Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVMY)

✦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

✓Eligibility Criteria

• Small shopkeepers, retail traders, and self-employed persons aged between 18 and 40 years.
• Applicants whose annual turnover does not exceed Rs 1.5 crore in the preceding financial year.
• Individuals who are not covered under EPFO, ESIC, or any other government-funded pension scheme.
• Traders who are not income tax payers and do not hold a high-ranking professional status.

★Benefits

• A guaranteed minimum monthly pension of Rs 3,000 after attaining the age of 60 years.
• Provision for a 50 percent family pension for the spouse in case of the subscriber's death.
• The Central Government provides an equal matching contribution to the individual's pension fund.
• Flexible exit options allowing subscribers to withdraw their contributions with interest under specific conditions.

▶Application Process

• Visit the nearest Common Service Centre (CSC) to initiate the enrollment process.
• Provide Aadhaar and bank details for the creation of a unique pension account.
• Complete the self-certification process regarding turnover and professional eligibility.
• Authorize an auto-debit mandate for the monthly premium contribution from the linked bank account.

₹ Budget Allocation

400

Funding Ratio (Centre:State): 50:50 (Equal contribution by subscriber and Central Government)

Historical Context

Launched in July 2019 to provide a safety net to small shopkeepers and self-employed persons whose annual turnover is below Rs 1.5 crore.