Prime Minister Narendra Modi on Saturday announced that all children who have lost both parents or guardian due to coronavirus will be supported under ‘PM-CARES for Children’ scheme.
The prime minister said that such children will get a monthly stipend once they turn 18 and a fund of ₹10 lakh when they turn 23 from PM-CARES.
“All children who have lost both parents or surviving parent or legal guardian/adoptive parents due to Covid 19 will be supported under ‘PM-CARES for Children’ scheme,” the PMO said in a statement.
Fixed Deposit in the name of the child:
PM CARES will contribute through a specially designed scheme to create a corpus of ₹10 lakh for each child when he or she reaches 18 years of age.
The PMO said that this corpus will be used to give a monthly financial support from 18 years of age, for the next five years to take care of the child’s personal requirements during the period of higher education.
On reaching the age of 23 years, the child will get the corpus amount as one lump-sum for personal and professional use.
Never miss a story! Stay connected and informed with Mint.
our App Now!!