PM Kisan Maan Dhan Yojana

Government has launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) on 12.9.2019 with a view to provide social security to Small and Marginal Farmers in their old age when they have no means of livelihood and minimal or no savings to take care of their expenses.

The Life Insurance Corporation (LIC) manages the pension fund.

Benefits

• Minimum Assured Pension: Each subscriber to the scheme is guaranteed a minimum pension of Rs. 3000 per month upon reaching the age of 60 years
• Family Pension: If a subscriber passes away while receiving their pension, their spouse will be entitled to a family pension equal to 50% of the amount the subscriber was receiving i.e. Rs.1500 per month as Family Pension. This is only applicable if the spouse is not already a beneficiary of the scheme. The family pension benefit is exclusively for the spouse.
• PM-KISAN Benefit: SMFs can choose to use their PM-KISAN benefits to make voluntary contributions to the scheme. For this, eligible SMFs must sign and submit an enrolment-cum-auto-debit-mandate form. This will authorize automatic debit of their contributions from the bank account where their PM-KISAN benefits are credited.
• Equal Contribution by Government: The Central Government, through the Department of Agriculture Cooperation and Farmers Welfare, also contributes an equal amount as contributed by the eligible subscriber, to the pension Fund
• Monthly Contributions: Monthly contributions are in the range from Rs. 55 to Rs. 200, based on the farmer's age at the time of entry into the Scheme, according to the contribution chart.

Leaving the Pension Scheme

• If an eligible subscriber exits the Scheme within less than ten years of joining, then the share of contribution will be returned along with the savings bank rate of interest payable thereon.
• If the subscriber exits after ten years but before reaching age sixty, they will receive their contributions plus accumulated interest, either as earned by the Pension Fund or at the savings bank rate, whichever is higher.
• Suppose a subscriber dies while making regular contributions. In that case, their spouse can either continue the Scheme with regular contributions or exit by receiving the subscriber's contributions plus accumulated interest, as earned by the Pension Fund or at the savings bank rate, whichever is higher.
• Upon the subscriber's and spouse's death, the remaining corpus shall be returned to the fund.

Eligibility

1. Small and Marginal Farmer (SMF) - a farmer who owns cultivable land upto 2 hectare as per land records of the concerned State/UT as of 1st August 2019.
2. Age of 18- 40 years

Farmers who are not eligible for the scheme

The following categories of farmers have been brought under the exclusion criteria:

• SMFs covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme etc.
• Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) administered by the Ministry of Labour & Employment
• Farmers who have opted for Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) administered by the Ministry of Labour & Employment
• Further, the following categories of beneficiaries of higher economic status shall not be eligible for benefits under the scheme:
• All Institutional Land holders; and
• Former and present holders of constitutional posts
• Former and present Ministers/ State Ministers and former/present Members of Lok Sabha/ Rajya Sabha/ State Legislative Assemblies/ State Legislative Councils, former and present Mayors of Municipal Corporations, former and present Chairpersons of District Panchayats.
• All serving or retired officers and employees of Central/ State Government Ministries/ Offices/Departments and their field units, Central or State PSEs and Attached offices/ Autonomous Institutions under Government as well as regular employees of the Local Bodies (Excluding Multi Tasking Staff / Class IV/Group D employees)
• All Persons who paid Income Tax in last assessment year.
• Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carrying out profession by undertaking practice.

How to apply

To enroll in the scheme, eligible farmers need to visit the nearest Common Service Center (CSC) or contact the Nodal Officer (PM-Kisan) appointed by the State or UT Governments. The enrollment is free of cost.

For self enrollment & through online registration, click here

For enrollment through Common Service Centre

Farmers can visit their nearest Common Service Centres (CSCs)  for registration. The Common Service Centres will charge Rs.30/- per enrolment which will be borne by the Government.

The following information is needed at the time of registration:

• Farmer’s / Spouse’s name and date of birth
• Bank account number
• IFSC/ MICR Code
• Mobile Number
• Aadhaar Number

For more details visit PM-KMY portal