How Pradhan Mantri Kisan Maan Dhan Yojana will Prove to be a Boon for Famers?

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY is an old age pension scheme for Small and Marginal Farmers (SMFs) holding all land in the country. The Kisan Maan Dhan Yojana aims to secure the lives of farmers. It is a contributory and voluntary pension scheme for the entry age group of 18 to 40 years. The Pradhan Mantri Kisan Maan Dhan Yojana was launched on 12th of September 2019 by Prime Minister Narendra Modi in Ranchi, sate of Jharkhand. by providing a minimum pension worth Rs 3000 each month to those who attain 60 years of age, this Kisan Maan Dhan Yojana secure the lives of 5 crore small and marginal farmers in India.

Kisan Man Dhan Yojana: Important Points

• The Union Government has kept aside funds worth Rs 10,774 crores for the scheme for the next three years.
• All small and marginal farmers, will be eligible to apply for the scheme who are currently aged between 18 and 40 years.
• From the installments of PM-KISAN or through CSCs the farmer’s monthly contribution can be made.

How Pradhan Mantri Kisan Maan Dhan Yojana will Prove to be a Boon for Famers?

1. It is contributory and voluntary for farmers in the entry age group of 18 to 40 years and on attaining the age of 60 years a monthly pension of Rs. 3000/- will be provided to them.
2. The farmers monthly contribution of Rs.55 to Rs.200 will have to make depending on their age of entry in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
3. The monthly contributions will fall due on the same day every month as enrollment date. The beneficiaries may also choose an option to pay their contributions on quarterly, 4-monthly or half-yearly basis. Such contributions will fall due on the same day of such period as the date of enrollment.
4. The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
5. The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
6. The spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer in case of death of the farmer before retirement date. If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse. Total contribution along with interest will be paid to the nominee If there is no spouse.
7. The spouse will receive 50% of the pension as Family Pension If the farmer dies after the retirement date. The accumulated corpus shall be credited back to the Pension Fund After the death of both the farmer and the spouse.
8. To exit the Scheme, the beneficiaries may opt voluntarily after a minimum period of 5 years of regular contributions. On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
9. The farmers, will have the option to allow their contribution debited from the benefit of that Scheme directly who are also beneficiaries of PM-Kisan Scheme.
10. The beneficiaries are allowed to regularize the contributions by paying the outstanding dues along with prescribed inters in case of default in making regular contributions t. no late fee would be charged Until 1 month from first unpaid contribution. without any interest Three payment cycles demand would be raised for payment of contribution.

There are several other schemes launched by Narendra Modi Government which are transforming the lives of millions of Indians.