Pradhan Mantri Kisan Mandhan Yojana | PMKMY | Latest update

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Pradhan Mantri Kisan Mandhan Yojana

Pradhan Mantri Kisan Mandhan Yojana is a financial protection scheme by the Government of India for the welfare of small, underprivileged farmers in India. It aims to provide financial coverage for underprivileged farmers and workers in the unorganized sector in the 18- 40 years of age group. Such workers should not be covered under any other social or government security scheme.

Prime Minister also launched the National Pension Scheme for the Traders and The Self-Employed. The scheme aims at providing a minimum assured pension of Rs 3000, to small traders and self – employed after attaining the age of 60 Years. Around 3 Crore Small traders would be benefitted from the scheme.

 
They include those that are street vendors, home-based or domestic workers, head loaders, cobblers, brick kiln, rag pickers, Rickshaw Pullers, washer-men, landless labourers, agricultural or construction workers, or those working for the beedi, handloom workers, or leather industries, and whose monthly income is less than Rs 15,000.
The Pradhan Mantri Kisan Maan Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi. 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. This scheme was introduced with an aim to secure the lives of small and marginal farmers in India.
 

Objectives of the PM Kisan Maan Dhan Yojana

The Pradhan Mantri Kisan Maan Dhan Yojana is brought into action to serve as an old age pension plan for the farmers in the country

  •  Pension scheme for all Small and Marginal Farmers (SMFs)
  •  To secure the lives of the farmers
  •  To provide proper development skills and social security
 

PM-KMY Scheme in India

PM-KMY Scheme in India is a central sector scheme for farmers aged between 18 to 40 years. 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 members are thus required to make a monthly contribution to the Pension Fund between Rs.55/- to Rs.200/-, depending on their age with the provision of equal contribution by the Central Government. According to the reports of 14th November 2019, a total of 18,29,469 farmers in India have been registered under this scheme. This scheme is applicable to all the small and marginal farmers. The ratio of the contribution that must be made by them and the Union Government under this Yojana is 1:1. Government contribution under the PM-KMY Scheme is equal to the monthly contribution made by the farmer.

Features of Pradhan Mantri Kisan Mandhan Yojana

The following are the key features of Pradhan Mantri Kisan Maandhan Yojna (PMKMY):

  1. This is a voluntary Pension Scheme for underprivileged farmers or workers from the unorganized sector of a contributory nature.
  2. The applicants from 18 years to 40 years of age need to contribute monthly to the Scheme until they are 60 years old. It will range from Rs 55-Rs 200 monthly.
  3. It will be compensated by an equal and matching compensation per month by the GOI or Government of India.
  4.  Once the Scheme matures, an individual will be entitled to obtain Rs. 3000 monthly as a minimum guaranteed monthly pension. This amount can be utilized to meet their financial requirements.
  5. The farmer or worker will get the pension amount after 60 years of age, as deposited in their pension account.
  6.  In case of the farmer or the pension holder’s death, the spouse of the farmer shall get 50% of the amount as pension for the family.
  7.  Only the spouse will be eligible for pension in such cases, and not children, parents, or any other relatives of the farmer or the worker.
  8.  The corpus gets credited back to the fund upon the subscriber’s death and his or her spouse.

Consider the following statements

  • The Pradhan Mantri Kisan Maan Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi. 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).
  •  According to the reports of 14th November 2019, a total of 18,29,469 farmers in India have been registered under this scheme. This scheme is applicable to all the small and marginal farmers. The ratio of the contribution that must be made by them and the Union Government under this Yojana is 1:1. Government contribution under the PM-KMY Scheme is equal to the monthly contribution made by the farmer.
  • The government of India in 2016, launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) after scraping down the earlier insurance schemes viz. Modified National Agricultural Insurance Scheme (MNAIS), Weather-based Crop Insurance scheme, and the National Agriculture Insurance Scheme (NAIS). 
  • The Rashtriya Krishi Vikas Yojana was introduced with an aim to provide support to the agricultural sector in achieving 4% annual agriculture growth. RKVY scheme was launched in the year 2007 which was later rebranded as Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RAFTAAR) to be implemented for three years till 2019-20 with a budget allocation of Rs 15,722 crore.

 

 

WHAT FARMERS CAN GET?-BENEFITS

  1.  Benefits to the family on death of an eligible subscriber During the receipt of pension, if an eligible subscriber dies, his spouse shall be only entitled to receive fifty per cent of the pension received by such eligible subscriber, as family pension and such family pension shall be applicable only to the spouse. Benefits on disablement If an eligible subscriber has given regular contributions and become permanently disabled due to any cause before attaining his age of 60 years, and is unable to continue to contribute under this Scheme, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit the Scheme by receiving the share of contribution deposited by such subscriber, with interest as actually earned thereon by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher.

