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PM Modi's New Pension Scheme To Benefit Small And Marginal Farmers

Written By Rishabh Mishra | Mumbai | Published:

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  • The Modi government has introduced a new pension scheme for Indian farmers called Pradhan Mantri Kisan Maan-dhan Yojana
  • The newly introduced voluntary and contributory pension system to benefit the Small and Marginal Farmers
  • PMKMDY promises a monthly pension of Rs 3,000 to the farmers

A new scheme for the Indian farmers called Pradhan Mantri Kisan Maan-dhan Yojana (PMKMDY) has been launched by PM Modi today from Jharkhand. The Modi government 2.0 scheme entails a voluntary and contributory pension system for the Small and Marginal Farmers (SMFs) in the country. PMKMDY promises a monthly pension of Rs. 3,000 which upon investment can be availed by the farmers after the age of 60; the applicants, however, should belong to the age group of 18 to 40 years. Effective from August 9, this scheme promises to help the farmers who fulfill important eligibility criteria like having a BPL (Below Poverty Line) certificate. 

Salient Features of PM Kisan Maan Dhan Yojana 

Focused on the development of farmers, this scheme promises a monthly pension of Rs. 3,000 to the applicants. The eligible farmers, falling in the age group of 18 to 40 years, can make a monthly contribution of Rs 55 to Rs 200, till the age of 60 to apply for this scheme. The beneficiaries can similarly choose to pay the amount on a quarterly or half-yearly basis. Managed by the Life Insurance Corporation (LIC), this scheme also allows associating spouses of the bearer as the nominee.

Apart from this, the spouse of the applicant is also eligible for a separate pension fund as well. Other important features of the scheme include direct transfer of funds to the personal savings accounts of the farmers, no late fee for a month on the non-payment of the farmer’s monthly amount, and equal contribution to the pension fund by the central government. 

Read | Modi Cabinet 2.0 announces Shramyogi Mandhan Yojna - pension for over three small traders, shopkeepers

Eligibility criteria and application process 

The farmers who have opted for Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) are not eligible to apply for this scheme. The farmer applying for this scheme should be an agricultural worker with an official agricultural registration certificate. They must belong to a small or marginal class and should own less than five acres of land. The institutional landholders; and former and present holders of constitutional posts will not be applicable to apply for the scheme. 

Read | Modi Govt Plans Broad-basing Farmers Welfare Scheme, Will Discuss Extending PM Kisan Samman Nidhi Yojana To All Poor Farmers Including Landless Farmers: Sources

Along with all this, the eligibility criteria also demands a farmer to also possess residential proof, BPL certificate, age proof, Aadhaar Card, savings bank account, and land documents. The farmers who wish to apply for the scheme should approach the Common Service Centers or the CSCs in their respective areas. After the assessment of the documents, the CSC executives will help the farmers through the application process for which the farmers must pay an amount of Rs. 30. In order to avoid the hassle of visiting the CSCs, the central government is now planning to launch an online portal for the application process.

Read PM Modi to announce new pension schemes from Jharkhand on Thursday

Watch | PM Narendra Modi speaks about accidental insurance, a pension scheme for traders during mega-outreach in New Delhi

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