What is Pradhan Mantri Kisan Maan Dhan Yojana?

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)

In September 2019, Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY), a pension system In Ranchi, Jharkhand. This is a Central Sector Scheme managed by the Cooperation and Farmers Welfare, Department of Agriculture, Ministry of Agriculture and Farmers’ Welfare, and the Indian government in cooperation also with the Life Insurance Corporation of India (LIC).

After the age of 60, LIC oversees the Annuity Fund for the PM Kisan Maan-Dhan Yojana, which distributes a monthly pension of Rs. 3000/- to all small and marginal farmers. This scheme was implemented in order to protect the livelihoods of about 5 crore marginalized farmers in India.

Kisan Maan-Dhan Yojana has registered a total of 2,05,0129 farmers. Only old marginal and small farmers who own up to 2 hectares of land are eligible for this social security plan, according to the government. Under the Pradhan Mantri Kisan Maan Dhan Yojana, farmers over the age of 60 can get an assured monthly pension of Rs. 3000. Their spouse receives half of their pension as a family pension after they die. This family pension, however, is only available to the spouse and no one else.

PM-KMY Scheme in India:

The PM-KMY Scheme is an Indian centrally sponsored scheme for farmers aged 18 to 40. The beneficiary can join the PM-KMY Scheme by registering with the Life Insurance Corporation of India’s Pension Fund (LIC). Members are thus expected to make monthly contributions to the Pension Fund ranging from Rs.55/- to Rs.200/-, depending on their age, with the Central Government contributing equally. According to 14th November 2019 data, a total of 18,29,469 farmers in India have registered under this scheme. This scheme is open to all small and marginal farmers. The contribution that they and the Union Government must make under this Yojana is a one-to-one ratio. The government contribution under the PM-KMY Scheme is equal to the farmer’s monthly contribution.

Eligibility for the PM-KMY Scheme:

• All small and marginal farmers (who hold cultivable land up to 2 hectares according to the land records of the concerned State/UT) between the ages of 18 and 40 are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and can reap all of its benefits.
• Farmers who fall within the exclusion criteria are not eligible for the benefit.

Farmers who meet the following conditions, however, are not eligible for the scheme:

1. Small and marginal farmers are protected by various pension schemes such as the Employees’ State Insurance Corporation scheme, the National Pension Scheme (NPS), and the Employees’ Fund Organization Scheme
2. Farmers who have applied for the PM Shram Yogi Maan Dhan Yojana from the Ministry of Labor and Employment.
3. Farmers who have received the PM Laghu Vyapari Maan Dhan Yojana from the Ministry of Labor and Employment.
4. Other sorts of recipients with higher economic status will be ineligible for the PMKMY scheme –

• State Ministers/Ministers, current and former members of Rajya Sabha/Lok Sabha/State Legislative Councils/State Legislative Assemblies, current and former mayors of Municipal Corporations, and current and former Jila Panchayat Chairpersons.
• Members of constitutional offices, both current and former.
• Everyone who paid income tax during the preceding fiscal year.
• Employees and officials in State/Central Government offices/ministries/departments and field units, Attached offices, state PSEs, and autonomous organisations of government, as well as personnel of local bodies (excluding Group D/Class IV/Multitasking staff employees).
• Professionals such as engineers, doctors, lawyers, architects, and chartered accountants are all registered with professional organisations.

Benefits of PM-KMY Scheme:

1. The spouse is also eligible for the scheme and can receive a separate pension of Rs.3000/- by making separate contributions to the Fund.
2. If the beneficiary dies before the retirement date, the spouse may keep the scheme going by paying the remaining contributions. If the spouse does not choose to continue, the farmer’s total payment, plus interest, will be paid to the spouse.
3. If there is no spouse, the nominee will receive the total donation plus interest.
4. If the farmer dies after his or her retirement date, the spouse will be entitled to half of the income as a Family Pension. The accumulated corpus shall be credited back to the Pension Fund upon the death of both the farmer and the spouse.
5. There is no need to spend any money if you contribute directly from the scheme’s rewards. If a contributor leaves the programme within 10 years of its inception, his portion will be returned to him along with the applicable savings bank interest rate. A farmer can readily exit the arrangement without incurring any financial loss. The farmer will get the cash put up to the date of departure, plus interest in the same manner as a savings account.

Frequently Asked Questions:

1) Expand the PM-KMY term?

Ans:  The full name of PMKMY is Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY).

2) Who and when was launched the PMKMY Scheme?

Ans: In September 2019, Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY), a pension system In Ranchi, Jharkhand. This is a Central Sector Scheme managed by the Cooperation and Farmers Welfare, Department of Agriculture, Ministry of Agriculture and Farmers’ Welfare, and the Indian government in cooperation also with the Life Insurance Corporation of India (LIC).

3) Write the benefits of the PMKMY Scheme?

Ans:

1. The spouse is also eligible for the scheme and can receive a separate pension of Rs.3000/- by making separate contributions to the Fund.
2. If the beneficiary dies before the retirement date, the spouse may keep the scheme going by paying the remaining contributions. If the spouse does not choose to continue, the farmer’s total payment, plus interest, will be paid to the spouse.
3. If there is no spouse, the nominee will receive the total donation plus interest.
4. If the farmer dies after his or her retirement date, the spouse will be entitled to half of the income as a Family Pension. The accumulated corpus shall be credited back to the Pension Fund upon the death of both the farmer and the spouse.
5. There is no need to spend any money if you contribute directly from the scheme’s rewards. If a contributor leaves the programme within 10 years of its inception, his portion will be returned to him along with the applicable savings bank interest rate. A farmer can readily exit the arrangement without incurring any financial loss. The farmer will get the cash put up to the date of departure, plus interest in the same manner as a savings account.

4) Who is eligible for this PMKMY Scheme?

Ans: All small and marginal farmers (who hold cultivable land up to 2 hectares according to the land records of the concerned State/UT) between the ages of 18 and 40 are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and can reap all of its benefits.

5) What is the age for getting the PMKMY Scheme benefit of pension and who gives it?

Ans: After the age of 60, LIC oversees the Annuity Fund for the PM Kisan Maan-Dhan Yojana, which distributes a monthly pension of Rs. 3000/- to all small and marginal farmers. (who own up to 2 hectares of cultivable land). This scheme was implemented in order to protect the livelihoods of small and marginal farmers in India.

6) Who are not eligible for PMKMY Scheme, write any three.

Ans: 

1. Small and marginal farmers who are protected by various pension schemes such as the Employees’ State Insurance Corporation scheme, the National Pension Scheme (NPS), and the Employees’ Fund Organization Scheme
2. Farmers who have applied for the PM Shram Yogi Maan Dhan Yojana from the Ministry of Labor and Employment.
3. Farmers who have received the PM Laghu Vyapari Maan Dhan Yojana from the Ministry of Labor and Employment.

7) How is the contribution of the PMKMY Scheme in India going, write as mentioned above?

Ans: The PM-KMY Scheme is an Indian centrally sponsored scheme for farmers aged 18 to 40. The beneficiary can join the PM-KMY Scheme by registering with the Life Insurance Corporation of India’s Pension Fund (LIC). Members are thus expected to make monthly contributions to the Pension Fund ranging from Rs.55/- to Rs.200/-, depending on their age, with the Central Government contributing equally. According to 14th November 2019 data, a total of 18,29,469 farmers in India have registered under this scheme. This scheme is open to all small and marginal farmers. The contribution that they and the Union Government must make under this Yojana is a one-to-one ratio. The government contribution under the PM-KMY Scheme is equal to the farmer’s monthly contribution.