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Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is a pension scheme launched by the Government of India. It is an old-age pension scheme for all Small and Marginal Farmers (SMFs) with landholdings in the region. The scheme is commonly referred to as PM Kisan Pension Yojana. It was introduced as a voluntary and contributory pension scheme for the 18- to 40-year entry age group. It was launched on August 9, 2019.
Under this scheme, the farmers will earn a fixed guaranteed income of Rs. 3000 every month after 60 years of age. If the farmer dies, the farmer's spouse shall be eligible as a family member to earn 50% of the income. The family pension is applicable for spouses only.
Upon the scheme 's maturity, a person will be eligible to earn a monthly pension of Rs. 3000. The pension sum helps the applicants to manage their financial needs.
The beneficiaries in the 18 - 40 age group would have to make financial contributions, ranging from Rs.55 to Rs.200 per month, towards this scheme, before they reach the age of 60. When the beneficiary reaches 60 years of age, he/she can claim the pension amount. Each month, a set amount of pension is paid into the relevant individual's pension account.
About Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)
Benefits on maturity: As stated above, once the beneficiary attains 60 years of age, he or she is entitled to a monthly pension of Rs.3000
Benefits to the family on death of an eligible beneficiary: If an eligible beneficiary dies during the distribution of pension, his spouse shall be entitled to receive 50% of the pension earned by the eligible applicant. However, family pension and such family benefit shall apply only to the spouse.
Benefits on disablement of the beneficiary: In case the beneficiary becomes permanently disabled before the age of 60, but has done regular contributions to the pension fund and is unable to continue contributing because of the disability, his spouse can continue in the scheme by making regular contributions. Or, they may choose to withdraw from the scheme by receiving the share of contribution deposited by such subscriber, with corresponding interest accrued thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
Benefits on Leaving the Pension Scheme
This scheme is open for the below individuals:
Detailed steps to apply for the scheme are given below:
Step 1: Interested SMFs willing to join the scheme are requested to visit their nearest Common Service Centre (CSC).
Step 2: They are required to submit the following prerequisites for the enrolment process:
Step 3: Pay the initial contribution amount in cash to the Village Level Entrepreneur (VLE).
Step 4: The VLE will key-in the Aadhaar number, name of the subscriber and his date of birth, as printed on the Aadhaar card for authentication.
Step 5: The VLE will require details like bank account details, mobile number, email address, spouse (if any) and nominee details to complete the online registration by filling up the form online.
Step 6: System will automatically calculate the monthly contribution payable according to the age of the applicant.
Step 7: Subscriber is required to pay the 1st subscription amount in cash to the VLE.
Step 8: System generates the Enrolment cum Auto Debit mandate form that is required to be signed by the subscriber. VLE will scan the same and upload it into the system.
Step 9: The subscriber is given a unique Kisan Pension Account Number (KPAN) and a Kisan Card will be printed with all the details.
Entry age specific monthly contribution
Entry Age (Yrs) (A)
Superannuation Age (B)
Member’s monthly contribution (Rs) (C)
Central Govt’s monthly contribution (Rs) (D)
Total monthly contribution (Rs) (Total = C + D)
1. What is the definition of small & marginalized landholder farmer relating to this scheme?
A small and marginal landholder farmer is defined as a farmer who owns cultivable land up to 2 hectares, as per land record of the concerned State/UT.
2. Can I avail benefit under this scheme if I own more than 2 hectares of land?
No. Any individual farmer owning more than 2 hectares of cultivable land shall not be eligible to get benefits under the scheme.
3. What will happen if the applicant has submitted incorrect information to get benefits under the scheme?
If it is found out that the applicant declared incorrect information, the beneficiary shall be liable to get back his contributions without any interest thereon. The Central Government’s matching contribution will be stopped.
4. Can I apply for this scheme if I don’t own any land?
No. Land holding is a primary criterion to be eligible to get the benefit under the scheme.
Pradhan Mantri Kisan Maandhan Yojana aims at providing support to old age farmers with some financial aid so that they can live life proudly. Small and Marginal farmers have been made aware of this scheme and have been encouraged to take advantage of it.
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