 

  • Benefits on Leaving the Pension Scheme 
  •  In case an eligible subscriber exits this Scheme within a period of less than ten years from the date of joining the Scheme by him, then the share of contribution by him only will be returned to him with savings bank rate of interest payable thereon.
  •  If an eligible subscriber exits after completion of a period of ten years or more from the date of joining the Scheme by him but before his age of sixty years, then his share of contribution only shall be returned to him along with accumulated interest thereon as actually earned by the Pension Fund or the interest at the savings bank interest rate thereon, whichever is higher. 
  •  If an eligible subscriber has given regular contributions and died due to any cause, his spouse shall be entitled to continue with the Scheme subsequently by payment of regular contribution as applicable or exit by receiving the share of contribution paid by such subscriber along with accumulated interest, as actually earned thereon by the Pension Fund or at the savings bank interest rate thereon, whichever is higher .
  • After death of subscriber and his or her spouse, the corpus shall be credited back to the fund. 
 

HOW TO APPLY??

Monthly Contribution

  1. This Pradhan Mantri Kisan Maandhan Yojana scheme requires a monthly contribution to be made by the subscriber.
  2.  It can be anything from a minimum of Rs. 55 to a maximum of Rs. 200 per  every month.
  3. The subscriber can continue making the payments till he is 60 years old.
  4. An equal amount will be matched by the Government of India and contributed to the pension fund.
 
  

Eligibility Criteria Of PMKMY

Pradhan Mantri Kisan Mandhan Yojana – PMKMY is explicitly meant for all Indian small, marginal farmers who have not more than 2 hectares of cultivable land. The candidates should be from 18 -40 years of age. At the same time, they should be listed in the State land records as of August 1, 2019.

Thus, the eligibility criteria for farmers and workers to join this Scheme are:

  1.  18 – 40 years ago, at the time of entry
  2.  SMF or Small & Marginal Farmers
  3.  Possession of cultivable land, not more than 2 hectares that should be listed in the State land records
  4. They should not be covered under any other government or semi-government schemes, like NPS(National Pension Scheme), EFO (Employee Fund Organization Scheme), or the ESIC (Employee State Insurance Corporation scheme), etc.
  5. At the same time, the SMFs:
  •  Should not be covered under any other social security schemes, like, PM Shram Yogi Maandhan Yojana and PM Vyapari Maandhan.
  •  They should not be higher privileged beneficiaries like institutional landholders, former or current ministers (Central or state ministers), MLAs or post holders of District Panchayat, or other posts.
  •  Should not belong to the category of in-service or retired employees or officers of the Central or the State Government offices, departments, or their PSEs, and other Government Autonomous Institutions or Local Bodies.
  •  Workers should not be income taxpayers, like, engineers, doctors, lawyers, architects, or CO.
  1. The SMFs or workers should possess:
  2.  Valid AADHAAR card
  3.  Operational PM- KISAN Account or Savings Bank Account
 
  • Step 1: The Eligible SMFs desirous of joining the scheme shall visit nearest Common Service Centre (CSC). 
  •  Step 2: Following are the prerequisites for the enrolment process: o Aadhaar Card o Savings Bank Account Number along with IFSC Code (Bank Passbook or Cheque Leave/book or copy of bank statement as evidence of bank account ). 
  •  Step 3: Initial contribution amount in cash will be made to the Village Level Entrepreneur (VLE). 
  •  Step 4: The VLE will key-in the Aadhaar number, Name of subscriber and Date of birth as printed on aadhaar card for authentication. 
  •  Step 5: The VLE will complete the online registration by filling up the details like Bank Account details, Mobile Number, Email Address, Spouse (if any) and Nominee details will be captured. 
  •  Step 6: System will auto calculate monthly contribution payable according to age of the Subscriber. 
  •  Step 7: Subscriber will pay the 1st subscription amount in cash to the VLE. 
  •  Step 8: Enrolment cum Auto Debit mandate form will be printed and will be further signed by the subscriber. VLE will scan the same and upload it into the system.
  • Step 9: A unique Kisan Pension Account Number (KPAN) will be generated and Kisan Card will be printed. For more information, visit web portal  
  • https://pmkmy.gov.in/scheme/pmkmy

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