The Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is a centrally sponsored scheme for the farmers which are age groups between 18 and 40 years. It was launched at Ranchi, Jharkhand by Hon’ble Prime Minister Narendra Modi. It is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC).
The LIC play the role of the Pension Fund Manager for PM-KMY. It provides an assured monthly pension of Rs. 3000 after the age of 60 years to all the farmers. This scheme was introduced with the goal to secure the lives of around 3 crores of small and marginal farmers in India.
Salient Features of the PM-KMY
The Pradhan Mantri Kisan Maan-Dhan Yojana has the following salient features:
1. It has been started to provide social security to all landholding Small and Marginal Farmers in the country. These farmers have minimal or no savings and also haven’t any source of livelihood when they reach at the old age. Therefore, the scheme aims to help them live a healthy and happy life after they reach their old age.
2. It is a voluntary and contribution-based pension scheme, whereas the pension will be paid to the farmers from a Pension Fund managed (PFM) of the LIC.
3. Farmers will have to contribute an amount between Rs.55 to Rs.200 per month in the Pension Fund till they reach the age of 60 years. The Government of India will also make an equal contribution of the same amount in the pension fund. It means the ratio of the contribution that must be made by them and the Union Government under this Yojana is 1:1.
Who are eligible for the PM-KMY?
1. Those farmers who are of the age of 18 years and above and up to 40 years are eligible to join the scheme. Spouses of the Small and Marginal farmers are also eligible to join the scheme separately and they will also get separate pension of Rs.3000/ when they reach the age of 60 years.
2. The farmers who have joined the scheme may also leave the scheme later if they do not wish to continue for any reason. In that case, their contributions to the Pension Fund will be returned to them along with interest.
3. In case of unfortunate or accidental death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer. In case of death of the farmer before retirement date, if the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse.
4. If a farmer dies before retirement date and 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 i.e. Rs.1500 per month as Family Pension.
5. If the farmer is a beneficiary of the PM-KISAN Scheme, he/she may allow the contribution to be directly paid from the same bank account in which he/she receives the PM-Kisan benefit. The eligible farmers desirous of joining the scheme will visit nearest Common Service Centre (CSC) along with their Aadhaar number and bank passbook or account details. Later on an alternative facility of enrollment through the PM-Kisan State Nodal Officers or by any other means or online enrollment will also be made available.
6. Enrollment under the scheme is free of cost and the farmers are not required to make any payment for the purpose at the CSC Centres.
Who are not eligible for the PM-KMY?
1. The farmers who are falling within the purview of the exclusion criteria.
2. 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 Organisation Scheme, etc.
3. The 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.