Pradhan Mantri Kisan Maan Dhan Yojana was started in Ranchi, Jharkhand by Prime Minister Narendra Modi. This is a core zone program implemented by the Farmers Welfare & Cooperation Organization, the Ministry of Agriculture, the Ministry of Agriculture and Farmers' Welfare and the Government of India in collaboration with Life Insurance Corporation of India (LIC).) Manage.
LIC is the manager of Prime Minister Kisan Maan-Dhan Yojana's pension fund which offers a guaranteed monthly pension of Rs. 3000 / - for all farmers after 60 years. This plan is launched with the aim of securing the livelihoods of around 3 small and marginal farmers in India.
This scheme is different from Pradhan Mantri Shram Yogi Maan-Dhan, details are mentioned in the linked article.
PM Kisan Maan-Dhan Yojana is an important subject for the IAS Exam on Economy of India. Candidates can also download a PDF of the notes at the end of the lesson.
The key-points about Pradhan Mantri Kisan Maan-Dhan Yojana are given in the table below:
| Name of the scheme | PM-KMY |
| Full-Form | Pradhan Mantri Kisan Maan-Dhan Yojana |
| Date of launch | 12th September 2019 |
| Governing Body | Ministry of Agriculture & Farmers’ Welfare |
PM-KMY Scheme in India
The PM-KMY program in India is a regional hub program for farmers aged 18-40. Beneficiaries can become members of the PM-KMY plan by enrolling in the pension fund managed by Life Insurance Corporation of India (LIC). Therefore, members are required to make monthly contributions to the Pension Fund between Rs.5,500 / - and Rs. 200 / -, depending on their age, subject to central government. As of November 14, 2019, a total of 18,29,469 farmers in India have registered under this program. This program is applicable to all small marginal farmers. The contribution ratio between them and the coalition government under this Yojana is 1: 1. The government contribution under the PM-KMY program is equal to the monthly contribution of farmers.
Who are eligible for the PM-KMY Scheme?
Small and marginal farmers (SMFs) from all Indian states and union territories who are between the ages of 18 and 40 are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and benefit from all of its provisions.
Farmers who fall within the exclusion criteria are not entitled to receive the bonus.
However, farmers falling under the below-mentioned criteria are not eligible for the scheme:
- The PM-KMY Plan is not open to small and marginal farmers who are already enrolled in other plans such as the National Pension Scheme (NPS), Employees' State Insurance Corporation scheme, Employees' Fund Organization Scheme, and so on.
- Farmers who have chosen for the Ministry of Labour & Employment's Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) or the Ministry of Labour & Employment's Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) are also ineligible for this plan.
Benefits of PM-KMY Scheme
- Along with the beneficiary, the spouse is also eligible for the scheme and can receive a separate pension worth Rs 3,000 / - by contributing separately to the Fund.
- If the beneficiary dies before the date of retirement, the spouse can continue this scheme by paying the remaining contributions. But if the spouse does not want to continue, the full amount of the farmer's contribution plus interest will be paid to the spouse.
- If there is no spouse, the total contribution as well as the interest will be paid to the candidate.
- If the farmer dies after the retirement date, the spouse will receive 50% of the pension in the form of family pension. Upon the death of the farmer and spouse, the accumulated funds are credited back to the Pension Fund.
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