PM Kisan Maan Dhan Yojana (PMKMY) was launched in 2019, is a government scheme that caters to old age protection and the social security of unorganized workers. The scheme provides subscribers with a minimum assured pension of ₹3000 per month after the age of 60 years. The scheme requires subscribers to make monthly contributions in the range of ₹55 to ₹200 per month till the age of 60 years.
Features of PM Kisan Maan Dhan Yojana
- Assured Pension of Rs. 3000/- month
- Voluntary and Contributory Pension Scheme
- Matching Contribution by the Government of India
Benefits to the family on the death of an eligible subscriber
During the receipt of a pension, if an eligible subscriber dies, his spouse shall be only entitled to receive fifty percent of the pension received by such eligible subscriber, as family pension and such family pension shall be applicable only to the spouse.
Benefits on disablement: PM Kisan Maan Dhan Yojana
If an eligible subscriber has given regular contributions and become permanently disabled due to any cause before attaining his age of 60 years, and is unable to continue to contribute under this Scheme, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit the Scheme by receiving the share of contribution deposited by such subscriber, with interest as actually earned thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.
How does the scheme work?
The scheme is voluntary in nature and works on contributions made by the subscribers, which are matched with the contributions from the government on a 50:50 basis. These contributions become higher with the age of the subscribers and the contribution amount for the first month is paid in cash for which the subscriber is also provided with a receipt. Cards with unique ID numbers are issued to all subscribers of the scheme.
Eligibility
- Small and Marginal Farmer (SMF) – a farmer who owns cultivable land up to 2 hectares as per land records of the concerned State/UT.
- Age of 18- 40 years
Farmers who are not eligible for the scheme
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.
How to apply
The enrollment to the Scheme can be done through self-registration online or through the Common Service Centres in various states. The enrollment is free of cost.
For self-enrollment through online registration, click here
For enrollment through Common Service Centre
Farmers can visit their nearest Common Service Centres (CSCs) for registration. The Common Service Centres will charge Rs.30/- per enrolment which will be borne by the Government.
For more details visit PM-KMY portal.
What are the exit provisions in the scheme?
In case the subscriber wishes to exit the scheme within a period of fewer than 10 years, their share of contribution will be returned with a savings bank interest rate. If the subscriber exits after 10 years or more but before turning 60, their share of contribution along with accumulated interest or the savings bank interest rate, whichever is higher, will be returned.
