PM KISAN MANDHAN YOJANA
INTRODUCTION
PM Kisan Mandhan Yojana is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country. It is a voluntary and contributory pension scheme for the entry age group of 18 to 40 years. The Scheme is effective from the 9th August, 2019.
OBJECTIVE AND BENEFITS
Farming requires hard work that becomes difficult at an advanced age and small and marginal farmers don’t have enough savings for their old age. Keeping in view these problems, the scheme provides social security net for the farmers as old age may result in loss of livelihood for many of them.
The Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) assures monthly pension of Rs. 3000/- to all land holding Small and Marginal Farmers (SMFs), whether male or female, on their attaining the age of 60 years.
KEY FEATURES OF THE SCHEME
- The PM-KMY is a Central Sector Scheme, administered by the Department of Agriculture, Cooperation & Farmers Welfare, Ministry of Agriculture & Farmers’ Welfare, Government of India in partnership with the Life Insurance Corporation of India (LIC). The LIC shall be the Pension Fund Manager and responsible for Pension pay out.
- It is a voluntary and periodic contribution based pension system meant for all land holding Small and Marginal Farmers (SMFs) throughout the country, subject to some exclusion criteria.
- The Central Government shall also contribute an equal amount as contributed by the eligible subscriber, to the pension Fund. Account of such co-contributions shall be maintained separately by the LIC and these co-contributions along with fund earnings from time to time shall be utilized for pension payment on the date of vesting. Co-contributions would not be paid to subscribers in case of pre-mature exits. In such a case, the co-contributions along with fund earnings will be transferred back to Pension Fund.
- The State / UT Governments will have the option of sharing the burden of individual SMF beneficiary’s contribution. The beneficiaries may also chose an option to pay their contributions on quarterly, 4-monthly or half-yearly basis. The amount of the monthly contribution ranges between Rs.55 to Rs.200 per month depending upon the age of entry of the farmers into the Scheme, as per the following contribution chart.
Entry Age
Superannuation Age
Member's contribution (Rs.)
Government’s contribution (Rs.)
Total contribution (Rs.)
(3+4)1
2
3
4
5
18
60
55
55
110
19
60
58
58
116
20
60
61
61
122
21
60
64
64
128
22
60
68
68
136
23
60
72
72
144
24
60
76
76
152
25
60
80
80
160
26
60
85
85
170
27
60
90
90
180
28
60
95
95
190
29
60
100
100
200
30
60
105
105
210
31
60
110
110
220
32
60
120
120
240
33
60
130
130
260
34
60
140
140
280
35
60
150
150
300
36
60
160
160
320
37
60
170
170
340
38
60
180
180
360
39
60
190
190
380
40
60
200
200
400
- In case of death of subscriber before vesting date, the spouse of subscriber shall have an option of continuing the scheme by payment of remaining contributions under the scheme, provided she/he is not already an SMF beneficiary of the Scheme. Upon death of spouse after vesting date, pension corpus would be transferred back to Pension Fund.
On the other hand, in case of death of subscriber before vesting date, if the spouse does not exercise option of continuing under the scheme, then subscribers’ contributions along with fund interest earned or Savings Bank Interest whichever is higher would be payable to the spouse under the scheme.
Further, in case of death of subscriber before vesting date and if there is no spouse, then subscribers’ contributions along with fund interest earned or Savings Bank Interest, whichever is higher, would be payable to the nominee/s under the scheme. - If a subscriber dies after the date of vesting, his/her spouse shall be entitled to receive 50% of the pension received by such eligible subscriber as Family Pension, provided she/he is not already an SMF beneficiary of the Scheme, and such family pension shall be applicable only to the spouse.
- After death of subscriber as well as of his/her spouse, the total accumulated contributions made by the subscriber and the Government shall be credited back to the fund.
- Registration-The Eligible SMFs desirous of joining the scheme can visit nearest Common Service Centre (CSC) along with his Aadhaar card and bank passbook or account details. The on-line registration process includes capturing of bank account particulars and completion of an auto-debit mandate to the bank account of the subscriber for debiting contribution amount to the subscriber’s bank account every month. The demand will be made by the sponsor bank/IDBI, on behalf of LIC of India. The farmers can make auto-debit from his/her account in which they receive PM-Kisan benefit.
- After the completion of registration Pradhan Mantri Kisan Maan-Dhan (PM-KMY) Pension Card with a unique Pension Account Number prominently printed on it is generated.
EXCLUSIONS
The following categories of farmers have been brought under the exclusion criteria:
- SMFs covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme etc.
- Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) administered by the Ministry of Labour & Employment.
- Farmers who have opted for Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) administered by the Ministry of Labour & Employment.
- Further, the following categories of beneficiaries of higher economic status shall not be eligible for benefits under the scheme:
(a) All Institutional Land holders; and
(b) Former and present holders of constitutional posts
(c) Former and present Ministers/ State Ministers and former/present Members of Lok Sabha/ Rajya Sabha/ State Legislative Assemblies/ State Legislative Councils, former and present Mayors of Municipal Corporations, former and present Chairpersons of District Panchayats.
(d) All serving or retired officers and employees of Central/ State Government Ministries/ Offices/Departments and their field units, Central or State PSEs and Attached offices/ Autonomous Institutions under Government as well as regular employees of the Local Bodies (Excluding Multi-Tasking Staff / Class IV/Group D employees)
(e) All Persons who paid Income Tax in last assessment year.
(f) Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carrying out profession by undertaking practice.
NOTE
For the purpose of exclusion State/UT Government can certify the eligibility of the beneficiary based on self-declaration by the beneficiaries. In case beneficiary is not available /does not reside in the village, State/UT Governments may consider certification based on the declaration by other adult member of his/her family. In case of incorrect self-declaration, beneficiary shall not be eligible for financial benefit under the Scheme.
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