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Prime Minister Narendra Modi launched the PM Laghu Vyapari Mandhan Yojana to help the business sector. He believes that the prosperity of a nation depends a lot on the business sector. Therefore, this scheme is aimed at empowering business owners of micro and small businesses. As a part of this scheme, micro and small business owners can enjoy a pension after their retirement by contributing to their pension fund. This scheme is also known as the National Pension Scheme for Traders and Self-Employed Persons Yojana and was officially implemented in July 2019.
Table of Contents
Highlights
| Start Date | July 2019 |
| Introduced by | PM Narendra Modi |
| Beneficiaries | Self-employed, shop owners, retail owners, and other vyaparis |
| Mode of application | Online and CSC |
| Website | https://maandhan.in/ |
| Scheme | Pension |
PM Laghu Vyapari Mandhan Yojana Features
The aim of this project is to promote micro and small business owners to gain financial security when they are older. So, they can contribute to this central government scheme and avail themselves of pension when they are older. Following are some of the most important features of the PM Laghu Vyapari Mandhan Pension Scheme:
- Amount & Frequency Of Payment: The scheme offers small and micro business owners a pension of INR 3000 every month.
- Contribution By The Central Government And Beneficiaries: The payable premium is calculated by a public assistant who is at the CSC (Common Service Center). The total amount depends on the age at which the applicant enrols for this pension fund.
- Calculation Of The Premium: This pension scheme works on a partnership basis of 50:50 which means that the central government will pay the exact amount that a beneficiary contributes to the fund. For example, if a beneficiary decides to contribute INR 100 each month, in that case, the central government will add INR 100 each month to the fund.
- Age Limit For The Application: Applicants need to be between 18 and 40 years of age in order to avail the benefits of this scheme.
- Premium Amount: The scheme gives a possibility of paying as low as INR 55 each month. However, if the applicants join it late, then they will be asked to contribute INR 200 each month. Hence, the premium can be anywhere between INR 55 to INR 200.
- Total Beneficiaries Of The Scheme: As many as 3 crore micro and small business owners, retail shop owners and merchants can be a part of this scheme and avail themselves of its benefits.
- Common Service Centers (CSC): The registration in these projects is carried out through CSCs and the central government has already allocated funds and passed the project to have 3.25 lakh CSCs around India.
- Government Budget: The aim of the central government is to make this scheme extremely successful. Therefore, they have put aside a fund of INR 750 crore for this purpose.
- Activation Of The Pension Fund: The pension fund will be activated and the beneficiaries will start getting their monthly pension as soon as they hit the age of 60 years.
- Accumulated Interest On The Money: In addition to the money accumulated by a beneficiary, banks will also offer an interest that will become a part of the pension fund.
- Possibility To Quit: This scheme offers the beneficiaries a possibility to quit contributing to this old-age pension by submitting an application. Once the application is processed, they will be able to withdraw the money that is accumulated in their account till that time.
- Supervising Agency: LIC is in-charge and the nodal agency for supervising and managing everything that is related to the scheme.
- Selection Of The Nominees: A beneficiary can choose a nominee who can be his/her spouse, family or any other person. This nominee will get INR 1500 as a part of the family pension.
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PM Laghu Vyapari Mandhan Yojana Eligibility
- Citizen Of India: Only legal citizens who fulfil every given requirement can apply for the pension benefits of this scheme.
- Small/Micro Business Owners: The aim of this scheme is to help small/micro business owners, small retailers and merchants. Hence, only they are allowed to apply for this scheme.
- Annual Income Limit: Business owners who have an annual turnover of more than INR 1.5 crores will not be eligible to apply for this scheme.
- Age Limit: An applicant needs to be over 18 years of age and less than 40 years to participate in this scheme.
Document Requirements For The PM Laghu Vyapari Mandhan Yojana
Following are the documents necessary to apply for this scheme:
- Age Proof: A document showing the legal age of the applicant is necessary to be accepted.
- Residence Proof: A document is required that highlights the address and the state or the union territory where the applicant lives.
- Registration Documents Of The Business: Business registration and annual turnover documents will be required to verify the status of the business.
- Aadhaar Card: CSC public assistants will ask for an Aadhaar card to verify the details of the applicant.
- GST Documents: GST registration documents and the returns filed will also be required.
