Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) – A Farmers Pension Scheme

The Pradhan Mantri Kisan Maan-Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi on 12 September 2019 with a view to provide social security to Small and Marginal Farmers in their old age by providing them an assured monthly pension of Rs. 3000/- after the age of 60 years.

This scheme was introduced with an aim to secure the lives of around 3 crores small and marginal farmers in India, with the help of Life Corporation of India (LIC).

Details of Pradhan Mantri Kisan Maan-Dhan Yojana

• Pradhan Mantri Kisan Maan-Dhan Yojana is a central sector scheme for small and marginal farmers aged between 18 to 40 years.
• Any eligible farmer can become a member of the PM-KMY Scheme by registering under the Pension Fund managed by the Life Insurance Corporation of India (LIC).
• The beneficiary are thus required to make a monthly contribution to the Pension Fund between Rs.55/- to Rs.200/-, depending on their age and equal amount of contribution will be made by the Central Government.
• According to the reports of 14th November 2019, a total of 18, 29,469 farmers in India have been registered under this scheme.
• The ratio of the contribution of farmers and the Union Government under this Yojana is 1:1.

Eligibility for Pradhan Mantri Kisan Maan-Dhan Yojana

1. Farmer must have the age between 18 to 40 years.
2. Small and Marginal Farmer who owns cultivable land upto 2 hectare as per land records of the concerned State/UT.

However, some of the farmers are not eligible for this scheme, for that criteria is mentioned below:

• Those Small and marginal farmers who are already registered under other schemes such as the National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme, etc. will not be eligible for Pradhan Mantri Kisan Maan-Dhan Yojana.

Benefits of PM-KMY Scheme

• Along with the beneficiary, his/her spouse is also eligible for the scheme and can get a separate pension of Rs.3000/- per month by making separate contributions to the Fund.
• If the beneficiary dies before the retirement date, the spouse may continue this scheme by paying the remaining contributions, but if the spouse does not wish to continue, then, in that case the total contribution made by the farmer along with interest will be paid to the spouse.
• If beneficiary have no spouse, then the total contribution along with interest will be paid to the nominee.
• If the farmer dies after the retirement date, the spouse will receive 50% of the pension per month as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.

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