Pradhan Mantri Kisan Maan- Dhan Yojana: Rs 3000 Pension Per Month for Farmers, Eligibility Criteria, Benefits, & Application Process

Agriculture plays a crucial role in the Indian economy, serving as its backbone, with farmers forming the bedrock of an excellent foundation. Therefore, to support farmers, the central government launched the Pradhan Mantri Kisan Maandhan Yojana on September 12, 2019, in collaboration with the Life Insurance Corporation of India (LIC). The primary objective of this scheme is to offer elderly protection and social security to Small and Marginal Farmers (SMF).

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Benefits

Below are some of the mentioned benefits from the scheme:-

• PM-Kisan Maan-Dhan Yojana provides benefits to small and marginal farmers.

• Upon reaching 60 years, farmers receive a fixed pension of Rs. 3,000 per month, with certain exclusion conditions.

• It's a voluntary pension scheme, requiring farmers to contribute Rs. 55 to Rs. 200 per month, depending on entry age.

• The Central Government matches the farmer's contribution to the Pension Fund.

• If a beneficiary passes away before retirement, the spouse can continue the scheme by paying the remaining contributions.

• If the spouse opts out, the farmer's total contribution along with interest is paid to the spouse.

• In the absence of a spouse, the nominee receives the total contribution along with interest.

• If the farmer dies after retirement, the spouse gets 50% of the pension as Family Pension.

• After both the farmer and spouse pass away, the accumulated corpus returns to the Pension Fund.

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Pradhan Mantri Kisan Maan-Dhan Yojana Eligibility

Following are some of the below-mentioned criteria for farmers to become eligible:-

• Pradhan Mantri Kisan Maan-Dhan Yojana is designed for small and marginal farmers.

• Eligible farmers should own cultivable land up to 2 hectares and fall within the age bracket of 18 to 40.

• Farmers meeting these criteria can apply and avail the benefits of the entire program.

However, certain exclusion conditions disqualify farmers from receiving the benefits:

• Farmers are already registered under other government schemes like the National Pension Scheme, Employees' State Insurance Corporation Scheme, Employees' Fund Organization Scheme, etc.

• Those who have chosen to participate in Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) and Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) under the Ministry of Labour & Employment.

Pradhan Mantri Kisan Maan-Dhan Yojana Application Process

• The central government matches the farmer's contribution, depositing both into a pension fund managed by the Life Insurance Corporation, which handles pension payouts. Presently, 19,47,588 farmers have enrolled in the Pradhan Mantri Kisan Maandhan Yojana.

• To enroll, farmers need an Aadhaar Card, a Savings Bank Account Number, and the IFSC Code.

• Initial cash contributions are to be made to the village-level entrepreneur.

• The entrepreneur authenticates the Aadhaar number, subscriber's name, and date of birth.

• The Village Level Entrepreneur finishes online registration, furnishing bank account particulars, mobile numbers, and email addresses.

• Monthly contributions are computed by the system, considering the subscriber's age.

• The subscriber submits the initial subscription amount in cash to the Village Level Entrepreneur.

• An Enrollment cum Auto Debit mandate form is produced, signed by the subscriber, and scanned by the VLE for uploading.

• A distinctive Kisan Pension Account Number (KPAN) is created, and a Kisan Card is produced.

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Frequently Asked Questions (FAQs)

What is the purpose of Pradhan Mantri Kisan Maan-Dhan Yojana?

The primary aim of the Pradhan Mantri Kisan Maan-Dhan Yojana is to provide financial support to small and marginal farmers by offering a fixed monthly pension of Rs. 3,000 when they reach the age of 60. This ensures economic security for farmers during their elderly years.

Who is eligible to enroll in PM-Kisan Maan-Dhan Yojana?

Small and marginal farmers owning cultivable land up to 2 hectares and falling within the age bracket of 18 to 40 years are eligible. However, farmers already registered under other government schemes and those participating in specific labor-related schemes are excluded.

How does the pension contribution and matching work?

It's a voluntary pension scheme where eligible farmers contribute Rs. 55 to Rs. 200 per month based on their entry age. The Central Government matches this contribution, and both amounts are deposited into a pension fund managed by the Life Insurance Corporation.

What happens if a farmer passes away before or after retirement under PM-KMY?

If a beneficiary dies before retirement, the spouse can continue the scheme by paying the remaining contributions. If the spouse opts out, the farmer's total contribution with interest is paid to the spouse. In the absence of a spouse, the nominee receives the total contribution with interest. If the farmer dies after retirement, the spouse receives 50% of the pension as a Family Pension, and after both pass away, the accumulated corpus returns to the Pension Fund.

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