Pradhan Mantri Kisan Maan Dhan Yojana
The government established the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) to provide social security to small and marginal farmers as they age. The PM-KMY gives financial support to farmers in their old age when they have no means of income and little or no savings to cover their expenditures. The KM-KMY is in effect as of August 9, 2019. Although the government provided payment and price assistance to farmers, it was thought that a social security net for farmers in their old age was needed since it may result in loss of livelihood. Moreover, farming necessitates hard effort in the fields, and old age makes agricultural work difficult.
The situation is exacerbated for small and marginal farmers since they have no or very little savings. As a result, the government established the PM-KMY to give guaranteed monthly pensions to old age small and marginal farmers, regardless of gender, who reach the age of 60.
Features of Pradhan Mantri Kisan Maan Dhan Yojana
- The Pradhan Mantri Kisan Maan Dhan Yojana is administered by the Department of Agriculture, Cooperation, and Farmers Welfare, Ministry of Agriculture and Farmers’ Welfare, in collaboration with the Life Insurance Corporation of India (LIC).
- The LIC is the Pension Fund Manager and is in charge of pension payments under the Pradhan Mantri Kisan Maan Dhan Yojana.
- The Pradhan Mantri Kisan Maan Dhan Yojana is a periodic and voluntary contribution-based pension scheme for India’s small and marginal farmers.
- Small and marginal farmers can directly pay their voluntary contribution to the Pradhan Mantri Kisan Maan Dhan Yojana from the cash advantages earned under the Pradhan Mantri Kisan Maan Dhan Yojana scheme.
- The Central Government provides an equivalent amount to the pension fund under the Pradhan Mantri Kisan Maan Dhan Yojana through the Department of Agriculture Cooperation and Farmers Welfare.
Benefits of Pradhan Mantri Kisan Maan Dhan Yojana
The Pradhan Mantri Kisan Maan Dhan Yojana provides a minimum fixed pension of Rs.3,000 per month to small and marginal farmers upon age 60, subject to specified exclusion conditions. It is a pension plan that is funded by voluntary contributions. Every month, qualified farmers must contribute to a Pension Fund in a sum ranging from Rs.55 to Rs.200, depending on their entrance age.
The Central Government likewise contributes an equivalent amount to the Pension Fund as the farmers do. Moreover, when a qualified farmer dies, their spouse is entitled to half of the income as a family pension. The family pension, on the other hand, is exclusively available to the farmer’s spouse.
Objective of Pradhan Mantri Kisan Maan Dhan Yojana
The Pradhan Mantri Kisan Maan Dhan Yojna (PMKMY) Scheme aims to provide a social security net for Small and Marginal Farmers (SMF) in the form of a pension because they have little or no savings to sustain their livelihood in old age and to support them in the event of a subsequent loss of livelihood. On reaching 60, qualified small and marginal farmers would get a minimum fixed pension of Rs.3,000/-per month, subject to certain exclusion conditions. The Program is a voluntary and contributory pension scheme for those aged 18 to 40.
At the median entrance age of 29 years, the recipient would be expected to contribute Rs 100/- per month. The Central Government must also contribute an equivalent amount to the Pension Fund.
Since the maximum age for enrollment is 40 years, and a minimum fixed pension of Rs. 3000/- per month would be received once the enrolled farmers reach the age of 60. The Scheme was implemented in 2019. As a result, the Scheme’s benefits will be available only after a minimum of 20 years.
This information was provided in a written reply to the Lok Sabha by Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar.
Pradhan Mantri Kisan Maan Dhan Yojana Application Procedure
Pradhan Mantri Kisan Maan Dhan Yojana enrollment can be completed both online and in person. The farmer can self-register for Pradhan Mantri Kisan Maan Dhan Yojana on the MAANDHAN portal and enrol online. Registration in the Pradhan Mantri Kisan Maan Dhan Yojana is free of charge.
The offline enrollment method for Pradhan Mantri Kisan Maan Dhan Yojana is as follows:
- Small and marginal farmers who are eligible should go to their local Common Service Centre (CSC) and apply for the PM-KMY with the necessary documents:
- Savings bank account number with IFSC code from Aadhaar card
- The initial monetary donation should be given to the Village Level Entrepreneur (VLE).
- The VLE will input the subscriber’s name, Aadhaar number, and date of birth on an Aadhaar card for online authentication.
- The VLE shall complete the online registration for the PM-KMY by entering the qualifying farmer’s cellphone number, bank account data, spouse (if any), email address, and nominee details.
- The web system will automatically compute the farmer’s monthly contribution based on the farmer’s/age.
- The first subscription fee must be paid in cash to the VLE by the subscriber.
- The subscriber must sign the printed Enrolment cum Auto Debit mandate form. The VLE will scan it and post it online.
- The Kisan Card is printed, and a unique Kisan Pension Account Number (KPAN) is generated.
FAQ’s – Pradhan Mantri Kisan Maan Dhan Yojana
✅ Who can subscribe Pradhan Mantri Kisan Maan Dhan Yojana scheme?
Any unorganised worker in the age group of 18-40 years, whose job is casual, such as home-based workers, street vendors, head loaders, brick kiln, cobblers, rag pickers, domestic workers, washer-men, Rickshaw Pullers, Rural landless labourers, own-account workers, agricultural workers, construction workers, beedi workers, handloom workers, leather workers, etc., with a monthly income less than Rs 15,000/- The worker should not be covered by any statutory social security systems, such as the National Pension Scheme (NPS), Employees’ State Insurance Corporation Scheme, or Employees’ Provident Fund Organization Scheme, and should not be an income taxpayer.
✅ How much is the pension under the Pradhan Mantri Kisan Maan Dhan Yojana scheme?
The Scheme provides for a monthly minimum pension of Rs. 3000/-. This pension will begin when the subscriber reaches the age of 60.
✅ What happens if a person dies before the pension begins?
In such a situation, if a beneficiary has made regular contributions and dies for whatever reason, their spouse is entitled to join and continue the plan by making regular contributions for the remainder of the time. After the contribution time is over, the spouse would get a monthly pension of Rs. 3000/-. Alternatively, if the spouse chooses, the member’s contribution amount will be repaid to their nominee at an interest rate equal to saving bank rates.
