Govt backed Pension scheme for unorganised sector in Bihar from February 15

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The government of India is going to implement the pension scheme for the workers in the unorganised sector in Bihar from February 15. The name of this scheme is “ Pradhan Mantri Shram Yogi Maan-dhan Pension Yojana (PMSYM) 2019.” The Life Insurance Corporation will implement this scheme in the state.


Pradhan Mantri Shram Yogi Maan-dhan Pension Yojana in Bihar

This scheme was announced in the interim budget – 2019 of the central government. The scheme covers workers from 18 years to 40 years. The makers of the policy have to contribute a small amount on their part to get a pension. On maturity, the beneficiaries will receive an amount of Rs 3000 as a monthly pension.

How much premium needed?

The scheme benefits laborers whose monthly income is not less than Rs 15,000. Any 18-year old laborers in the scheme, for example, have to contribute 55 rupees monthly. Similarly, labor who is 29 years old, will need to give 100 rupees monthly as premium. For a 40-year laborer’s RS 200 per month will be charged as premium under this scheme.

Age 60 is the maturity period

An age of 60 years is set as the period of maturity. After this, they will start to get Rs 3,000 monthly pension. According to the condition that if their monthly income increases by Rs 15,000 then they have to get out of this plan. As soon as they will exit the scheme, their deposits will be returned with interest.

In case of death of policy holder

Similarly, if a worker dies before 60 years, then the deposit amount will be returned to their families with interest. Although any workers die after 60 years then his relatives will get the benefit of a family pension. For the implementation of the scheme, LIC will open an account with SBI.

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