Over 16 Lakh farmers Enroll for PM’s Pension Scheme So Far; Know the Eligibility

Within a short span of time, around 16 lakh farmers in the country have enrolled for PM pension scheme(PMJDY) for small and marginal farmers launched by the government last month while one-fourth of them are from Haryana, said senior Agriculture Ministry official on Friday.

Vivek Aggarwal, Joint Secretary, who is in charge of the scheme at the Agriculture Ministry said,

“So far, close to 16 lakh farmers have joined the scheme and a large number of them are from Haryana where the State government has shown the willingness to pay the premium for the farmers”.

As per a report, Bihar, Chhattisgarh, Jharkhand, Odisha, and Uttar Pradesh are the other States where the enrolment has already crossed 1 lakh so far.

What is Pradhan Mantri Kisan Maan Dhan Yojana?

Pradhan Mantri Kisan Maan Dhan Yojana was formally launched by Agriculture Minister Narendra Singh Tomar on August 10 was for farmers within the age group of 18-40 years, who have less than 2 hectares of cultivable land. The farmers who enroll by paying a monthly premium of ₹55-200 will get a monthly pension of ₹3,000 from the age of 60 as per the scheme rule.

The Scheme is aimed to secure the lives of 5 Crore Small and Marginal Farmers of India by providing a minimum pension of Rs 3000 per month, to those who attain 60 years of age. The Life Insurance Corporation of India (LIC) is the Pension Fund Manager and responsible for Pension payout.

In case of death of the farmer before the retirement date, the spouse may continue in the scheme by paying the remaining contributions until the remaining age of the deceased farmer. If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse. If there is no spouse, then 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 Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.