PM Kisan Maan Dhan Yojna: It is a new central sector and pension scheme for only small and marginal farmers who own less than 2 hectares of land. (while PM-KISAN is for all farmers)
Under this Scheme, a minimum fixed pension of Rs.3,000/- is provided to the eligible small and marginal farmers, on attaining the age of 60 years.
It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years.
The beneficiary is required to make a monthly contribution of between Rs.55/- to Rs.200/- to the Pension Fund, depending on the age of entry into the Scheme.
Central Government will contribute equally to the beneficiary‘s contribution.
The pension fund is managed by the Life Insurance Corporation of India (LIC).
Farmers can also allow contribution to be made directly from the benefits drawn from the PM-KISAN scheme. The beneficiary may exit from the scheme voluntarily or on failure of contribution or on demise.
The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.
On exit, only their contribution shall be returned by LIC with an interest equivalent to
- Prevailing saving bank rates (within 10 years)
- Either accumulated interest actually earned by the Pension Fund or the interest at the savings bank interest rate , whichever is higher.
The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
On the death of the subscriber during the period of contribution, the spouse shall have the option of continuing the Scheme by paying regular contribution.
If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to spouse.
If there is no spouse, then total contribution along with interest will be paid to the nominee.
If the farmer during the receipt of pension, the spouse or heir shall be entitled to receive 50% of the pension as family pension, provided he/she is not already an SMF beneficiary of the Scheme.
After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
Exception – The beneficiary should not be covered under any other statuary social security schemes and it includes exceptions under PM-KISAN scheme.
It aims to cover around 3 crores Small and Marginal Farmers.
The initial enrolment to the Scheme is being done through the Common Service Centres in various states.