Government introduced the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) to provide social protection to small and medium-sized farmers. PM-KMY provides financial assistance to farmers their age when they have little or no income or no means of caring for their expenses. PM-KMY is operational from 9 August 2019. Although the government supported farmers in terms of income and price support, it became apparent the need to provide a social net for farmers in their old age as it could lead to loss of life. The key features of the Pradhan Mantri Kisan Maan Dhan Yojana are to provide social security and economic independence to old farmers.

Key Features of the Pradhan Mantri Kisan Maan Dhan Yojana 

The Key Features of the Pradhan Mantri Kisan Maan Dhan Yojana are :

• Department of Agriculture, Cooperative and Farmer Welfare, Department of Agriculture and Farmer Welfare, in partnership with Life Insurance Corporation of India (LIC), is in charge of PM-KMY.
• Life Insurance Company is the Pension Fund Manager and is responsible for the payment of pensions under PM-KMY
• PM-KMY is a part-time and voluntary pension scheme for all small and medium-sized smallholder farmers throughout India.
• Small and medium farmers have the option of making their voluntary payment to PM-KMY from the financial benefits received under the PM-KISAN program.
• Through the Department of Agricultural Cooperation and Farmer Welfare, the Central Government provides an equal amount as it is included by a qualified farmer in the pension fund under PM-KMY.

Benefits of Pradhan Mantri Kisan Maan Dhan Yojana 

Under PM-KMY, a minimum fixed amount of Rs.3,000 per month is provided to smallholder farmers when they reach the age of 60, subject to certain conditions of exclusion. It is a voluntary pension scheme. Eligible farmers must contribute from the Pension Fund from Rs.55 to Rs.200 per month, depending on their age of entry.

The Central Government also contributes as much as it has contributed to farmers in the Pension Fund. In the death case of a qualifying farmer, the partner’s spouse is entitled to 50% of the pension as a family pension. However, the family pension only applies to the farmer’s partner.

Eligibility Criteria for Pradhan Mantri Kisan Maan Dhan Yojana 

• All small and medium-scale farmers (owners of 2 hectares of arable land) according to the relevant State / UT land records) and the farmers between the ages of 18 and 40 are eligible to apply for the Pradhan Mantri Kisan Maan-Dhan Yojana and may receive all the benefits of this Scheme.

Also read – PM Kisan Yojana

The following farmers’ categories are eligible for the PM-KMY

• Small and medium-sized farmers are covered under other official social security schemes such as the Employees ’State Insurance Corporation, the National Pension Scheme (NPS), the Employees’ Fund Organisation Scheme, etc.
• Farmers elected Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) and headed the Department of Labour and Employment.
• Farmers elected Pradhan Mantri Laghu Vyapari Man-Dhan Yojana (PM-LVM) headed by the Department of Labour and Employment.
• The following high-income economic beneficiaries are not eligible for benefits under the scheme:
• All institutional landowners, Present and former constitutional positions, Former and former Ministers, Panchayats Regional Chairpersons, Mayors of Municipal Companies, Provincial Ministers and Members of Rajya Sabha, Lok Sabha, Provincial Legislative Councils, and Regional Legislative Meetings.
•  People who have not paid income tax in the last year of testing. Professionals such as Engineers, Doctors, Chartered Accountants, Attorneys and Architects are registered in various professional and practice fields.
• All retired and current employees and officials of the Central or Provincial Government, Departments and units of the camp, Services, PSE Central or Provincial and affiliated offices, private government agencies and regular employees of Local Organisations (Excluding Class IV / Frequent Working Staff / D. )

How to apply for the scheme?

To apply for Kisan Maan-Dhan Yojana, a farmer (applicant) must complete an online registration process or through the Common Service Centres available in several places. The registration process is free for all applicants. However, Rs.30 / – will be charged as the cost of the registration process at ordinary service centres borne by the Government itself.

Conclusion 

The PM-KMY Scheme in India is an intermediate sector program for farmers between the ages of 18 and 40. Beneficiaries can become a member of the PM-KMY Scheme by registering under the Pension Fund managed by the Life Insurance Corporation of India (LIC). Members are therefore required to make a monthly contribution to the Pension Fund between Rs.55 / – to Rs.200 / -, depending on their age with the provision of an equal contribution by the Central Government. According to reports dated 14 November 2019, a total of 18,29,469 farmers in India are registered under this program.