Indian Prime Minister Narender Modi has launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) on 12th September 2019 at Ranchi (Jharkhand).
The scheme provides social security to Small and Marginal Farmers in the old age when they have no means of livelihood and minimal.
PM-KMY Scheme is a central sector scheme for the farmers aged between 18 to 40 years.
The scheme is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC).
The beneficiary who is registering under the Pension Fund managed by the Life Insurance Corporation of India (LIC) can become a member of the PM-KMY Scheme.
LIC is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana, and it provides an assured monthly pension of ₹ 3000/- to all the small and marginal farmers after the age of 60 years.
Thus, the members need to make a monthly contribution to the Pension Fund between ₹ 55/- to ₹ 200/-, depending on their age. The Central Government also contributes in equal amount to the Pension Fund.
Benefits of PM-KMY Scheme
- The beneficiaries and their spouse are also eligible for the scheme and can get a separate pension of ₹ 3000/- by making separate contributions to the Fund
- The beneficiary is eligible to make contributions on a quarterly or half-yearly basis.
- If the beneficiary dies before the retirement date, the spouse may continue this scheme by paying the all-remaining contributions. But in some cases, if the spouse does not wish to continue, then, the total contribution made by the farmer along with interest will be paid to the spouse.
- If the farmer dies after the retirement date, then the spouse will receive 50% of the pension as Family Pension. Whereas in the case when the farmer, and the spouse both have died then the accumulated corpus shall be credited back to the Pension Fund.
- If there is no spouse of the beneficiary, then the total contribution along with interest will be paid to the nominee.
- If there is any failure in making the contributions regularly, the beneficiaries are eligible to re-establish regular payments by clearing the outstanding dues along with interest payable. No late fees get charged until 1 month from the unpaid contribution.
The eligibility for Pradhan Mantri Kisan Maan Dhan Yojana follows the given criteria:
- Entry age of 18-40 years.
- Small and Marginal Farmer (SMF) who owns cultivable land up to 2 hectares as per the land records of the same state/UT.
- SMFs are enrolled under other saving schemes such as NPS (National Pension Scheme), and EPF (Employees’ Provident Fund).
- Farmers enrolled under Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM), Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM).
Who is not eligible to enter the Pradhan Mantri Kisan Maan-Dhan Yojana?
Following are the categories of farmers who can’t enter into this scheme:
- Institutional Landowners.
- Constitutional Post holders- Former or Present.
- Former or Present- Ministers, State Ministers, Members of Lok Sabha, Members of Rajya Sabha, Members of State Legislative assemblies/councils, Mayors of Municipal Corporation, Chairperson of District Panchayat.
- Serving or Retired- Officers and Employees of Central Govt. Ministries, State Govt. Ministries, Regular Employees of Local Bodies, Employees of autonomous institutions under the Government.
- Professionals such as Doctors, Engineers, Lawyers, CAs, Architects- all who paid income tax in the last assessment year.
How to apply for Kisan Maan-Dhan Yojana
Farmers can be applying for Kisan Maan-Dhan Yojana via self-registration online or via the Common Service Centres in various states. The enrolment process is free of cost.
Common Service Centers will be charged ₹ 30 as a processing fee, that is born by the Government Itself. While ₹ 30 will be charged as enrolment process fees in the Common Service Centres (CSCs) which is borne by the Government itself.
Documents Required under the scheme
Following are the list of the required documents to apply Kisan Maan-Dhan Yojana
- Aadhar Card
- Bank Account detail, and Bank Passbook
- Birth Certificate
- Particulars of the nominee
Registration Process for Kisan Maan-Dhan Yojana
Given below is the process following which the applicant can be registered under the Pension Fund:
1. Go to the nearest Common Service Centre along with the required documents.
2. The Village Level Entrepreneur (VLE) available at the CSC will get the online registration done will help of documents such as Name, DOB, Aadhaar card number, and details of the spouse and nominee.
3. The data is checked manually including the bank verification and personal details from the supporting documents.
4. The mobile number of the beneficiary is verified via One Time Password.
5. Scanned, self-attested copies are collected from the beneficiary, attached with the registration form.
6. The form along with the copies of supporting documents are sent for further processing.
7. After the completion of the enrolment process, and auto-debit mandate form is generated by the bank of the beneficiary which is duly signed declaring the consent of the farmer for auto-debit of contributions every month.
How can beneficiaries voluntarily exit from the scheme?
After the completion of at least 5 years of regular contributions, the beneficiaries are eligible to make voluntary exits from the Pension Fund.
Once the exit is initiated, the LIC is required to return the whole contribution amount made to date along with the interests payable according to the existing interest rate.