To explain this with an example:
Scope is: Paint the entire fence around the house.
Requirements are: Paint the front fence with white and all other sides with blue. Scrape the existing paint clean and perform 2 coats of painting.

Thanks Rahul for the answer. I am though still confused. As per the definitions shared in the answer, product scope and requirements seem to be synonymous.

Can anyone help on differentiating between them.

Good question - there is generally slight confusion between Scope and requirements and hence scope management plan and requirements management plan.
 
A requirement is a condition or capability that is required to be present in a product, service or result to satisfy a contract or other formally imposed specification; where total scope is the summation of products, services and results to be provided as a project. 
 
Product Scope: The features and functions that characterise a product, service or result.
 
Project Scope: The work performed to deliver a product, service or result with the specified features and functions.
 
Scope is mainly about tasks or actions required to complete the product or project whereas requirements, on the other hand, are features, or specifications you intend to build as a result of the project. Requirements are ideas you want to implement.
  
SCOPE MANAGEMENT PLAN is written with following in mind. 
• How will the Acceptance criteria be derived
• Who all needs to be involved to prepare a complete and foolproof Work Breakdown Structure
• How do we handle changes to WBS. Who will review and approve ? Overall how do we handle changes in the project scope. ?
• How do we prepare a good project scope statement?


REQUIREMENTS MANAGEMENT PLAN
• Requirements traceability and tracking the implementation w.r.t plan
• How do we handle changes, missed requirements, additional requirements ?
• Prioritising the requirements - Nice to have vs Must have
• How do we measure and check if the project is really on right track and meeting the requirements.

These documents are mainly for planning and do not deal with actual scope or requirements of the project. A good planning is very essential step  and it will help minimize conflicts and misunderstandings. These documents will serve as guideline on what needs to be done when there are issues with scope/requirements. A good planning serves as foundation. 

How these 2 plans, part of Plan Scope Management Process actually differ?
Is it only that Scope is about Project Management activities, such as scheduling, team management and so on?
To me, from my "real life experience" as referred to here, Scope has always been the sum of requirements, at best a higher level (process level) view where requirements are more a function/feature level view of the work to be achieved...?