More Than 18 lakh Farmers Registered under PM Kisan Maan Dhan Yojana; Know Benefits of This Pension Scheme

Narendra Singh Tomar, Union Minister of Agriculture & Farmers Welfare said that around 18,29,469 farmers in India have been registered under the Pradhan Mantri Kisan Maan Dhan Yojana as on 14 November 2019.

The Central government’s scheme aims to cover around 3 crore farmer beneficiaries.

The Centre launched Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY), to provide social security net for Small & Marginal Farmers as they have minimal or no savings and give them old age support. Under PM-KMY scheme, a minimum fixed pension of Rs 3000 will be given to the eligible small & marginal farmers, depending on certain exclusion clauses, on attaining the age of 60 years. It is a voluntary & contributory pension scheme, with entry age of 18 - 40 years.

Benefits of Pradhan Mantri Kisan Maan-Dhan Yojana

The beneficiary can choose to become member of this yojana by subscribing to a Pension Fund, which is managed by Life Insurance Corporation of India (LIC). Beneficiary will have to make a monthly contribution of between Rs. 55- 200 to the Pension Fund, depending on the age of entry into the Scheme and with provision of equal contribution by Centre. Withdrawal from the scheme can be voluntarily or on failure of contribution or on death.

On exit from PM Kisan Maan-Dhan Yojana, the beneficiary will get his or her accumulated share while the Government's contribution will be deposited in the LIC Fund. After the subscriber's demise, the spouse or heir will be entitled to receive 50 percent of the pension as family pension, provided he or she is not a SMF beneficiary of the scheme. On the demise of the subscriber during the period of contribution, the spouse will have the option to continue the Scheme by paying regular contribution.

All Small & Marginal Farmers in India, in between 18 to 40 years of age and who do not fall within the purview of the exclusion criteria, are eligible to avail the benefits of this Scheme. The ratio of contribution between farmers and Government is 1:1.

Life Insurance Corporation of India is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana. PM-KMY aims to cover around 3 crore Farmers in India. For this, a budgetary provision of Rs 900 crore has been made for the year 2019-20. However, there is no State-wise allocation of funds under this scheme..