Pradhan Mantri Kisan Maan Dhan Yojana ( PM KMY )

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In order to provide financial support and security to the most vulnerable farmer families, Government launched Pradhan Mantri Kisan Maandhan Yojana w.e.f. 12.09.2019 to provide pension benefits to small and marginal farmers. PM KMY is meant for Small and Marginal Farmers falling in the entry age between 18 to 40 years having cultivable land up to 2 hectares The scheme seeks to provide Rs 3,000/- monthly pension to the Small and Marginal Farmers once they attain 60 years of age.

Details

A contributory pension scheme by the Ministry of Agriculture and Farmers Welfare for Individual Farmers. Provides an assured monthly pension of Rs. 3000/- to all the Small and Marginal farmers after the age of 60 years.

Pradhan Mantri Kisan Maandhan Yojana is a government scheme meant for old age protection and social security of Small and Marginal Farmers

Eligibility

  1. For Small and Marginal Farmers
  2. Entry Age between 18 to 40 years
  3. Cultivable land up to 2 hectares as per land records of the concerned State/UT

Features

  1. Assured pension of Rs. 3000/- month
  2. Voluntary and Contributory Pension Scheme
  3. Matching Contribution by the Government of India

Note

This scheme comes under Maandhan Umbrella along with the following schemes -

  1. Pradhan Mantri Shram Yogi Maan-dhan Yojana
  2. National Pension Scheme - Traders & Self-Employed Persons

Benefits

  1. Minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  2. Convertible to family pension wherein spouse shall be entitled to receive 50% of the amount.
  3. If the applicant dies before age of 60, Spouse will be entitled to continue the scheme and shall be entitled to receive 50% of the amount.
  4. Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.
  5. In case an eligible beneficiary exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then the share of contribution by him only will be returned to him with savings bank rate of interest payable thereon.
  6. If an eligible beneficiary exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
  7. If an eligible beneficiary has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such beneficiary along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher
  8. After death of beneficiary and his or her spouse, the corpus shall be credited back to the fund

Note

The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60

Eligibility

Eligibility Criteria

  1. For Small and Marginal Farmers
  2. Entry Age between 18 to 40 years
  3. Cultivable land up to 2 hectares as per land records of the concerned State/UT

Exclusions

Large farmers: a farmer who owns cultivable land of more than 2 hectares as per land records of the concerned State/UT

Applicants who have applied for the following scheme are not eligible for the scheme.

  1. NPS (National Pension Scheme)
  2. ESIC (Employees' State Insurance Corporation)
  3. EPFO (Employees' Provident Fund Organisation)
https://www.myscheme.gov.in/

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