Prime Minister Narendra Modi has launched the Pradhan Mantri Kisan Maandhan Yojana last year in August. In this scheme, pension will be given to the farmers. Under the PM Kisan Maandhan Yojana, any farmer between the age group of 18 to 40 years can register & take a monthly pension of Rs 3000. But, he has to contribute partially till the age of 60. This contribution can be anywhere between Rs 55 - Rs 200 per month. After the age of 60, farmers will get Rs 3000 monthly or Rs 36000 annually under PM-KMY. Till now, around 20 lakh farmers have been associated with PM Kisan Maandhan Scheme.
In this article, we will inform you how to take benefit of PM-KMY. It can be noted that, this pension fund is being managed by the Life Insurance Corporation of India (LIC).
How you can take benefit of PM Kisan Maandhan Yojana?
Under Kisan Pension Yojana, any small holding and marginal farmers between 18 to 40 years of age, who have only 2 hectares of cultivated land. They will have to contribute for at least 20 years and maximum 40 years, from Rs 55 to Rs 200, depending on their age. If you join at the age of 18, then the monthly contribution will be Rs 55 or Rs 660 annually. At the same time, if you join at 40 years of age, then you have to contribute Rs 200 monthly or Rs 2400 annually.
Government will contribute equally in PM Kisan Mandhan
Interestingly, the government will also contribute equally to the PM Kisan account, as much contribution will be made by the farmer in PM Kisan Mandhan. If farmer’s contribution is Rs 55, then the government will also contribute Rs 55 in the account.
PM Kisan Maandhan to give Rs 36000 annual pension to farmers
Under PM Kisan Maandhan, the account holder will get a monthly pension of Rs 3000 after completing 60 years of age or Rs 36000 annually. The PM-KMY can definitely prove to be effective for those farmers who have faith in farming only, specially, the poor farmers who have no other means of livelihood. Earlier, the Modi government had launched the Pradhan Mantri Kisan Samman Nidhi Yojana. Under PM-KISAN scheme, financial assistance of Rs 6000 is being given to every farmer of the country every year.
What will happen if farmers leave PM Kisan Maandhan scheme in between?
If a farmer wants to leave the scheme in the middle, then his money will not be lost. The money that will be deposited till he leaves the scheme, he will get an interest equal to the savings account of the banks. If the policy holder farmer dies, his wife will continue to get 50%. LIC will manage the pension fund of farmers.
How to register under PM Kisan Maandhan Yojana?
To avail the pension scheme, the farmer has to go to the Common Service Center (CSC) & get his registration done. He has to carry the copy of Aadhaar card, Khasra-Khatauni, 2 photos and bank passbook at the time registration. The farmer will not have to pay any separate fee for registration. During registration, the farmer's unique pension number & pension card will be created.
Who will not get benefit of PM Kisan Maandhan Yojana?
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Small and Marginal Farmers who are covered under any other social security schemes like National Pension Scheme, Employees State Insurance Corporation (ESIC) Scheme, Employees Provident Fund Scheme (EPFO) will not get the benefit of PM Kisan Maandhan scheme.
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Those farmers who have opted for PM Shram Yogi Maan Dhan Yojana run by Ministry of Labor and Employment cannot avail the benefit of this scheme.
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Farmers who have opted for the PM Small Business Man-Dhan Yojana run by the Ministry of Labor and Employment will not get the benefit of PM-KMY.
