PM Kisan Maandhan Yojana (PMKMY) aims to secure the lives of 5 crore small and marginal farmers by providing them a minimum pension of ₹3000 per month, who attain the age of 60 years.
Eligibility: All small and marginal farmers (who own cultivable land up to 2 hectares) as per the land records of the concerned State/UT and are between 18 and 40 years of age are eligible under this scheme.
Contributions: Under PM-KMY, monthly contributions by a farmer can be made from the installments of Pradhan Mantri-Kisan Samman Nidhi (PM-KISAN) or through Common Service Centres (CSCs).
Ministry of agriculture and farmer welfare.
Salient features of the scheme:
- The scheme is voluntary and contributory for farmers in the entry age group of 18 to 40 years.
- A monthly pension of Rs. 3000/– will be provided to them upon attaining the age of 60 years.
- The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
- The Central Government will also make an equal contribution of the same amount to the pension fund.
- The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
- The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay-out.
- In case of the death of the farmer before the retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer.
- If the spouse does not wish to continue, the farmer’s total contribution and interest will be paid to the spouse.
- If there is no spouse, then the total contribution along with interest will be paid to the nominee.
- If the farmer dies after the retirement date, the spouse will receive 50% of the pension as a Family Pension.
- After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
- The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.
- On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing savings bank rates.
- The farmers, who are also beneficiaries of the PM-Kisan Scheme, will have the option to allow their contribution debited from the benefit of that Scheme directly.
- In case of default in making regular contributions, the beneficiaries are allowed to regularize the contributions by paying the outstanding dues along with prescribed interest.
Farmers who are NOT ELIGIBLE for the scheme:
The following categories of farmers have been brought under the exclusion criteria:
- SMFs are covered under other statuary social security schemes such as the 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 Landholders; 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 the 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 the last assessment year.
- Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carry out their profession by undertaking the practice.