Understanding The Basics Of Pradhan Mantri Kisan Maandhan Yojan

In Ranchi, Jharkhand, Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana. This is a Central Sector Scheme handled by the Cooperation and Farmers Welfare Department, the Ministry of Agriculture and Farmers' Welfare, and the Government of India in partnership with the Life Insurance Corporation of India (LIC). LIC maintains the Annuity Fund for the PM Kisan Maan-Dhan Yojana, which provides an assured monthly annuity of Rs. 3000/- to all small and marginal farmers over the age of 60 who have cultivable land of up to 2 hectares. This strategy was put in place to defend the livelihoods of India's small and marginal farmers.

The Scheme's Advantages

Small and marginal farmers are entitled to a minimum fixed pension of Rs.3,000/- when they reach the age of 60, subject to certain exclusion requirements. It is both a voluntary and a contributed pension plan.
The eligible farmer must make a monthly contribution to a Pension Fund ranging from Rs.55 to Rs.200, depending on his or her entry age. In addition, the Central Government makes an equal contribution to the Pension Fund.

The Scheme's Eligibility

• Small and marginal farmer (SMF) - a farmer having cultivable land of up to 2 hectares according to the applicable State/land UT's records.
• Age group: 18 to 40 years old

Farmers Who Are Not Eligible for the Scheme

Farmers in the following groups are exempt from the exclusion criteria:

• SMFs are covered by any other legally mandated social security schemes, such as the
• National Pension Plan (NPS), the Employees' State Insurance Corporation plan, the
• Employees' Fund Organization Scheme, and so on.
• Farmers who have opted to engage in the Ministry of Labour and Employment's Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM)
• Farmers who have opted to engage in the Pradhan Mantri Laghu Vyapari Man-Dhan Yojana (PM-LVM), which is handled by the Ministry of Labour and Employment.
• Furthermore, the following higher-income beneficiaries will be disqualified from the scheme's benefits:
• Former and present constitutional officeholders, as well as all institutional landowners
• Previous and current Ministers/State Ministers, previous and current Members of Lok Sabha/ Rajya Sabha/ State Legislative Assemblies/ State Legislative Councils, former and current Municipal Corporation Mayors, former and current District Panchayat Chairpersons
• All serving or retired officers and employees of Central/State Government Ministries/Offices/Departments and their field units, Central or State PSEs and Attached offices/Autonomous Institutions under Government, and regular employees of Local Bodies (Except Multi Tasking Staff / Class IV/Group D employees)
• Professionals such as Doctors, Engineers, Lawyers, Chartered Accountants, and Architects joined professional organizations and began practicing their craft.

Take Away

Enrollment in the Scheme is possible through self-registration online or through Common Service Centers situated across the states. Enrollment is completely free. Enrollment is done through the Common Service Center. Farmers can sign up at their nearest Common Service Center (CSCs). The enrollment cost of Rs.30/- charged by the Common Service Centers would be borne by the government.

Also read: In 2021, The Best LIC Life Insurance Policies To Invest In

There Are 5 Unknown Features of the Atal Pension Yojana