Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY): Securing the Future of Farmers

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

  1. The PM-KMY scheme aims to provide a monthly pension of:
  • A. ₹500
  • B. ₹1,000
  • C. ₹3,000
  • D. ₹5,000
  1. 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
  2. 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

  1. C
  2. D
  3. C