- Trade License: If the applicants have a trade license, they will be asked to attach those documents as well.
- Bank Account Details: Every applicant needs to have a bank account and they will be required to share the details for the smooth transfer of funds every month.
How Can You Download An Application Form For This Pension Scheme?
You can download the application form for this scheme by following a few easy steps:
- Access The Official Portal Easily: You must apply to the PM Laghu Vyapari Mandhan Yojana scheme through its official website at https://maandhan.in/vyapari. Visit the homepage of the website to begin the process.
- Start The Application Process: Once you are on the portal, click on the option that says, “Click here to apply now.” You will find this option on the extreme right corner of the page. Follow the correct steps to fill the application form without any hassle.
- Select The Enrolment Type: If this is your first time applying for this scheme, make sure you choose the correct enrolment type. Select the option that says, “Self-enrolment option” and then click on “CSC VLE.” Moreover, if you are enrolling for yourself, click on the former.
- Use Your Registered Mobile Number: It is important to verify your mobile number in this process. When generating an OTP, remember to use your registered mobile number. Furthermore, your mobile number should be activated and easily accessible. Now, enter the correct OTP and click on “Proceed.”
- Complete The Verification Process: Once you complete the mobile registration, you must complete the verification. Applicants will be required to put their details in the verification box, including their names, email IDs, etc. Once you enter the details, enter the captcha code and click the relevant icon for the generation of an OTP on your registered number.
- Complete The OTP Verification: You can find the OTP as an SMS on the registered mobile number. Type the given OTP in the application form. Click on the option that says, “Proceed” to finish the process.
- Access The Scheme Dashboard Easily: When you fill the application form, remember that you can easily visit the previous step or page of the form. There, you will find a few options, one of which will say “enrolment.” Using this option, you can continue with the process of enrolment for this scheme.
- Choose The Right Scheme: The most important step to this procedure is choosing the right scheme. After you click on the option for enrolment, select the correct scheme from a drop-down menu that will appear on the website. Here, you select the option of the National Pension Scheme for Traders and Self Employed Persons Yojana from the given list of items.
- Select An Online Registration Form: Once you choose the correct name from the list, you will see an application form appear on the screen. Now, you are required to fill this form using your correct details. Make sure you do not enter any incorrect information as this may lead to your application form getting rejected.
- Submit The Application Form: Once you have entered all the correct information in the application form, click on the option that says “Submit.” You will find this option at the bottom of the application form. You will then get a subscription ID provided you have filled the application form correctly.
How Can You Check The Status Of Your Application Form Under This Scheme?
Follow the steps given below to check your form’s status:
- Click on the official link of the website to check the status of your application form.
- Once you are on the homepage of the portal, you will see an option that says, “Complete” in the upper right corner. When you click on it, a new page will appear.
- Once this page opens, type in your subscription ID in the stipulated box and you will receive all the information in detail.
- Now, click on the search option for further details. Here, registered applicants can easily access the status of their applications.
Contact Details
Helpline number: 1800 267 6888
Email: vyapari@gov.in | shramyogi@nic.in
FAQs
Q: Who can apply for PM Laghu Vyapari Mandhan Yojana?
Ans: Any shopkeeper, retail trader, and self-employed with an annual turnover of less than 1.5 crores can apply.
Q: How many years do I have to contribute to PM Laghu Vyapari Mandhan Yojana?
Ans: You have to pay till you reach the age of 60 years.
Q: Can I apply PM Laghu Vyapari Mandhan Yojana offline?
Ans: Yes, you have to enroll by visiting the nearest Common Service Centre. click https://locator.csccloud.in/ to find your nearest CSC center.
Q: Is there any enrollment charges?
Ans: No, there are no enrollment charges.
Q: What if the subscriber of PM Laghu Vyapari Mandhan Yojana dies before pension?
Ans: In such a case his/her spouse can continue the scheme by paying regular installments/contributions. On completion of installments, a 3000 rs monthly pension will be paid to the spouse. If the spouse wants to withdraw before completion then the member’s contribution with interest will be returned.
For more FAQs please refer https://maandhan.in/page/faq
Conclusion
The National Pension Scheme for Traders and Self Employed Persons Yojana is a valuable scheme set up by the government that can prove to be really helpful for small and micro business owners. Hence, check your eligibility and apply for this scheme today to avail yourself of all scheme-related benefits.