The Top 5 Benefits of the Pradhan Mantri Kisan Mandhan Yojana

The PM-KMY offers financial assistance to elderly farmers who are without a source of income and have little or no savings to support their expenses. Despite the fact that the government supplied farmers with income and price aid, there was still a need to construct a social security net for farmers as they became older, as this may result in a loss of livelihood. As a result, the government established the PM-KMY to provide guaranteed monthly pensions to small and marginal farmers over the age of 60, regardless of gender. Continue reading to learn more about the Pradhan Mantri Kisan Maan Dhan Yojana.

Features Of PM-KMY

The following are some of PM KMY's features:

• The PM-KMY is administered by the Department of Agriculture, Cooperation, and Farmers Welfare of the Ministry of Agriculture and Farmers' Welfare, in partnership with the Life Insurance Corporation of India (LIC).
• The LIC is the Pension Fund Manager, and it is in charge of the PM-pension KMY's benefits.
• The PM-KMY is a monthly and voluntary contribution-based pension programme for all landholding small and marginal farmers in India.
• Small and marginal farmers can choose to pay their voluntary donations to the PM-KMY automatically from the financial benefits of the PM-KISAN programme.
• The Central Government, through the Department of Agriculture Cooperation and Farmers Welfare, provides the same amount to the pension fund that the qualified farmer does under the PM-KMY.

Benefits Of PM-KMY

• Small and marginal farmers are eligible to a minimum fixed pension of Rs.3,000 per month under the PM-KMY when they reach 60 years of age, subject to certain exclusion restrictions. It's a pension plan that relies on voluntary contributions. Farmers who qualify must contribute a monthly sum to a Pension Fund ranging from Rs.55 to Rs.200 per month, depending on their entrance age.
• In addition, the Central Government contributes the same amount to the Pension Fund as the farmers do. A qualifying farmer's spouse is entitled to half of the income as a family pension when he or she dies. The family pension, on the other hand, is only accessible to the farmer's spouse.

Eligibility Criteria For PM-KMY

• The following are the PM-KMY eligibility requirements:
  According to the appropriate State/land UT's records, small and marginal farmers own up to 2 hectares of cultivable land.
• A farmer's age should be between 18 and 40 years old.
• Possession of less than 2 hectares of cultivable land that must be reported in state land records.
• Other government or semi-government schemes, such as the NPS (National Pension Scheme), EFO (Employee Fund Organization Scheme), ESIC (Employee State Insurance Corporation Scheme), and so on, should not cover individuals.
   

Take Away

The Pradhan Mantri Kisan Mandhan Yojana was inaugurated in Ranchi, Jharkhand. This is a government-run programme conducted in collaboration with the Life Insurance Corporation of India (LIC). This initiative is open to all small and marginal farmers. They must contribute in a 1:1 ratio to the Union Government under this Yojana. The government contribution to the PM-KMY Scheme is the same as the farmer's monthly contribution. In this article, we attempted to detail all of the features and benefits offered by the Pradhan Mantri Kisan Mandhan Yojana.

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