PM Kisan Maandhan Yojana (PM-KMY), Benefits and Features

The PM Kisan Maandhan Yojana (PM-KMY) is a voluntary and contributory pension scheme launched by the Government of India in August 2019 to provide social security to small and marginal farmers. This scheme ensures that farmers who have no fixed income in old age receive a monthly pension to lead a life of dignity and financial independence.

It aims to cover farmers aged between 18 to 40 years, offering them a chance to build a retirement corpus through minimal monthly contributions, matched equally by the Central Government.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)

The Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) was introduced by the government on 12.9.2019 with the goal of providing social security to Small and Marginal Farmers in their old age when they have no means of support and little to no funds to cover their costs.

Key Features of Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)

The PM-KMY is designed to be inclusive, affordable, and easy to access. Below are its major features:

• Launched by the Government of India on 9th August 2019 to support old-age farmers.
• Targeted at Small and Marginal Farmers who own up to 2 hectares of land.
• Age Limit for Entry: Farmers aged 18 to 40 years can enroll.
• Monthly Pension of ₹3,000 is given after the farmer turns 60 years old.
• Contributory Scheme: Farmers contribute ₹55 to ₹200 per month based on their age at entry.
• Equal Government Contribution: The Central Government matches the farmer’s monthly contribution.
• Managed by LIC: Life Insurance Corporation of India manages the pension fund and payments.
• Family Pension Available: In case of the farmer’s death, the spouse gets 50% of the pension.
• Voluntary Scheme: Participation is completely optional for eligible farmers.
• Can Use PM-KISAN Benefits: Farmers can pay their contribution directly from PM-KISAN scheme funds.
• Easy Enrollment: Can be done online via the MAANDHAN portal or offline at the nearest Common Service Centre (CSC).
• No Enrollment Fee: Registration is free of cost.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Benefits

In accordance with this programme PM-KMY is upon reaching the age of 60, small and marginal farmers are given a minimum fixed pension of Rs. 3,000/-, subject to specific exclusion conditions. It is a contributing, voluntary pension. Depending on the entry age, the eligible farmer must contribute between Rs. 55 and Rs. 200 per month to a pension fund. Additionally, the Central Government makes an equivalent contribution to the Pension 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, the total contribution made by the farmer along with interest will be paid to the spouse.
• If beneficiary has 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 as Family Pension.
• After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Eligibility

The Pradhan Mantri Kisan Maan-Dhan Yojana is open to all small and marginal farmers who possess cultivable land up to 2 hectares and are between the ages of 18 and 40. These farmers are also eligible to apply and can take advantage of the entire program’s benefits. Farmers who meet the exclusion requirements are not eligible for the benefit:

1. Small and marginal farmers are already registered under other schemes of Governments of India such as the National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme, etc.
2. Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) administered by the Ministry of Labour & Employment as well as for Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) under the Ministry of Labour & Employment.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Significance

Within the next five years, it is anticipated that at least 10 crore people in the unorganised sector will take advantage of the programme, making it one of the world’s largest pension plans.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) UPSC

• An intermediate sector programme for farmers in India between the ages of 18 and 40 is called the PM-KMY Scheme.
• By registering with the Pension Fund run by the Life Insurance Corporation of India (LIC), beneficiaries can join the PM-KMY Scheme.
• Therefore, depending on their age, Members are expected to contribute to the Pension Fund on a monthly basis between Rs. 55 and Rs. 200, with the Central Government matching that amount.
• A total of 18,29,469 farmers in India are registered under this programme, according reports from November 14th.

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