Apply Pradhan Mantri Shram Yogi Mandhan pension Plan Online

Pension Plan : The Pradhan Mantri Shram Yogi Maan-dhan pension system, which provides old age protection for workers in the unorganised sector, was introduced by the Indian government. The program went live on February 15, 2019.

Workers in the unorganized sector, including those employed in rickshaw pulling, audiovisual production, leather work, washing, domestic work, rag picking, cobblers, brick kiln workers, head loaders, midday meal workers, street vendors, home-based workers, and those in related occupations, are the target audience for PM-SYM.

Pension Plan

The PM-SYM pension scheme’s qualifying requirements and regulations were outlined in a notification issued by the Indian government on February 7, 2019.

Select Your Age

1. For 18-28 years of age
2. For 29-39 years of age
3. For 40-50 years of age
4. Above 50 years – Not eligible

Important Links :

PM-SYM is a central sector scheme that will be run by the Ministry of Labour and Employment.

The Common Services Centres eGovernance Services India Limited (CSC SPV) and the Life Insurance Corporation (LIC) of India will carry out the scheme’s implementation. Pension payments are going to be made by LIC.

Eligibility Criteria for Shram Yogi Maan-dhan pension scheme

Given below are the eligibility criteria that an individual must meet in order to subscribe to the scheme:

1. Individuals must be between the ages of 18 years and 50 years.
2. Monthly income of the individual must be Rs.15,000 or less.
3. Individuals should not be covered under the Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC), or National Pension System (NPS).
4. The individual must not be an income taxpayer.
5. Individuals must have an active mobile number, an Aadhaar number, and a savings bank account.

Online PMSYM Enrollment Process

Interested and eligible persons will have to visit the nearby CSC can be located from the information
page on the websites of LIC,
Ministry of Labour and Employment and CSC Documents needed for enrolment are

1. Aadhar card
2. Bank account details along with IFSC code (one can use bank passbook or copy of bank statement as evidence of bank account)
3. A working mobile for OTP verification
4. Initial contribution for opening an account under the scheme The village-level entrepreneur (VLE)
   at the CSC will register the Aadhar number, subscriber name, and date of birth as printed on the Aadhar card and the same will be verified UDAI database through a process of demographic authorization The system will auto-calculate the monthly contribution according to the age of the subscriber.
5. The subscriber will also have to pay the initial contribution amount to the VL who will then hand over a receipt to the subscriber.
6. Meanwhile, a unique SYM number will be generated and an SYM card will be printed at CSC.
7. An enrolment form cum Auto debit mandate will then scan the signed mandate and upload it into the system.
8. Upon successful completion of the process, the subscriber will be having an SYM card and a signed copy of the enrolment form for the record.

Benefits of PMSYM Yojana

The government will make an equal contribution to the scheme as the candidate according to
his/her age.
This scheme will be helping more than 42 crore workers belonging to the unorganized sectors of
India.
Even if the candidate wants to opt out of the scheme before 10 years, the share of the candidate will
be given back along with the interest amount accrued.
If the candidate opts out after 10 years but before 60 years of age, the share of the candidate’s
contribution adding the accumulated interest will be given back to the candidate.
If the candidate is making proper contributions but has an untimely demise, his or her spouse would
be entitled to the continuation of the scheme. If the spouse is entitled to it, he/she is supposed to
pay the regular further contributions. If it’s not possible under any condition, one can always exit the
scheme by taking the candidate’s contribution to the date in addition to the interest.

Withdrawal & Exit from Pradhan Mantri Shram Yogi Maan-dhan

This scheme features a flexible exit procedure considering the uncertain nature of employment of unorganised sector workers.

The details for exiting the scheme are mentioned below:

1. Only the beneficiary’s contribution along with the interest rate from the savings banks will be returned to subscribers if they leave the scheme within 10 years.
2. If the subscriber exits the scheme after 10 years but before they attain 60 years of age, the beneficiary’s contribution along with the accumulated interest or the interest from the savings bank (whichever is higher) will be returned.
3. If regular contributions are made towards the scheme, and the subscriber dies during the duration of the contributions, the spouse can continue towards the scheme by making regular payments or exit from the scheme by receiving the contribution of the beneficiary along with the interest of the savings bank or accumulated interest, whichever is higher.
4. If the subscriber and his/her spouse die, the entire amount will be put back into the scheme.
5. If the subscriber becomes disabled permanently, the spouse will be able to continue contributing towards the scheme or exit from the scheme by the receiving the beneficiary’s contribution and the interest of the savings bank or accumulated interest, whichever is higher
6. The government can decide on other exit provisions as applicable.