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Top 5 Benefits of Pradhan Mantri Kisan Mandhan Yojana

Published On Mar 11, 2022, Updated On Mar 12, 2022

The government created the Pradhan Mantri Kisan Mandhan Yojana (PM-KMY) to give social security to small and marginal farmers as they age. Long hours in the fields are required in farming, and undertaking agricultural labor as an aged person is challenging. 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.

Features of PM-KMY

  1. 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).

  1. The LIC is the Pension Fund Manager, and it is in charge of the PM-pension KMY's benefits.

  1. The PM-KMY is a regular and voluntary contribution-based pension programme for all small and marginal farmers in India.

  1. Small and marginal farmers can choose to pay their voluntary donations to the PM-KMY automatically from the financial benefits of the PM-KISAN scheme.

  1. The Central Government, through the Department of Agriculture Cooperation and Farmers Welfare, provides the same amount to the pension fund that the qualifying farmer does under the PM-KMY.

Benefits of PM-KMY

  1. 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.

  1. It is a pension plan that relies on voluntary contributions.

  1. Farmers who qualify must contribute a monthly amount to a Pension Fund ranging from Rs.55 to Rs.200 per month, depending on their entrance age.

  1. In addition, the Central Government contributes the same amount to the Pension Fund as the farmers do.

  1. 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 available to the farmer's spouse.

Eligibility Criteria for PM-KMY

  1. According to the relevant State/land UT's records, small and marginal farmers own up to 2 hectares of cultivable land.

  1. A farmer's age should be between 18 and 40 years old.

  1. Possession of less than 2 hectares of cultivable land that must be reported in state land records.

  1. Individuals should not be covered by any other government or semi-government programmes, such as the NPS (National Pension Scheme), EFO (Employee Fund Organization Scheme), ESIC (Employee State Insurance Corporation Scheme), or others.

Who Are Ineligible For PM-KMY?

  1. Landowners who are not individuals.

  1. Former or current Constitutional Post Holders.

  1. Ministers, State Ministers, Members of the Lok Sabha, Members of the Rajya Sabha, Members of State Legislative Assemblies/Councils, Mayors of Municipal Corporations, Chairpersons of District Panchayats.

  1. Employees of government-run autonomous organizations.

  1. Officers and employees of Central Government Ministries, State Government Ministries, Regular Employees of Local Bodies serving or retired employees of autonomous institutions under the government.

  1. Professionals who paid income tax in the previous assessment year, such as doctors, engineers, lawyers, accountants, and architects - all professionals who paid income tax in the previous assessment year.

Take Away

The Pradhan Mantri Kisan Mandhan Yojana was launched in Ranchi, Jharkhand. This is a government-run programme administered in partnership with the Life Insurance Corporation of India (LIC). All small and marginal farmers are eligible to participate in this programme. Under this Yojana, they and the Union Government must contribute in a 1:1 ratio. The PM-KMY Scheme's government contribution is equal to the farmer's monthly contribution.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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