The Prime Minister has announced PM CARES for Children scheme to support children who have lost both parents or surviving parent or legal guardian or adoptive parents due to COVID-19 pandemic. The objective of the Scheme is to ensure comprehensive care and protection of Children in a sustained manner, and enable their well-being through health insurance, empower them through education and equip them for self-sufficient existence with financial support till 23 years of age. The scheme is accessible through an online portal i.e. pmcaresforchildren.in.
A calculated amount has been credited in the account of each identified child in such a manner that the corpus for each child becomes Rs.10 lakhs at the time of attaining 18 years of age. Children are entitled to receive monthly stipend between the age of 18 and 23 years, by investing the corpus of Rs.10 lakhs into Monthly Income Scheme of Post Office. They will receive the amount of Rs.10 lakh on attaining the age of 23 years. Children staying with relatives are receiving Rs.4000/- per month under Mission Vatsalya Scheme. Under the scheme, provision has been made for admission in the nearest Kendriya Vidyalaya Sangathan/Kasturba Gandhi Balika Vidyalaya or Private Schools. Further, scholarship of Rs.20,000/- are provided to all school going children of class 1-12. Children are also assisted in obtaining education loan for Professional courses / Higher Education in India for which interest would be borne by PM CARES Fund. All children have been enrolled under Ayushman Bharat Pradhan Mantri-Jan Arogya Yojna (AB PM-JAY) with a health insurance cover of Rs.5 lakh. The coverage of health insurance would be provided till they attain the age of 23 years.
Read Also: Social security schemes for labourers
Children can also avail the benefits of ‘Swanath Scholarship Scheme for Students’ which is being implemented by All India Council for Technical Education (AICTE) to study further in AICTE approved Institutions and courses. Under the scheme, Rs.50,000/- per annum is provided to each student for every year of study (i.e. maximum 4 years for first year admitted Degree students and maximum 3 years for Diploma Students) as lump sum amount towards payment of college fee, purchase of computer, stationery, books, equipment, software etc.
These children are also covered under the initiative of AICTE, “Kaushal Augmentation and Restructuring Mission of AICTE” (KARMA), for all AICTE approved institutions in the country to overcome the dual challenge of scarcity of skilled manpower in jobs and low skill level of those who are presently in jobs.
An amount of Rs.16.84 crore and Rs.4.44 crore has been transferred to 206 and 55 eligible children in the States of Rajasthan and Assam respectively under the PM CARES for Children Scheme.
Under the PM CARES for Children Scheme, the children have been given assistance for self sustenance, self-belief and motivation. The scheme is implemented nationwide and provides benefits for their comprehensive care and protection and economic independence.
Financial needs can arise at any time. Whether you need funds for a medical emergency,…
India Bond Returns: The Indian government has removed taxes on income and profits earned by…
In India, homes often count as the most important financial asset a family has. It…
Microsoft has unveiled Web IQ, a new set of grounding APIs designed to help AI…
Tech Events in Austin: Austin continues to strengthen its position as one of America’s fastest-growing…
When you begin building your investment portfolio, one question often comes up: should you focus…