Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)

What is it?

Pradhan Mantri Kisan Maan-Dhan Yojana is a pension scheme for small and marginal farmers. It is meant to give farmers a fixed income in old age, when they may no longer be able to work the land.

A farmer who joins pays a small amount every month until turning 60. The published contribution is between Rs 55 and Rs 200 per month, and the exact amount depends on the age at which the farmer joins - a farmer joining at 18 pays Rs 55 a month, and one joining at 40 pays Rs 200 a month. The Central Government pays an equal amount into the same account.

From the age of 60, the member receives an assured pension of Rs 3,000 per month. If the member dies after the pension has started, the spouse receives 50% of that pension, which is Rs 1,500 per month, as family pension. If the member dies before turning 60, the spouse may choose to continue the scheme by paying the remaining contributions, or take back the contributions made along with interest.

The published eligibility is a farmer aged 18 to 40 years who owns cultivable land up to 2 hectares as per the land records of the concerned State or Union Territory. A number of groups are excluded, including people already covered by other statutory social security schemes, those who have opted for PM-SYM or PM-LVM, institutional landholders, holders of constitutional posts, serving and retired government employees, income tax payers, and registered professionals such as doctors, engineers, lawyers and chartered accountants.

Enrolment is free of cost at a Common Service Centre. The pension fund is managed by the Life Insurance Corporation of India. A point often misunderstood: the pension amount cannot be taken as a lump sum - commutation is not allowed.

Potential benefit

Up to ₹3,000 per month

An assured pension of Rs 3,000 per month from the age of 60. The member contributes between Rs 55 and Rs 200 per month depending on the age of entry, and the Central Government contributes an equal amount. On the death of the member after the pension has begun, the spouse receives 50% of the pension, that is Rs 1,500 per month, as family pension. Commutation of the pension into a lump sum is not allowed.

Who can apply?

Other conditions stated by the government

• Small and marginal farmers aged 18 years and above and up to 40 years.
• Owning cultivable land up to 2 hectares as per the land records of the concerned State or Union Territory.
• Excluded: beneficiaries of other statutory social security schemes, and those who have opted for PM-SYM or PM-LVM.
• Excluded on higher economic status grounds: institutional landholders, holders of constitutional posts, sitting and former ministers, MPs and MLAs, mayors and district panchayat chairpersons.
• Excluded: serving and retired Central or State government employees and officers, income tax payers in the last assessment year, and registered professionals such as doctors, engineers, lawyers, chartered accountants and architects.

Eligibility information is provided for informational purposes only. Final eligibility and approval are determined by the relevant government authority.

Documents you will need

• Aadhaar card
• Bank passbook or bank account details
• Land ownership record (as per the State or UT land records)

How to apply

The farmer visits the nearest Common Service Centre with an Aadhaar card and bank passbook or account details, where enrolment is done online free of cost. An auto-debit mandate is completed so the monthly contribution is taken from the bank account, and a pension card is issued. Enrolment is also provided for through PM-Kisan State Nodal Officers and online self-enrolment.

Where to apply: csc and online

Deadline

No fixed deadline. Applications are accepted on a rolling basis.