Launched in 2019, the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) is a pension scheme designed to provide social security to India’s small and marginal farmers. The scheme acknowledges their contribution to the nation and aims to provide them with a safety net in their old age.
Objectives of PM-KMY
- Assured Pension: Provide a monthly pension of ₹3000 after the age of 60 to those who contribute during their productive years.
- Financial Security: Ensure a regular income source for farmers in their later years.
- Social Protection: Create a safety net for vulnerable farmers contributing to the agricultural sector.
- Dignity and Self-Reliance: Reduce dependency during old age and foster self-respect among farmers.
How PM-KMY Works
- Voluntary and Contributory: Farmers between the ages of 18 and 40 years can voluntarily opt into the scheme.
- Matching Contribution: The farmer makes a monthly contribution within a range (₹55 to ₹200), and the government contributes an equal amount.
- Pension Fund Management: The Life Insurance Corporation of India (LIC) manages the accumulated pension corpus.
Eligibility for PM-KMY
- Small and Marginal Farmers (SMFs): Farmers owning cultivable land up to 2 hectares are eligible.
- Age Limit: The entry age is between 18 and 40 years.
Enrolment Process
- Common Service Centres (CSCs): Farmers can visit their nearest CSC for registration with necessary documentation.
- Online Portal: A self-registration facility is also available through the PM-KMY web portal.
FAQs about PM-KMY
- What documents are required for registration?
- Aadhaar Card and landholding details are essential documents.
- Can I withdraw my pension money before the age of 60?
- Premature withdrawal with partial refund of contribution is possible in specific circumstances.
- What happens to the pension in the event of the farmer’s death?
- The spouse is eligible for 50% of the pension as a family benefit.
MCQs
- The PM-KMY scheme aims to provide a monthly pension of:
- A. ₹500
- B. ₹1,000
- C. ₹3,000
- D. ₹5,000
- Which of these is an eligibility criterion for PM-KMY?
- A. Landholding up to 2 hectares
- B. Age between 18 and 40 years
- C. Indian citizenship
- D. All of the above
- PM-KMY is a:
- A. Crop insurance scheme
- B. Compulsory savings scheme
- C. Voluntary pension scheme
- D. Health insurance scheme for farmers
Conclusion
The Pradhan Mantri Kisan Maan Dhan Yojana signifies India’s commitment to the well-being of its vast farming community. By providing a dedicated pension program for farmers, the scheme recognizes their hard work and contributions. PM-KMY has the potential to alleviate old-age financial insecurity and foster a sense of dignity among India’s hardworking farmers, ultimately strengthening the agricultural sector and the nation.
Answers to MCQs
- C
- D
- C