The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary pension scheme for small and marginal farmers. It gives a fixed monthly pension after the age of 60. Here is how it works.
About the scheme
PM-KMY was launched in September 2019 by the Ministry of Agriculture and Farmers Welfare. It is a contributory scheme, which means the farmer pays a small monthly amount and the Central Government adds an equal amount. The pension fund is managed by the Life Insurance Corporation of India (LIC).
Who can join
- Small and marginal farmers who own cultivable land of up to 2 hectares, as per state land records
- Age between 18 and 40 years at the time of joining
Who cannot join
- Farmers covered under other social security schemes such as the National Pension System (NPS), ESIC or EPFO schemes
- Farmers who have opted for other Maandhan schemes such as PM-SYM for unorganised workers
- Income tax payers and certain higher income categories, as listed in the scheme guidelines
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Contribution
The monthly contribution depends on the age at entry. It ranges from Rs 55 per month for those joining at 18 to Rs 200 per month for those joining at 40. The government pays a matching amount into the farmer’s pension account. Contributions continue until the farmer turns 60.
Benefits
- **Pension:** Rs 3,000 per month after the age of 60
- **Family pension:** if the farmer dies after pension starts, the spouse gets 50 percent of the pension as family pension
- **Before 60:** if the farmer dies before 60, the spouse can continue the scheme or exit with the contributions and interest
How to enrol
- Visit a nearby Common Service Centre (CSC).
- Carry Aadhaar, a savings bank account passbook and land records.
- The village level entrepreneur completes enrolment and authenticates through Aadhaar.
- Sign the auto debit mandate for monthly contributions.
- A Kisan Pension Account Number and card are issued.
Farmers can also enrol on the Maandhan portal. PM-Kisan beneficiaries may choose to have their contribution paid from their PM-Kisan instalments, subject to scheme rules.
Exiting the scheme
If a farmer leaves within ten years, only their own contribution with savings bank interest is returned. Exit rules after ten years and other details are given in the guidelines.
Bottom line
PM Kisan Maandhan offers small farmers a Rs 3,000 monthly pension after 60 for a small monthly contribution. Join early to pay less each month.
Source / स्रोत: Maandhan portal, Ministry of Agriculture and Farmers Welfare
