(The Gist of PIB) Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana


    (The Gist of PIB) Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana
[SEPTEMBER-2019]


Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana

  • Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana. 

Key highlights 

  • PM-KMY is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country.
  • It is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years.
  • The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
  • If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.

Eligibility: 

  • Small and Marginal Farmer (SMF) – a farmer who owns cultivable land upto 2 hectare as per land records of the concerned State/UT.
  • Age of 18- 40 years.
  • The following categories of farmers have been brought under the exclusion criteria: 
  • SMFs covered under any other statutory 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) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM).
  • All Institutional Land holders; and
  • Former and present holders of constitutional posts.

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Courtesy: PIB