Pradhan Mantri Kisan Mandhan Yojana's Top 5 Benefits

The PM-KMY provides financial help to elderly farmers who are unemployed and have little or no resources to cover their expenditures. Despite the fact that the government provided farmers with income and price support, there was still a need to build a social security net for farmers as they aged, as this may result in a loss of livelihood. As a response, the government created the PM-KMY programme, which provides guaranteed monthly pensions to small and marginal farmers over the age of 60, regardless of gender. Continue reading for more information about the Pradhan Mantri Kisan Maan Dhan Yojana.

Features Of PM-KMY

PM KMY has the following characteristics:

• The PM-KMY is handled by the Ministry of Agriculture and Farmers' Welfare's Department of Agriculture, Cooperation, and Farmers Welfare, in collaboration with the Life Insurance Corporation of India (LIC).
• The Pension Fund Manager is the LIC, and it is in charge of the PM-pension KMY's benefits.
• The PM-KMY is a monthly, voluntary contribution-based pension scheme for all small and marginal farmers in India.
• Small and marginal farmers can choose to have their voluntary payments to the PM-KMY deducted automatically from the PM-KISAN program's cash rewards.
• The Central Government contributes the same amount to the pension fund that the eligible farmer does under the PM-KMY through the Department of Agriculture Cooperation and Farmers Welfare.

Benefits Of PM-KMY

When they reach the age of 60, small and marginal farmers are entitled to a minimum fixed pension of Rs.3,000 per month under the PM-KMY, subject to certain exclusions. It is a pension plan that is funded entirely by voluntary contributions. Farmers who qualify must deposit a monthly sum ranging from Rs.55 to Rs.200 per month, depending on their entry age, to a Pension Fund.

Furthermore, the Central Government makes the same contribution to the Pension Fund that the farmers do. When a qualifying farmer dies, his or her spouse is entitled to half of the income as a family pension. The farmer's spouse, on the other hand, is the only one who may get the family pension.

Eligibility Criteria For PM-KMY

The PM-KMY qualifying requirements are as follows:

• Small and marginal farmers own up to 2 hectares of cultivable land, according to State/Land UT data.
• A farmer should be between the ages of 18 and 40.
• Possession of less than 2 hectares of cultivable land had to be recorded in state land registers.
• Individuals should not be covered by other government or semi-government plans such as the NPS (National Pension Scheme), EFO (Employee Fund Organization Scheme), ESIC (Employee State Insurance Corporation Scheme), and so on.

Take Away

In Ranchi, Jharkhand, the Pradhan Mantri Kisan Mandhan Yojana was launched. This is a government-sponsored initiative carried out in partnership with the Life Insurance Corporation of India (LIC). All small and marginal farmers are welcome to participate in this programme. Under this Yojana, they must contribute in a 1:1 ratio to the Union Government. The government's monthly contribution to the PM-KMY Scheme is the same as the farmer's. We endeavoured to cover all of the features and advantages of the Pradhan Mantri Kisan Mandhan Yojana in this post.

Also read - What Is a Deferred Annuity and How Does It Work?