PM-CARES for Children Scheme

The PM-CARES for Children Scheme was announced by the Central Government to assist minors who lost their parents to COVID-19. Under this scheme, the government will open a fixed deposit for the beneficiaries and the PM-CARES fund will be used to provide Rs.10 lakh corpus for each of them after they turn 18 years old. The corpus will be used for give monthly financial support from 18 years of age for the next 5 consecutive years to support higher education.

The other measures to be funded by the PM-CARES fund include interest payment for education loans provided for professional courses or higher education, scholarships and insurance under PM-JAY.