Indian Prime Minister Narendra Modi is ready to launch a pension scheme for small & marginal farmers of the country. Under the scheme that will be launched tomorrow (September 12) in Ranchi by the PM, about 5 crore small marginalised farmers would get a minimum pension of Rs 3000 per month on attaining the age of 60. Farmers who fall in the age group of 18 - 40 years will be eligible to apply for this pension scheme. Under Pradhan Mantri Kisan Maandhan yojana, the farmers will be required to make a monthly contribution of Rs 55 - 200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. 60 years. The Centre will make an equal contribution of the same amount in the pension fund for the cultivators.
Benefits of PM Kisan Maandhan Yojana
The main advantage of PM Kisan Maandhan yojana is that there will be no extra burden on farmers’ pocket. This means farmers can contribute to the pension fund under the yojana without putting any extra burden on their pockets. In addition farmers, who are already the beneficiaries of PM-Kisan yojana, will get the choice to allow their contribution debited from the benefit of that scheme directly.
Farmers who do not want to utilize PM-Kisan fund for the pension scheme will be permitted to deposit their monthly instalment via common service centres (CSCs).
The monthly contribution of farmer will be due on the very same day every month as the enrolment date. The recipient may also select an option to pay their contributions quarterly - 4-monthly / half-yearly basis. These types of contributions will fall due on the same day of such period.
Another benefit of Kisan Maandhan Yojana is that the spouse will also be eligible for a separate pension of Rs 3000 by making a separate contribution to the pension Fund that will be the Pension Fund Manager. The Life Insurance Corporation of India would also be responsible for the Pension payout.
Moreover, the beneficiaries of Kisan Maandhan yojana will be able to choose voluntarily to exit the Scheme after a minimum period of five years of regular contributions. On departure, their entire contribution will be returned by insurance agency with an interest equivalent to prevailing saving bank rates.
Eligibility of PM Kisan Maandhan Yojana
All small and marginal Farmer with cultivable land upto two hectares according to the land records of the concerned State or UT are eligible for the scheme.
Age
18- 40 years
Important Rules of PM Kisan Maandhan Yojana:
If a farmer dies before the retirement date then the spouse (husband or wife) will be able to continue in the scheme by paying the left over contributions till the remaining age of the deceased cultivator. But if the spouse does not want to continue then the total contribution made by farmer together with interest will be given to the spouse – this was announced by Narendra Singh Tomar, Union Minister for Agriculture & Farmers Welfare last month.
In case the farmer does not have a spouse then the total contribution and interest earned on it will be paid to the nominee.
If the farmer dies after the date of retirement then the spouse will get 50 percent of the pension as Family Pension. After the death of both the farmer as well as the spouse, the accumulated amount will be credited back to the Pension Fund.
How to apply for PM Kisan Maandhan Yojana
The preliminary enrollment to the pension scheme will be done through the Common Service Centres in different states of India. Afterward alternative facility of enrollment via the PM-Kisan State Nodal Officers or by any other method or through online enrollment will also be made available. It must be noted that the enrollment is completely free of cost for farmers. The Common Service Centres will charge Rs.30/- per enrolment that will be borne by the Government.
