PRADHAN MANTRI KISAN MAAN DHAN YOJANA (PM-KMY)

About: 

• 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 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) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM).
    
    
  • All Institutional Land holders; and
    
    
  • Former and present holders of constitutional posts.