The Government of India has launched the PM Maandhan Yojana to offer social security to workers in the unorganised sector. If you are between 18 and 40 years old, you can start investing with just Rs 55 per month and receive up to Rs 3000 monthly pension after the age of 60. This scheme is making headlines due to its low investment and guaranteed pension benefits.
How Does PM Maandhan Work
Under the Pradhan Mantri Shram Yogi Maandhan Yojana, eligible individuals can open a pension account by registering with their Aadhaar and savings account or Jan Dhan account. The contribution amount depends on your age. For instance, someone who joins at 18 pays only Rs 55 monthly, while a 40-year-old pays Rs 200. The central government also contributes an equal amount monthly to your pension fund. After 60 years of age, you start receiving a pension of Rs 3000 every month.
Eligibility and Benefits
This scheme is specifically designed for workers in the unorganised sector like rickshaw pullers, street vendors, domestic helpers, agricultural workers, construction labourers, and similar occupations. The person’s monthly income should be less than Rs 15,000. One major benefit is that in case the subscriber dies, the spouse can receive 50% of the pension as family pension. If the subscriber exits the scheme early or fails to make contributions, there are refund and withdrawal options as well.
Where and How to Enrol
Enrollment is simple. Interested people can visit the nearest Common Service Centre (CSC) and register with their Aadhaar and bank passbook. They will be provided with a pension card after completing the process. No medical test is required. The Life Insurance Corporation of India (LIC) manages this scheme as the nodal agency.
Scheme Contribution & Withdrawal
The subscriber can exit the scheme after a minimum period and still receive the accumulated amount with interest. Also, if the subscriber dies before pension starts, the spouse can continue the scheme. This long-term saving plan is ideal for financial independence post-retirement.