PM Kisan Maan Dhan Yojana

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is a new old-age pension scheme which was announced by the Central Government for the social welfare of all landholding Small and Marginal Farmers (SMFs) in the country.

What is PM-KMY?

  • The PM-KMY is a voluntary and contributory pension scheme which aims to tap all Small and Marginal farmers in the country between the ages of 18 to 40 years.
  • The PM-KMY will be a central sector scheme which will be effective from the 9th August 2019.
  • The objective of the scheme is to provide old-age pension cover to farmers and aims to improve the lives of all financially strained farmers of the country.
  • The PM-KMY Scheme is voluntary and contributory for farmers in the age group of 18 to 40 years who will be provided a monthly pension of Rs. 3000/- after the age of 60 years.
  • The farmers enrolling for this scheme will have to contribute between Rs. 55 to Rs. 200. The quantum of contribution will depend on the age of entry by the farmers.
  • The monthly contributions will have to be made on the same day every month as the day of their enrollment.
  • For the sake of their convenience, the beneficiaries may choose to pay their contributions on quarterly, 4-monthly or half-yearly basis. However, all such contributions will have to be paid on the same day of such period as the date of enrollment.
  • The central government will make an equal contribution of the same amount towards the pension.
  • The spouse is also eligible to get a separate pension of Rs. 3000/- upon making a separate contribution to the fund.

Who implements PM-KMY?

the Implementation body for this scheme will be the Life Insurance Corporation of India(LIC) which will also act as the pension manager and will be made responsible for pension payout.