Pradhan Mantri Kisan Mandhan Yojana – Eligibility, Features and Benefits of PMKMY

For the welfare of India’s underprivileged farmers, the government started a financial protection scheme called Pradhan Mantri Kisan Mandhan Yojana (PMKMY).  Let’s discuss the plan in detail.  

The Pradhan Mantri Kisan Mandhan Yojana was launched to provide monetary coverage for the workers in the unorganized sector, including underprivileged farmers and other workers. The entry age in the plan is between 18 to 40 years. The plan is available if the worker/farmer willing to get coverage is not covered by any other government scheme.

The key categories of workers coming under this scheme include; domestic workers, street vendors, rag pickers, head loaders, cobblers, Rickshaw Pullers, landless labourers, agricultural or construction workers, people working for small industries etc. whose monthly income less than INR 15,000.

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Eligibility Criteria for Pradhan Mantri Kisan Mandhan Yojana (PMKMY)

The Pradhan Mantri Kisan Mandhan Yojana was introduced exclusively for farmers in the small and marginal category and who do not own cultivable land beyond 2 hectares.

The age of the applicant should be within 18 to 40 years. Moreover, the names of such farmers should be there in the State land records as of August 1, 2019.

Below are the eligibility criteria for farmers and workers:

• Entry age – 18 – 40 years, at the time of joining the scheme
• Should fall under the category of Small & Marginal Farmers (SMF)
• Cultivable land Possession – 2 hectares or less as per the State land records
• Applicants should not be covered under any other policy run by the government like NPS, EFO, ESIC etc.

Further eligibility criteria for the SMFs:

• The farmer must not be a member of any other government scheme like PM Vyapari Maandhan, or PM Shram Yogi Maandhan Yojana
• The farmers must not be an institutional landholder and should not hold any position in the government or any other government institution
• They also must not be retired employees of state or central government
• The workers/farmers should not be income taxpayers
• They should possess valid Aadhar card and operational savings bank account

Features of Pradhan Mantri Kisan Mandhan Yojana (PMKMY)

Here are the key features of PMKMY:

• Pradhan Mantri Kisan Yojana is a plan which serve as a voluntary pension scheme for the less privileged farmers and workers of the unorganized sector
• The applicants under the scheme must contribute any amount from INR 55 to INR 200 to the plan on a monthly basis until they turn 60 years
• The government will also pay an equal amount to the plan every month
• After maturity, the scheme would allow INR 3000 per month to the applicant as monthly pension to meet his/her financial needs
• The pension will be offered once the applicant turns 60 years
• In the event of death of the worker/farmer, the spouse receives 50% of the amount as pension
• However, after the expiry of the spouse, the kids are not entitled to receive any pension under the plan

Key Benefits of Pradhan Mantri Kisan Mandhan Yojana (PMKMY)

Here are the benefits offered to the applicants under the scheme:

• The applicant under the PMKMY scheme is eligible to receive INR 3000 as monthly pension, which is credited to the applicant’s registered bank account once the policy matures and the person turns 60 years
• Under the PMKMY, if the applicant dies, 50% of the pension amount is offered to the spouse of the applicant for supporting the family financially.
• In case the applicant under the PMKMY scheme becomes permanently disabled before the age of 60 and if the person has been contributing regularly, he/she can avail any of the two options below:
• The applicant can exit the plan and get the corpus accumulated along with the interest earned on the scheme, or the
• The spouse of the person can continue the plan by paying regularly to the scheme after the death of the applicant and keep the plan active.

How to Apply for Pradhan Mantri Kisan Mandhan Yojana?

Let’s check the process to enrol in the Pradhan Mantri Kisan Maan Dhan Yojana:

• Applicants should visit the nearest Common Service Centre (CSC) and carry along their Aadhar card as well as active and valid bank details like chequebook, passbook, bank statement etc.
• Applicant must pay with cash his/her first contribution to the Village Level Entrepreneur (VLE)
• The VLE get the authentication done and help the applicant enrol under the Scheme by filling their details in the required form
• The VLE will let the applicant know about the monthly contribution to be paid as per the age of the applicant
• After the first cask payment, the applicant can sign an Enrolment & Auto Debit mandate form with the help of the VLE
• Once the formalities are done, the applicant will receive a unique Kisan Pension Account Number (KPAN) on a Kisan Card for record.

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To Conclude 

The Pradhan Mantri Kisan Yojana was introduced to allow a pension scheme to workers in the unorganized sector and to underprivileged farmers. The plan allows these workers to get a certain amount of monetary security during their retirement when they turn 60 years.

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