The scheme will cover 12 lakh SC/ST families along with 10 lakh minority and 18 lakh poor families, he said.
Launching the scheme, the chief minister said this was the biggest social security scheme in the country.
He added that his government was committed to helping the economically weaker sections and that many welfare schemes had been set rolling in the past two-and-a-half years by his government.
Under the scheme, the head of the beneficiary family will be entitled to Rs.500 per month in the first year. There are provisions of increasing the pension amount by Rs.50 per year between the second and the sixth year.
For instance, a beneficiary will get Rs.550 per month in 2015-16 and by the end of the sixth year, the amount will stabilise at Rs.750 per month, the spokesman added.
The scheme has an annual budget of Rs.2,424 crore, the chief minister announced.