17-Mar-2021: Objective of Pradhan Mantri Kisan Maan Dhan Yojana

Pradhan Mantri Kisan Maan Dhan Yojna (PMKMY) Scheme aims to provide social security net for the Small and Marginal Farmers (SMF) by way of pension, as they have minimal or no savings to sustain their livelihood during their old age and to support them in the event of consequent loss of livelihood. Under this scheme, a minimum fixed pension of Rs.3,000/-per month will be provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. The Scheme is a voluntary and contributory pension scheme, with entry age of 18 to 40 years.

The beneficiary would be required to contribute Rs 100/ - per month at median entry age of 29 years. The Central Government shall also contribute to the Pension Fund an equal amount.

The Scheme was implemented in 2019 and since the maximum age for enrollment limit is 40 years and minimum fixed pension of Rs. 3000/- per month will be due once the enrolled farmers attain the age of 60. Hence, the benefits of the Scheme shall be available only after a minimum period of 20 years.

19-Nov-2019: Over 18 Lakh Farmers registered under PM Kisan Man Dhan Yojana

With a view to provide social security net for the Small and Marginal Farmers (SMF) as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood, the Government has launched a new Central Sector Scheme, namely, the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY). Under this Scheme, a minimum fixed pension of Rs.3,000/- is provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years.

The beneficiary can opt to become member of the Scheme by subscribing to a Pension Fund managed by the Life Insurance Corporation of India (LIC). The beneficiary is required to make a monthly contribution of between Rs.55/- to Rs.200/- to the Pension Fund, depending on the age of entry into the Scheme, with provision of equal contribution by the Central Government. Exit from the scheme may be voluntarily or on failure of contribution or on demise. On exit from the scheme, the beneficiary will receive his/her accumulated share and the Government’s contribution will be deposited in the LIC Fund. After the subscriber’s death, the spouse or heir shall be entitled to receive 50% of the pension as family pension, provided he/she is not already an SMF beneficiary of the Scheme. On the death of the subscriber during the period of contribution, the spouse shall have the option of continuing the Scheme by paying regular contribution.

All Small and Marginal Farmers in the country, who are of the age of 18 years and above and up to the age of 40 years, and who do not fall within the purview of the exclusion criteria, are eligible to avail the benefits of this Scheme.

The Scheme aims to cover around 3 crore beneficiaries. As on 14/11/2019, 18,29,469 farmers in the country have been registered under the Scheme.

The ratio of contribution to be made by small and marginal farmers and the Union Government under this Yojana is 1:1. Government contribution under the Scheme is equal to the monthly contribution made by the farmer, which varies from Rs.55/- to Rs.200/- depending on the age of entry.

The Life Insurance Corporation of India (LIC) is the Pension Fund Manager for the Scheme.

PM-KMY Scheme aims to cover around 3 crore Small and Marginal Farmers. A budgetary provision of Rs.900 Crore has been made for the year 2019-20. There is no State-wise allocation of funds under the Scheme.

Apart from the electronic and print media, wide publicity has been given to the Scheme through social media as well. The implementing agencies, the State / UT Governments and the Common Service Centres (CSCs), have also been roped in for wide publicity through their own resources. The Village Level Entrepreneurs (VLEs) of the CSCs who are field level functionaries, have also been provided incentives for ensuring maximum enrolment of farmers under the Scheme.

9-Sep-2019: Prime Minister to Launch Kisan Man Dhan Yojana

Prime Minister Narendra Modi will launch the Kisan Maan Dhan Yojana on the 12th of September at Ranchi, Jharkhand. The Scheme shall secure the lives of 5 Crore Small and Marginal Farmers by providing a minimum pension of Rs 3000 per month, to those who attain 60 years of age.

The scheme has an outlay of Rs 10,774 Crores for the next three years. All the small and marginal farmers who are currently between the ages of 18 to 40 years can apply for the scheme.

Farmer’s monthly contribution can be made from the instalments of PM-KISAN or through CSCs.