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.
Pradhan Mantri Kisan Maan Dhan Yojana
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.
Salient Features Of Pradhan Mantri Kisan Maan Dhan Yojana
- Beneficiaries are paid an assured pension of Rs.3000 per month
- The scheme is voluntary and contributory where the beneficiary also contributes towards his pension fund
- The government shall make matching contribution to the beneficiaries’ contribution
- Serves as old age protection and social security for Small and Marginal Farmers (SMF)
- Spouse is entitled to receive 50% of the pension amount, until their death, in case of death of the beneficiary
- Scheme available for beneficiaries as young as 18 years of age
Benefits of the Pradhan Mantri Kisan Maan Dhan Yojana?
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
- If an eligible subscriber leaves this scheme within a span of less than 10 years from the date he enters the scheme, then the portion of his investment alone will be returned to him along with the interest rate charged on it by the savings bank.
- If an eligible subscriber exits after a period of ten years or more from the date on which he joins the Scheme but before his age of sixty years, then only his share of the contribution shall be returned to him, together with accumulated interest thereon, as actually earned by the Pension Fund or interest thereon at the interest rate of the savings bank, whichever is greater.
- Where an eligible subscriber has made regular contributions and died for whatever cause, his spouse shall consequently be entitled to proceed with the scheme by making regular contributions as appropriate or exiting the scheme by collecting the amount paid by that subscriber along with accrued interest, as currently received by the pension fund or at the interest rate of the savings bank thereon. The corpus shall be paid back to the fund upon the death of the subscriber and his or her partner.
Eligibility Criteria Pradhan Mantri Kisan Maan Dhan Yojana
This scheme is open for the below individuals:
- For Small and Marginal Farmers
- Who are aged between 18 to 40 years
- Who own cultivable land of up to 2 hectares as per land records of the concerned State/UT
- They should possess an Aadhaar card
- They should have a savings bank account or a PM-KISAN account
How To Apply Pradhan Mantri Kisan Maan Dhan Yojana?
Detailed steps to apply for the scheme are given below:
Online Registration : click here
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:
- Aadhaar Card
- Savings Bank Account Number along with IFSC Code (Bank Passbook or Cheque Leaf /Passbook or copy of bank statement as evidence of bank account).
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.
Monthly Contribution Chart: Maan Dhan Yojana
Entry age specific monthly contribution
|Entry Age (Yrs)
|Member’s monthly contribution (Rs)
|Central Govt’s monthly contribution (Rs)
|Total monthly contribution (Rs)
(Total = C + D)
FAQs on Pradhan Mantri Kisan Maan Dhan Yojana
1. What is the definition of small & marginalized landholder farmer relating to this Maan Dhan Yojana?
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 Maan Dhan Yojana 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 Maan Dhan Yojana?
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 Maan Dhan Yojana.
Pradhan Mantri Kisan Maan Dhan 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 Maan Dhan Yojana and have been encouraged to take advantage of it.