New Delhi: Haven’t taken any pension plan yet … afraid of huge premiums. In such a situation, 4 pension Yojana of the government can help you. These pension plans are – PM Shram Yogi Maandhan Yojana, PM Kisan Maandhan Nidhi Yojana, Atal Pension Yojana, and PM Small Business Scheme.
1: Prime Minister Yogi Man-Dhan Yojana
The maximum age for PM Shram Yogi Maandhan Yojana is 40 years. The Modi government started this pension plan for people between 18 and 40 years old. The scheme is also called PM-SYM (Prime Minister Shram Yogi Man-Dhan). To open an account of this Pension Plan, you have to go to the Common Service Center (CSC). If there is no CSC, you can find it by visiting the LIC or Labor Ministry site. Accounts can also be opened by visiting District Labor Office, LIC Office, EPF, and ESIC office.
How does the account open
According to the EPFO, people of the unorganized sector can open an account under the PM-SYM scheme. For this, the age limit should be 18 to 40 years and the earning in the month should be less than 15 thousand rupees.
2: PM Kisan Maandhan Nidhi Yojana
PM Kisan Maandhan Nidhi Yojana is made for farmers. Under the scheme, farmers between the age of 18 to 40 can register in it. After 60 years, there is a provision of giving a pension of 3 thousand rupees a month or 36 thousand rupees annually to the farmers. More than 20 lakh farmers have registered in this scheme. The benefit of this scheme will be given only when the farmers are registered under PM Kisan Samman Nidhi Yojana. The purpose of this scheme is to help small and medium farmers in the form of monthly pension. The farmer must have less than two hectares of fields to take a pension plan. If the applicant farmer does not fulfill this condition, he will not be entitled to avail the scheme.
3: Atal Pension Yojana
In 2015 Atal Pension Yojana was created for the people in the unorganized sector. People up to 40 years old can open an account in it. Income tax is waived on the amount deposited in the APY account. For this, a receipt for the amount deposited in the account has to be shown. ATAL Pension Yojana is especially for the unorganized sector workers.
18 to 40 year olds can open account
Individuals between 18 and 40 years can open an account under this pension plan. Those contributing in this get a fix pension after 60 years. Whereas after the death of the shareholder, the spouse gets the same pension. There is also a provision to return the total accumulated pension fund to Nominee until the shareholder is 60 years old. It provides minimum guaranteed monthly pension ranging from 1000 to 5000 rupees.
4: Prime Minister Small Business Maidhan Yojana
PM Laghu Vyapari Maandhan Yojana is mainly for small businessmen. Under this, they will get a monthly pension of 3000 rupees after the age of 60 years. The method of registration in this is quite easy.