Pradhan Mantri Kisan Maan Dhan Yojana

(Ministry of Agriculture & Farmers Welfare)

 

WHAT

A newly introduces farmers’ pension scheme – Pradhan Mantri Kisan Maan Dhan Yojana has been opened for registrations.

This scheme is open for small and marginal farmers in the age group of 18-40 years.

 

AIM

Its aim is to improve the lives of small and marginal farmers of the country.

 

SALIENT FEATURES

• The scheme is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years.
• The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
• Central Government will also make an equal contribution of the same amount in the pension fund.
• The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
• The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
• In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer.
• If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse.
• If there is no spouse, then 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.
• The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.
• On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
• The initial enrollment to the Scheme is being done through the Common Service Centres in various states.

 

Source: PIB

 

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