Skip to content

PM Kisan Maan Dhan Yojana (Farmer Pension Scheme)

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is a voluntary, contributory pension scheme for small and marginal farmers in India. It was launched by the Prime Minister on 12 September 2019 and operates as a defined-contribution, defined-benefit pension administered by the Department of Agriculture & Farmers Welfare with the Life Insurance Corporation of India (LIC) as the pension fund manager.

Overview

The scheme provides a monthly pension of Rs 3,000 for life to enrolled farmers on attaining the age of 60. On the death of a pensioner, the spouse continues to receive 50% of the pension as family pension.

Eligibility

Enrolment is open to small and marginal farmers with cultivable land holding of up to 2 hectares as recorded in state land records on 1 August 2019. The entry age band is 18 to 40 years; once enrolled, the farmer contributes till the age of 60. Higher-income earners excluded under PM-KISAN — income-tax payers, government employees and constitutional functionaries — are also excluded from PM-KMY.

Benefit and structure

  • Monthly contribution: Rs 55 to Rs 200 per month, varying by entry age
  • Matching contribution: an equal amount paid by the Government of India into the fund
  • Pension: Rs 3,000 per month on attaining age 60, payable for life
  • Family pension: 50% of pension to the spouse after the pensioner's death

Implementation

LIC is the pension fund manager. Enrolment is done at Common Service Centres or through the pmkmy.gov.in portal, with Aadhaar-based authentication. The scheme dovetails with Pm Kisan Samman Nidhi (the income-support scheme) and complements crop insurance (Pmfby Crop Insurance) and state-level group life cover such as Rythu Bima in Telangana.

See also Pm Kisan Samman Nidhi, Pmfby Crop Insurance and Rythu Bima.

References

  1. Five Successful Years of PM-KMY. Press Information Bureau.
  2. PM Kisan Maandhan Yojana. pmkmy.gov.in.