Pradhan Mantri Shram Yogi Maandhan Yojana (PM Shram Yogi Mandhan Yojana) is a pension scheme launched by the Government of India for workers in the unorganized sector. The objective of this scheme is to provide economic security to the workers in the unorganized sector in old age. However, some people want to opt out of this scheme due to various reasons.
In this article we will give detailed information about the process of closing PM Shram Yogi Maandhan Yojana. We will discuss both online and offline methods of closing the scheme. Besides, we will also give information about important aspects and rules related to the scheme.
What is PM Shram Yogi Maandhan Yojana?
Pradhan Mantri Shram Yogi Maandhan Yojana (PMSYM) is a voluntary and contributory pension scheme launched by the Government of India in February 2019. This scheme is for workers in the unorganized sector whose monthly income is Rs 15,000 or less.
The main features of this scheme are as follows:
| Speciality | Description |
| target beneficiaries | unorganized sector workers |
| age limit | 18-40 years |
| monthly contribution | Rs 55-200 (depending on age) |
| minimum pension | Rs 3,000 per month (after 60 years of age) |
| government contribution | equal to the beneficiary’s contribution |
| implementing agency | LIC & CSC e-Governance Services India Limited |
Reasons for closing PM Shram Yogi Maandhan Yojana
Some people want to close this scheme due to the following reasons:
- Getting better pension options
- improvement in economic situation
- Inability to make regular contributions
- Dissatisfaction with the terms of the scheme
- Joining other government schemes
Online process to close PM Shram Yogi Maandhan Yojana
Follow the following steps to close the scheme online:
- Visit the official website of PMSYM
- Type maandhan.in in browser
- login
- Enter your registered mobile number and password
- Select ‘Exit from Scheme’ option
- Click on ‘Exit from Scheme’ from the options given on the dashboard.
- show cause
- Select or write the reason for leaving the plan
- Upload required documents
- Upload scanned copy of bank passbook, Aadhar card etc.
- confirm
- Confirm the given information and click on submit button
- Wait for the process to complete
- It may take a few days for your request to be processed
Offline process to close PM Shram Yogi Maandhan Yojana
Follow these steps to close the plan offline:
- Visit the nearest CSC center
- Find the Common Service Center (CSC) of your area
- carry necessary documents
- Aadhar Card, Bank Passbook, PMSYM Registration Card etc.
- fill the form
- Fill the scheme exit form available at CSC center
- show cause
- Write a valid reason for leaving the plan
- Submit copies of documents
- Submit photocopies of all required documents
- submit form
- Hand over the filled form to the CSC center official.
- get receipt
- Take receipt of form submission and keep it safe for reference
What will happen after closing the scheme?
Following procedure is followed after closing PM Shram Yogi Maandhan Yojana:
- Refund of Deposit: The amount deposited by you will be returned to your bank account.
- Government Contribution: Contribution given by the Government will not be refunded.
- Interest: No interest will be given on the deposited amount.
- Re-Joining: You cannot re-join the plan after closing it.
- Other benefits: Other benefits associated with the scheme like insurance cover etc. will cease.
Things to keep in mind before closing the plan
Consider the following things before closing PM Shram Yogi Maandhan Yojana:
- Future security: Do you have any other financial plans for old age?
- Alternative pensions: Are you joining another pension scheme?
- Financial situation: Has your current financial situation improved?
- Comparison of benefits: Have you compared the benefits of this plan with other options?
- Terms and Conditions: Have you read the scheme closure terms and conditions carefully?
Advantages and disadvantages of closing the plan
Advantages:
- refund of deposit
- Choosing other better investment options
- Freedom from monthly contribution obligation
Loss:
- loss of government contribution
- deprived of guaranteed pension
- Loss of additional benefits such as insurance cover
Frequently Asked Questions (FAQs)
Q1: Will the entire deposit be refunded on closing the scheme?
A: Yes, the entire amount deposited by you will be refunded.
Q2: Will the contribution given by the government also be refunded?
A: No, government contributions are not refunded.
Q3: How much time does the plan closure process take?
A: Usually the process is completed within 15-30 days.
Q4: Can I rejoin the plan after closing it?
A: No, once closed the plan cannot be re-joined.
Q5: Are there any charges for closing the plan?
A: No, there is no additional charge on closing the plan.
conclusion
Discontinuation of PM Shram Yogi Maandhan Yojana is an important decision. Consider all aspects before closing it. If you decide to discontinue the plan, follow the procedure mentioned above. Remember, it is very important to ensure the financial security of your future.
Disclaimer: This article has been written for informational purposes only. PM Shram Yogi Maandhan Yojana is a genuine government scheme, but the decision to discontinue it depends on individual circumstances. Please consult a financial advisor or government official before taking a final decision.
