The Government of India has introduced a special scheme called the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), designed to provide financial support to farmers in their old age. This scheme is specifically for landholding small and marginal farmers (SMFs) across the country. It is a voluntary and contributory pension scheme for farmers aged 18 to 40 years and has been in effect since August 9, 2019. If you meet the eligibility criteria, you too can benefit from this initiative.
PM-KMY ensures a monthly pension of ₹3,000 for all eligible SMF, whether male or female, once they reach the age of 60. Small and marginal farmers are defined as those who own up to 2 hectares of cultivable land, according to the land records of the respective state or union territory. This scheme aims to offer a stable income to farmers during their retirement years.
Categories of Farmers Based on Land Size
- Marginal: Less than 1.00 hectare
- Small: 1.00 – 2.00 hectares
- Semi-medium: 2.00 – 4.00 hectares
- Medium: 4.00 – 10.00 hectares
- Large: 10.00 hectares and above
How the Scheme Works
Pradhan Mantri Kisan Maandhan Yojana is a Central Sector Scheme managed by the Department of Agriculture, Cooperation and Farmers Welfare, Ministry of Agriculture and Farmers Welfare, Government of India, in collaboration with the Life Insurance Corporation of India (LIC). Small and marginal farmers interested in contributing to the scheme must sign and submit the Enrollment-cum-Auto-Debit-Mandate Form. This form allows auto-debit from their bank accounts, which receive their PM-Kisan benefits, to facilitate automatic contributions to the scheme.
Monthly Contribution Details
Farmers’ monthly contributions range from ₹55 to ₹200, depending on their age at the time of entry into the scheme. In the event of a premature exit, co-contributions will not be paid to the subscribers. Instead, the co-contribution will be returned to the pension fund along with any accrued fund income. State/UT governments may also choose to share the contribution burden for individual beneficiaries.
Beneficiaries can choose to pay their monthly contributions on a quarterly or half-yearly basis, with payments due on the same day each month, based on the enrollment date.
If the subscriber passes away before the vesting date, the spouse has the option to continue the scheme by paying the remaining contributions, provided they are not already an SMF beneficiary under the scheme. The contribution rate and vesting date will remain unchanged, and the spouse will be entitled to the same pension amount. In case the spouse passes away after the vesting date, the pension fund will be returned to the scheme’s pension fund.
How to Apply for the Scheme
- Offline Application: Visit your nearest Public Service Center (CSC). Submit the required documents and complete the application process.
- Online Application: Visit the official website maandhan.in to register and avail the benefits of the scheme.