Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVM)

The Ministry of Labour and Employment has introduced the new scheme named "Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana" (PMLVM) which offers pension coverage to the trading community. This pension scheme grants a minimum amount of Rs.3000 per month to shopkeepers, retail traders and self-employed individuals. In this article, we look at the Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVM) in detail. Also, read about PM Kisan Maan Dhan Yojana (PM-KMY).

Salient Features

The features of the Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVM) are given below:

All shopkeeper, retail traders and the self-employed individual will receive a monthly pension of Rs.3000 after attaining the age of 60 years.
Under the PMLVM scheme, the eligible beneficiary will have to make a monthly contribution of Rs.55 to Rs.200 depending upon their age limit.
The Central/State Government will make an equal contribution to the beneficiary account. For example, if a person with the age of 30 years will have to contribute Rs.105 per month, then the Government also contributes the same amount as subsidy into the beneficiary account.
The Life Insurance Corporation of India, which acts as the pension fund manager, is responsible for the disbursement of pension amount.
In case of permanent disability of beneficiary before superannuation age, the spouse can continue in the scheme by remitting the balance amount until you reach the loan tenure. If there is no spouse, then the total contribution along with interest will be paid to the beneficiary.
In case of death occurs after the retirement date, the spouse will receive 50% of the pension as the family pension. After the loss of both the pensioner and the spouse, then the fund will be credited back to the nodal agency.

Eligibility Criteria

The below-given criteria must be satisfied to avail the benefits under the Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana.

Any shopkeepers, self-employed persons, as well as retail traders with GST turnover below Rs.1.5 crores, can apply for the PMLVM scheme.
The age limit of the beneficiary should be between 18 to 40 years at the time of applying for the scheme.

Note: The following are not eligible to participate under the PMLVM scheme.

Any person covered under any other social security schemes such as Employee State Insurance Scheme, Employees Fund Organization Scheme, National Pension Scheme (NPS) etc. is not qualified to register for the scheme.
Any person who pays Income tax in the last assessment year is not eligible.
Any person who is not the resident of India is not eligible to enrol under PMLVM scheme.

Monthly Contribution

The amount of the monthly contribution will depend upon the age of the beneficiary as per the following contribution chart:

S.No	Entry Age	Superannuation Age	Member’s Monthly Contribution	Government Monthly Contribution	Total Monthly Contribution
1.	18 years	60 years	Rs.55/-	Rs. 55/-	Rs. 110/-
2.	19 years	60 years	Rs.58/-	Rs. 58/-	Rs. 116/-
3.	20 years	60 years	Rs.61/-	Rs. 61/-	Rs. 122/-
4.	21 years	60 years	Rs. 64/-	Rs. 64/-	Rs. 128/-
5.	22 years	60 years	Rs. 68/-	Rs. 68/-	Rs. 136/-
6.	23 years	60 years	Rs. 72/-	Rs. 72/-	Rs. 144/-
7.	24 years	60 years	Rs. 76/-	Rs. 76/-	Rs. 152/-
8.	25 years	60 years	Rs. 80/-	Rs. 80/-	Rs. 160/-
9.	26 years	60 years	Rs. 85/-	Rs. 85/-	Rs. 170/-
10.	27 years	60 years	Rs. 90/-	Rs. 90/-	Rs. 180/-
11.	28 years	60 years	Rs. 95/-	Rs. 95/-	Rs. 190/-
12.	29 years	60 years	Rs. 100/-	Rs. 100/-	Rs. 200/-
13.	30 years	60 years	Rs. 105/-	Rs. 105/-	Rs. 210/-
14.	31 years	60 years	Rs. 110/-	Rs. 110/-	Rs. 220/-
15.	32 years	60 years	Rs. 120/-	Rs. 120/-	Rs. 240/-
16.	33 years	60 years	Rs. 130/-	Rs. 130/-	Rs. 260/-
17.	34 years	60 years	Rs. 140/-	Rs. 140/-	Rs. 280/-
18.	35 years	60 years	Rs. 150/-	Rs. 150/-	Rs. 300/-
19.	36 years	60 years	Rs. 160/-	Rs. 160/-	Rs. 320/-
20.	37 years	60 years	Rs. 170/-	Rs. 170/-	Rs. 340/-
21.	38 years	60 years	Rs. 180/-	Rs. 180/-	Rs. 360/-
22.	39 years	60 years	Rs. 190/-	Rs. 190/-	Rs. 380/-
23.	40 years	60 years	Rs. 200/-	Rs. 200/-	Rs. 400/-

Exit and Withdrawal Rules

The exit and withdrawal rules under the PMLVM scheme are as follows:

In case of a beneficiary exits the scheme within a period of fewer than ten years from the date of commencement of the PMLVM scheme, then the share of monthly contribution by pensioner will be returned to the savings bank account of the beneficiary along with the accumulated interest rate.
If a beneficiary exits the scheme after completion of a period of 10 years from the date of commencement of the scheme but before the age of 60 years, then the share of beneficiary contribution will be returned along with interest earned by the beneficiary.
If a beneficiary has made regular contributions and died due to any cause, the spouse of the pensioner is allowed to access the scheme by payment of monthly contribution. And also can exit the scheme by receiving the share of contribution paid by such pensioner.
In case of default in making a regular contribution, the beneficiaries are allowed to regularise the contributions by paying the outstanding due amount along with the applicable interest.

Registration Fee

The registration of Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVM) is free of cost. However, the Common Service Centres (CSC) will charge Rs.30/- per registration, which will be borne by the State Government.

Documents Required

The below following are the documents required to be attached along with the application form.

Copy of Aadhar card
Copy of Savings Bank account passbook or account statement
Copy of Work identity card, if applicable.

How to Apply?

The enrollment to the scheme is being done through over Rs.3.50 lakh Common Service Centres across the country. Later on the alternative facility of registration through the State Nodal Officers or by any other means of online enrollment will also be made accessible.

Any eligible person interested in joining the scheme can visit the nearest Common Service Centre (CSC) along with the necessary documents such as Aadhaar card and bank passbook or account details.
The Village Level Entrepreneur (VLE) at the CSC would complete the registration process with the details of name, Aadhaar number, spouse and nominee particulars, mobile number (optional), address, date of birth and the other details.
The data provided by the applicant would be verified by the CSC through manual verification of bank particulars from supporting documents, demographic authentications of Aadhar card, etc. Also, the mobile number given by the applicant will be verified by the OTP verification process. Then the applicant has to authenticate the data generated in online enrolment form by putting his/her signature.
Upon successful registration, the approval of beneficiary for auto-debiting monthly contribution from their savings bank accounts will be generated.