PM-KMY Scheme in India
The PM-KMY Scheme is an Indian centrally sponsored scheme for farmers aged 18 to 40. The beneficiary can join the PM-KMY Scheme by registering with the Life Insurance Corporation of India’s Pension Fund (LIC). Members are thus expected to make monthly contributions to the Pension Fund ranging from Rs.55/- to Rs.200/-, depending on their age, with the Central Government contributing equally. According to 14th November 2019 data, a total of 18,29,469 farmers in India have registered under this scheme. This scheme is open to all small and marginal farmers. The contribution that they and the Union Government must make under this Yojana is a one-to-one ratio. The government contribution under the PM-KMY Scheme is equal to the farmer’s monthly contribution.
What is Pradhan Mantri Kisan Maan Dhan Yojana?
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)
In September 2019, Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY), a pension system In Ranchi, Jharkhand. This is a Central Sector Scheme managed by the Cooperation and Farmers Welfare, Department of Agriculture, Ministry of Agriculture and Farmers’ Welfare, and the Indian government in cooperation also with the Life Insurance Corporation of India (LIC).
After the age of 60, LIC oversees the Annuity Fund for the PM Kisan Maan-Dhan Yojana, which distributes a monthly pension of Rs. 3000/- to all small and marginal farmers. This scheme was implemented in order to protect the livelihoods of about 5 crore marginalized farmers in India.
Kisan Maan-Dhan Yojana has registered a total of 2,05,0129 farmers. Only old marginal and small farmers who own up to 2 hectares of land are eligible for this social security plan, according to the government. Under the Pradhan Mantri Kisan Maan Dhan Yojana, farmers over the age of 60 can get an assured monthly pension of Rs. 3000. Their spouse receives half of their pension as a family pension after they die. This family pension, however, is only available to the spouse and no one else.