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.
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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.
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