PM Modi Launches Pradhan Mantri Kisan Maan Dhan Yojana

Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana, a pension scheme for farmers in Jharkhand.

About the Scheme

  • The scheme is voluntary and contribution-based for farmers in the age group of 18 to 40 years.
  • Monthly pension of Rs. 3000/- will be provided to the enrolled 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.
  • An equal contribution would be made by the Central Government towards the premium.
  • 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 scheme aims to enhance the social security of the farming community with an outlay of Rs 10,774 crore for the next three years.

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