Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)

The Pradhan Mantri Kisan Maan Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi. This a Central Sector Scheme which is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC).

LIC is the Pension Fund Manager for PM Kisan Maan-Dhan Yojana that provides an assured monthly pension of Rs. 3000/- to all the farmers after the age of 60 years. This scheme was introduced with an aim to secure the lives of around 3 crores of small and marginal farmers in India.

PM Kisan Maan-Dhan Yojana is an important topic for the IAS Exam under the economy of India. Candidates can also download the notes PDF at the end of the article.

The key-points about Pradhan Mantri Kisan Maan-Dhan Yojana are given in the table below:

Name of the scheme PM-KMY
Full-Form Pradhan Mantri Kisan Maan-Dhan Yojana
Date of launch 12th September 2019
Governing Body Ministry of Agriculture & Farmers’ Welfare

PM-KMY Scheme in India

PM-KMY Scheme in India is a central sector scheme for the farmers aged between 18 to 40 years. The beneficiary can become a member of the PM-KMY Scheme by registering under the Pension Fund managed by the Life Insurance Corporation of India (LIC). The members are thus required to make a monthly contribution to the Pension Fund between Rs.55/- to Rs.200/-, depending on their age with the provision of equal contribution by the Central Government. According to the reports of 14th November 2019, a total of 18,29,469 farmers in India have been registered under this scheme. This scheme is applicable to all the small and marginal farmers. The ratio of the contribution that must be made by them and the Union Government under this Yojana is 1:1. Government contribution under the PM-KMY Scheme is equal to the monthly contribution made by the farmer.

Who are eligible for the PM-KMY Scheme?

All the small and marginal farmers (SMFs) belonging from all the States and Union Territories of India and are aged between 18 years to 40 years are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and can avail all the benefits of this Scheme.

Farmers falling within the purview of the exclusion criteria are not eligible for the benefit.

However, farmers falling under the below-mentioned criteria are not eligible for the scheme:

  1. Small and marginal farmers who are already registered under other schemes such as the National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme, etc. will not be eligible for the PM-KMY Scheme.
  2. Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) administered by the Ministry of Labour & Employment as well as for Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) under the Ministry of Labour & Employment are also not eligible for this scheme.

Benefits of PM-KMY Scheme

  • Along with the beneficiary, the spouse is also eligible for the scheme and can get a separate pension of Rs.3000/- by making separate contributions to the Fund.
  • If the beneficiary dies before the retirement date, the spouse may continue this scheme by paying the remaining contributions. But if the spouse does not wish to continue, then, the total contribution made by the farmer along with interest will be paid to the spouse.
  • If there is no spouse, then the total contribution along with interest will be paid to the nominee.
  • If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) – UPSC notes:- Download PDF Here

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Multiple Choice Question

Consider the following statements

  1. The Pradhan Mantri Kisan Maan Dhan Yojana was launched at Ranchi, Jharkhand by Prime Minister Narendra Modi. This a Central Sector Scheme which is administered by the Cooperation & Farmers Welfare, Department of Agriculture, Ministry of Agriculture & Farmers’ Welfare, and the Government of India in partnership with Life Insurance Corporation of India (LIC).
  2. According to the reports of 14th November 2019, a total of 18,29,469 farmers in India have been registered under this scheme. This scheme is applicable to all the small and marginal farmers. The ratio of the contribution that must be made by them and the Union Government under this Yojana is 1:1. Government contribution under the PM-KMY Scheme is equal to the monthly contribution made by the farmer.
  3. The government of India in 2016, launched the Pradhan Mantri Fasal Bima Yojana (PMFBY) after scraping down the earlier insurance schemes viz. Modified National Agricultural Insurance Scheme (MNAIS), Weather-based Crop Insurance scheme, and the National Agriculture Insurance Scheme (NAIS). 
  4. The Rashtriya Krishi Vikas Yojana was introduced with an aim to provide support to the agricultural sector in achieving 4% annual agriculture growth. RKVY scheme was launched in the year 2007 which was later rebranded as Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RAFTAAR) to be implemented for three years till 2019-20 with a budget allocation of Rs 15,722 crore.

Choose the correct answer from the below-given options

A) Only statements 2, 3, and 4 are true.

B) Only statements 1, 3, and 4 are true.

C) All the above statements are true.

D) None of the above statements are true.

 

Answer: C

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