligibility, you need to have
- Aadhaar card number
- Savings Bank (SB) account or Jan-Dhan Account
- mobile phone
In future, the Government is planning to provide PM-SYM web portal or mobile app and you can register yourself using Aadhaar number or SB account number or Jan-Dhan account.
Retirement Age
The retirement age for this scheme is 60 years. It means that after your 60 years of age, you will receive regular monthly pension.
How Much Pension Will You Get from PM Shram Yogi Maan-Dhan scheme?
You will receive a guaranteed monthly pension of Rs. 3,000 after the age of 60 years. You will receive pension every month till the end of your life.
Family Pension: If you die after 60 years of your age, then your spouse will receive 50% of the pension amount (that is Rs. 1,500) as family pension. Note that only your spouse can receive family pension.
After your spouse’s death, the family pension will be stopped. Any amount in your PM-SYM account will be given back to the Government.
Pre-Mature Closure of PM Shram Yogi Maan-Dhan account.
The pre-mature closure rules of this scheme are flexible considering the nature of the jobs of unorganised sector workers.
Leave before 10 years:
If you leave the scheme within 10 years of joining, then you’ll get your total contribution amount plus the interest earned with SB (Savings Bank) account interest rate. Note that you won’t get Government’s contribution amount and it’s interest.
Leave after 10 years: If you leave the scheme after 10 years of joining but before 60 years of your age, then you’ll get your total contribution amount plus the total accumulated interest in the fund or the interest amount earned with SB (Savings Bank) account interest rate, whichever is higher.
Note that you won’t get Government’s contribution amount.
What If You Die Or Disabled Before 60 Years Of Age?
Death before 60 years: After joining this scheme, if you die due to any reason before 60 years of your age, then your spouse can either continue the scheme by paying monthly contributions or leave the scheme.
If your spouse decides to leave the scheme, then your spouse will get your total contribution amount plus the total accumulated interest in the fund or the interest amount earned with SB (Savings Bank) account interest rate, whichever is higher.
Note that your spouse won’t get Government’s contribution amount.
Disability before 60 years: After joining this scheme, if you become permanently disabled due to any reason before 60 years of your age, then your spouse can either continue the PM Shram Yogi Maan-Dhan scheme by paying regular monthly contributions or leave the scheme.
If your spouse decides to leave the scheme, then your spouse will get your total contribution amount plus it’s interest in the fund or the interest amount earned with SB (Savings Bank) account interest rate, whichever is higher.
Note that your spouse won’t get Government’s contribution amount and it’s interest.
In-Active PM Shram Yogi Maan-Dhan Accounts
If you don’t pay your contributions regularly or discontinued your contributions, then your account will become in-active.
You have the option of activating the account and continuing it further. But, you have to pay penalty charges.
To activate the account, you have to pay all the outstanding due amount along with penalty amount.
The penalty amount will be decided by the Government.
Nomination facility in PM Shram Yogi Maan-Dhan scheme
- Nomination facility is available.
- You need to nominate your spouse so that he/she can receive family pension after your death. Note that only your spouse is eligible for family pension.
- You can’t nominate other people.
Help Centres for PM Shram Yogi Maan-Dhan scheme
If you want to get any help or details about this scheme, then you can approach the following facility centres.
- Any LIC branch office
- ESIC or EPFO office
- All Labour offices of Central and State Governments.
FAQ About PM Shram Yogi Maan-Dhan
Who Manages PM Shram Yogi Maan-Dhan Funds?
This scheme is implemented through LIC (Life Insurance Corporation of India) and CSC (Community Service Centres).
LIC is the Fund Manager and responsible for paying monthly pension. The amount collected under this scheme will be invested as per the investment guidelines specified by the Government of India.
Can NRI Open this PM Shram Yogi Maan-Dhan account?
NRI (Non Resident Indians) can’t join this scheme. This scheme is mainly aimed at workers of unorganised sectors in India. So, NRIs won’t come into picture in this scheme.
Is there any Income Tax Benefits of PM Shram Yogi Maan-Dhan scheme
No income tax benefits. This scheme is mainly for those who are not income tax payers. So, income tax benefits won’t come into picture in this scheme.
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