PM Kisan Maan Dhan Yojana
The Central Government has launched the PM Kisan Maan Dhan Yojana, a pension scheme for small and marginal farmers of the country.
Features of the Scheme
- The scheme is voluntary and contribution-based for farmers in the entry age group of 18 to 40 years.
- Monthly pension of Rs. 3000/- will be provided to farmers on attaining the age of 60 years.
- Farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry.
- Central Government will also make an equal contribution of the same amount in the pension fund.
- The pension fund would be maintained by the Life Insurance Corporation of India.
- Farmers whose cultivable land is 2 hectares or less, can enrol themselves by visiting their nearest common service centres.
- In case the farmer dies before the retirement date, the spouse may continue to contribute the scheme by paying the remaining contributions until the remaining term of the deceased farmer.
- If the spouse does not wish to continue the total contribution made by the farmer along with the interest will be paid to the spouse (or to the nominee if there is no spouse).
- If the farmer dies after the retirement date, the spouse will receive Rs 1,500, or 50 per cent of the pension, as a family pension.
- After the death of both the farmer and the spouse, the accumulated corpus will be credited back to the pension fund.
- The beneficiaries are also provided with an option to voluntarily exit the scheme after a minimum period of five years of regular contributions. On exit, their entire contribution will be returned by Life Insurance Corporation (LIC) with an interest equivalent to prevailing saving bank rates.
- The beneficiary of the PM-Kisan scheme is provided with the option of getting their pension contribution debited directly from the scheme.
The common service centres would charge ₹ 30 per each enrollment and the fee would be paid by the government and would be free for the farmer.