About the Scheme
PM-LVMY provides guaranteed pension of Rs 3,000/month at age 60 to small traders, shopkeepers, and self-employed persons. Launched July 22, 2019. Contributory: Rs 55-200/month (age-based), matched 1:1 by Centre. Eligibility: annual turnover below Rs 1.5 crore; not covered by EPFO/ESIC/NPS. Managed by LIC. Part of the Maan-dhan pension trilogy for unorganized sector.
Target Beneficiaries: Small traders, shopkeepers, self-employed persons with GST turnover below Rs 1.5 crore
Key Features
- Rs 3,000/month guaranteed pension from age 60 for small traders and shopkeepers
- Monthly contribution: Rs 55 (age 18 entry) to Rs 200 (age 40 entry); Centre matches 1:1
- Eligibility: annual GST turnover below Rs 1.5 crore; aged 18-40; not EPFO/ESIC/NPS member
- Managed by LIC of India; enrollment via CSC (Common Service Centres)
- Part of Maan-dhan trilogy: PM-KMY (farmers) + PM-SYM (unorganized workers) + PM-LVMY (traders)
- Family pension: 50% (Rs 1,500/month) to spouse on death after 60
- Exit: savings bank rate if before 10 years; 7.5% if after 10 years