Pradhan Mantri Kisan Mandhan Yojana (PM-KMY)

• The Pradhan Mantri Kisan Maan Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi.
• PM Kisan Maan Dhan Yojana (PM-KMY) is a social security scheme targeting old age Small and Marginal Farmers, i.e., having an area less than 2 hectares (5 acres) for cropping.
• This a Central Sector Scheme which is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC).
• LIC is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana that provides an assured monthly pension of Rs. 3000/- to all the small and marginal farmers (who own cultivable land up to 2 hectares) after the age of 60 years.

PM-KMY: Beneficiaries of Scheme

• PM-KMY Scheme in India is a central sector scheme for all the small and marginal farmers (who own cultivable land up to 2 hectares) as per the land records of the concerned State/UT) and are aged between 18 years to 40 years are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and can avail all the benefits of this Scheme.
• The beneficiary can become a member of the PM-KMY Scheme by registering under the Pension Fund managed by the Life Insurance Corporation of India (LIC).
• The beneficiaries will make a monthly contribution till they reach the age of 60.

PM-KMY: Major Exclusions from Scheme

• Farmers holding more land than 2 hectares (or 5 acres)
• Small and Marginal Farmers covers under any other statutory social security schemes, like:
  • National Pension Scheme
  • Employees’ State Insurance Corporation Scheme
  • Employees’ Fund Organization Scheme
  • Pradhan Mantri Shram Yogi Maan – Dhan Yojana
  • Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana, etc.
• Landless Labourers

Salient Feature of PM Kisan Maan Dhan Yojana (PM-KMY)

• It is a Central Sector Scheme, i.e., entire expenditure is incurred by the Central Government only.
• It is a Voluntary Scheme.
• SMF will have to make monthly contributions to the Pension Fund within the range of ₹55 to ₹200. It will depend on the age of their entry in Scheme. The Government will contribute an equal amount in the pension fund.
• A pension of minimum ₹3000 will be provided to SMF after attaining the age of 60.
• Pension Fund Manager (PMF) for the scheme is Life Insurance Corporation of India (LIC) will be responsible for Pension Payout.
• In case of the untimely death of a farmer before retirement, the spouse has the facility to continue in the scheme by contributing the remaining amount.
• In case of the death of Farmer after the age of 60, Spouse is entitled to receive 50% of the Pension Amount, i.e., a minimum of ₹1500. However, after the death of both the farmer and spouse, the remaining amount will be credited back to the Pension Fund.
• Enrolment for PM-KMY is being done through Common Service Centers (CSCs) in Villages.
• Village Level Entrepreneurs (VLEs) have also been engaged. They are field level functionaries, with the job to maximise the enrolment of Farmers. VLEs will also be provided with incentives for encouragement.
• It will also have an appropriate Grievance Redressal Mechanism of LIC, Banks, and Government.
• To monitor, review, and amend the Scheme, an empowered committee of Secretaries has been constituted by the Government.
• There is also a synergy with other schemes. For example, farmers who avail the benefit of Pradhan Mantri Kisan Samman Nidhi Scheme, or PM-KISAN can allow voluntarily. Their monthly contribution can be made from the PM-KISAN Scheme directly.