PM Kisan Maan Dhan Yojana (PM-KMY)

The Ministry of Agriculture and Farmer Welfare has recently introduced a voluntary and contributory pension scheme for landholding small and marginal farmers to provide social security in their old age. Under this scheme, the Government will provide a pension amount of Rs.3000 every month to the eligible farmers. In this article, we look at the PM Kisan Maan Dhan Yojana (PM-KMY) in detail.

Key Features

The key features of the PM Kisan Maan Dhan Yojana (PM-KMY) are as follows:

PM-KMY is a voluntary and contributory scheme for farmers in the age limits of 18 to 40 years and a pension amount of Rs.3000 will be provided on attaining the age of 60 years.
Under the PM-KMY scheme, the farmers will have to make a monthly contribution of Rs.55/- to Rs.200/- depending upon their age limit.
The monthly contribution will fall due on the same date as enrolment date every month. Also, the beneficiaries will be provided with an option to pay their contribution to quarterly, half-yearly, yearly basis.
The spouse is also eligible to avail a separate pension amount of Rs.3000/- on making a separate contribution to the fund every month.
The Life Insurance Corporation of India (LIC) which act as the pension fund Manager is responsible for the disbursement of pension amount.
In case of death of the beneficiary before superannuation age, the spouse can continue in the scheme by remitting the balance amount until you reach the loan tenure. If there is no spouse, then the total contribution along with interest will be paid to the nominee.
In case of death occurs after the retirement date, the spouse will receive 50% of the pension as the family pension. After the loss of both the farmer and the spouse, the fund will be credited back to the nodal agency.
The beneficiaries can also exit the scheme after a minimum period of five years of regular contributions. On exit, the entire contribution would be returned by LIC to the beneficiary with interest equivalent to prevailing savings bank rates.
The farmers who are beneficiaries of PM-Kisan scheme will have the option to allow their contribution auto-debited directly from their bank accounts.
In case of default in making a regular contribution, the beneficiaries are allowed to regularise the contributions by paying the outstanding due amount along with the applicable interest.

Eligibility Criteria

Any farmers within the age group of 18 to 40 years are eligible to avail the benefits under the PM Kisan Maan Dhan Yojana.

Exclusions

The below-given categories of farmers are not eligible to apply for this scheme:

The small and marginal farmers covered under any other social security schemes such as Employee State Insurance Scheme, Employees Fund Organization Scheme, National Pension Scheme (NPS) etc.
The farmers who have availed benefits under the 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 the scheme.

Note: Further, the following categories of beneficiaries of Above Poverty Line (APL) are not eligible to obtain benefits under the scheme.

All institutional landholders.
All working or retired officers and employees of Central or State Government.
Any person who pays Income tax in the last assessment year is not eligible.
Any person who not the resident of India is not eligible to enrol under PM-KMY scheme.

Monthly Contribution

The amount of the monthly contribution will depend upon the age of the farmers as per the following contribution chart:

S.No	Entry Age	Superannuation Age	Member’s Monthly Contribution	Government Monthly Contribution	Total Monthly Contribution
1.	18	60	Rs. 55	Rs. 55	Rs. 110
2.	19	60	Rs. 58	Rs. 58	Rs. 116
3.	20	60	Rs. 61	Rs. 61	Rs. 122
4.	21	60	Rs. 64	Rs. 64	Rs. 128
5.	22	60	Rs. 68	Rs. 68	Rs. 136
6.	23	60	Rs. 72	Rs. 72	Rs. 144
7.	24	60	Rs. 76	Rs. 76	Rs. 152
8.	25	60	Rs. 80	Rs. 80	Rs. 160
9.	26	60	Rs. 85	Rs. 85	Rs. 170
10.	27	60	Rs. 90	Rs. 90	Rs. 180
11.	28	60	Rs. 95	Rs. 95	Rs. 190
12.	29	60	Rs. 100	Rs. 100	Rs. 200
13.	30	60	Rs. 105	Rs. 105	Rs. 210
14.	31	60	Rs. 110	Rs. 110	Rs. 220
15.	32	60	Rs. 120	Rs. 120	Rs. 240
16.	33	60	Rs. 130	Rs. 130	Rs. 260
17.	34	60	Rs. 140	Rs. 140	Rs. 280
18.	35	60	Rs. 150	Rs. 150	Rs. 300
19.	36	60	Rs. 160	Rs. 160	Rs. 320
20.	37	60	Rs. 170	Rs. 170	Rs. 340
21.	38	60	Rs. 180	Rs. 180	Rs. 360
22.	39	60	Rs. 190	Rs. 190	Rs. 380
23.	40	60	Rs. 200	Rs. 200	Rs. 400

How to Apply?

The enrollment to the scheme is being done through the Common Service Centres in various states. Later on the alternative facility of registration through the PM-Kisan State Nodal Officers or by any other means of online enrollment will also be made accessible. The registration of PM-KMY is free of cost. However, the Common Service Centres (CSC) will charge Rs.30/- per registration, which will be borne by the State Government.

Registration process

To register under PM Kisan Maan Dhan Yojana (PM-KMY), follow the steps given below: Step 1: The eligible Small and Marginal Farmers interested in joining the scheme can visit the nearest Common Service Centre (CSC) along with the required documents such as Aadhaar card and bank passbook or account details. Step 2: The Village Level Entrepreneur (VLE) at the CSC would complete the online registration process with the details of name, Aadhaar number, spouse and nominee particulars, mobile number (optional), address, date of birth and the other details. Step 3: The online registration process includes capturing of bank account details and completion of an auto-debit charge to the bank account of the applicant for debiting contribution amount to the farmer’s bank account monthly. The demand will be raised by the sponsor bank or IDBI, on behalf of LIC of India. Step 4: The data would be verified by the CSC through manual verification of bank particulars from supporting documents, demographic authentications of Aadhaar, etc. Step 5: The mobile number (optional) given by the applicant will be verified by the OTP verification process. Step 6: The applicant will authenticate the data in on-line generated enrolment form by putting his/her signature. Step 7: The VLE will upload the scanned copy of the signed enrolment-cum-debit mandate form and after that enable his/her online payment of initial contribution and the receipt will be given for the confirmation of payment. Step 8: At this stage, the online registration process would be complete, and the system would generate a Pradhan Mantri Kisan Maan-Dhan (PM-KMY) Pension Card with a unique Pension Account Number prominently printed on it. Step 9: Upon completion of the enrolment process and payment of initial contribution, an enrolment-cum-auto-debit-mandate form for taking the approval of farmers for auto-debiting from their PM-Kisan benefits through their bank accounts will be generated and signed by the applicant.

Mechanism of Regular Contribution

The special mechanism has been set up based upon the auto-debit made from the applicant at the time of enrolment:

LIC would debit the amount automatically from the savings bank account of the applicant every month.
The debited amount will be transferred to the sponsor bank or IDBI.
Based upon the MIS from the sponsor bank, the amount received from the beneficiary bank to sponsor bank would be credited to the respective PM-KMY pension account of the applicant.
At the same time, the message will be sent to the beneficiary registered mobile number confirming the receipt of a contribution from the account.
The payment cycles would be followed in the dates of 1st, 11th, 21st. IN case of these dates are public holidays, payments date would be the 1st working day after these dates.
On a payment day, LIC would generate a demand-based upon the contribution that has already fallen due. If payment is not successful, then the demand would be repeated in the next cycle until six months from the contribution due date.