PM Kisan Maan Dhan Yojana {प्रधान मंत्री किसान मानधन योजना}
Pradhan Mantri Kisan Maan-Dhan Yojana (PM – KMY) was recently launched by the Prime Minister which is an old age pension scheme for all land holding Small and Marginal Farmers in the country. It is a voluntary pension scheme with the age group of 18 to 40 years who can apply for the same.
The PM Kisan Maan-Dhan Yojana aims to secure the livelihoods of 5 crore small and marginal farmers by disbursing 3000 rupees per month in their accounts after they attain an age of 60 years. Even though the insurance sector is well developed in the country, they mostly cater to the middle and higher-class citizens. The small and marginal farmers who have lower purchase parity were excluded from the benefits of any insurance schemes thus crippling their livelihoods post their prime working age. The PM Kisan Maan-Dhan Yojana is aimed at providing such small and marginal farmers a chance to sustain their life after their retirement age.
Salient Features
1. The Scheme is voluntary for the farmers with entry age restricted between 18 to 40 years. Post the attainment of 60 years, a monthly pension of 3000 rupees shall be directly deposited in their accounts
2. The farmers will also have to make a monthly contribution of Rs.55 to Rs.200, based on their capacity in the Pension fund till they reach their retirement age.
3. The monthly contributions can be done monthly, quarterly, 4 monthly or half yearly as per the farmers choice. However, the amount selected shall be deducted on the same day of the tenure period
4. The spouse of the farmer is also eligible to get a separate pension of Rs.3000 provided different accounts for the same exist
5. The Life Insurance Corporation of India (LIC) shall be the fund manager for managing the pension fund and also responsible for payout of funds
6. In case of untimely death of the farmer before the retirement age, the spouse of the farmer is entitled to continue with the contributions by paying the remaining amount until the retirement age of the deceased farmer. However, if the spouse does not wish to continue with the fund, all amount along with interest shall be returned back to the farmer’s family / nominee (in case of no spouse)
7. If the farmer dies after the retirement age, the spouse is entitled to receive 50% of the pension as Family Pension. If both the farmer and the spouse dies, the remaining pension amount is credited back to the Pension fund
8. The beneficiaries may voluntarily opt to exit the PM Kisan Maan-Dhan Yojana after a minimum period of 5 years of regular contributions. An equivalent amount of premium paid along with interest equivalent to prevailing savings bank interest rates shall be returned back to the farmer.
To refer to the age entry specific monthly contribution refer the following table
Entry Age (Yrs) | Superannuation Age | Member’s monthly contribution (Rs) | Central Govt’s monthly contribution (Rs) | Total monthly contribution (Rs) |
18 | 60 | 55.00 | 55.00 | 110.00 |
19 | 60 | 58.00 | 58.00 | 116.00 |
20 | 60 | 61.00 | 61.00 | 122.00 |
21 | 60 | 64.00 | 64.00 | 128.00 |
22 | 60 | 68.00 | 68.00 | 136.00 |
23 | 60 | 72.00 | 72.00 | 144.00 |
24 | 60 | 76.00 | 76.00 | 152.00 |
25 | 60 | 80.00 | 80.00 | 160.00 |
26 | 60 | 85.00 | 85.00 | 170.00 |
27 | 60 | 90.00 | 90.00 | 180.00 |
28 | 60 | 95.00 | 95.00 | 190.00 |
29 | 60 | 100.00 | 100.00 | 200.00 |
30 | 60 | 105.00 | 105.00 | 210.00 |
31 | 60 | 110.00 | 110.00 | 220.00 |
32 | 60 | 120.00 | 120.00 | 240.00 |
33 | 60 | 130.00 | 130.00 | 260.00 |
34 | 60 | 140.00 | 140.00 | 280.00 |
35 | 60 | 150.00 | 150.00 | 300.00 |
36 | 60 | 160.00 | 160.00 | 320.00 |
37 | 60 | 170.00 | 170.00 | 340.00 |
38 | 60 | 180.00 | 180.00 | 360.00 |
39 | 60 | 190.00 | 190.00 | 380.00 |
40 | 60 | 200.00 | 200.00 | 400.00 |
Eligibility
The following definitions are applicable for identifying the eligibility of the farmers for this scheme
1. Small and Marginal Farmers - A farmer who owns and cultivate land up to 2 hectares as per land records of the concerned state/UT
2. Age between 18-40 years
Categories not eligible for the scheme
The following category of people are not eligible for this scheme:
1. Small and Marginal Farmers who are already covered under other schemes like National Pensions Scheme (NPS), Employees’ State Insurance Corporation Scheme etc.
2. Farmers who have already enrolled under Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) administered by the Ministry of Labor and Employment
3. Farmers who have already enrolled under Pradhan Mantri Laghu Vyapari Maan-Dhaan Yojana (PM-LVM) administered by the Ministry of Labor and Employment
4. Also following category of people belonging to the higher economic status shall not be eligible for this scheme.
a. Institutional Land Holders
b. Former Constitutional Post Holders
c. All Serving / Retired officers and employees of Central/State government and regular employees of local government
d. All who paid Income tax in previous assessment year
e. Professionals like Doctors, Engineers, Lawyers, CA’s who are registered to respective associations.
Application Procedure
The enrollment for the scheme shall be done by the farmer through self-registration through online mode or through the Common Service Centers in various states. The enrollment shall be done free of cost.
- Link for self-registration is available on maandhan.in website.
- You can continue with the registration using self-enrollment option or thro' the CSC VLE.
Documents Required
1. Aadhar card
2. Bank Passbook or Account details
Additionally, those who cannot do the online registration, the village level entrepreneur (VLE) who shall be available at the Common Service Center shall complete the online registration after collecting requisite details from the farmer.
The online registration includes capturing of bank account details and enabling the auto debit mandate to the bank account of the farmer for debiting contributions from the farmers account every month. The mobile number of the farmer shall be verified by OTP verification process. Also, the farmer shall receive a signed enrolment cum debit mandate and a Pradhan MaKisan Maan-Dhan(PM-KMY) Pensions card with a unique Pension account number printed on the same.
Frequenrtly Asked Questions
Q. Can the payment be made through cash or can be done only through online mode?
Only the first payment is done in cash in case of enrollment at Common Service Centers (CSC’s). Rest all payments have to be done through auto-debit mode
Q. Are there any educational qualifications pre-requisites before joining PM Kisan Maan-Dhan Yojana ?
No, there are no educational perquisite before joining the scheme
Q. What are the monthly premium to be paid after joining the PM Kisan Maan-Dhan Yojana?
Refer to the table given above for referring to the premium to be paid.
Q. What will happen if the subscriber moves from the unorganized sector to the organized sector and gets enrolled under EPFO? Can the subscriber continue with the scheme?
The scheme shall still be valid in case of transfer from unorganized sector to organized sector. However, the government contribution as denoted in the table above shall stop and has to borne by the subscriber.