Pradhan Mantri Kisan Maandhan Yojana

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Context:

Recently, the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), launched on 12th September 2019, has completed five successful years.

Relevance:

GS II- Welfare Schemes

Dimensions of the Article:

The program is designed to provide social security to landholding Small and Marginal Farmers, defined as those possessing up to two hectares of land.
As of August 2024, approximately 23.38 lakh farmers are registered, with the highest numbers in Bihar and Jharkhand.
Significant enrollments include over 2.5 lakh from Uttar Pradesh, 2 lakh from Chhattisgarh, and 1.5 lakh from Odisha, indicating a broad acceptance across regions.

Contribution Structure: Participants contribute between Rs 55 and Rs 200, based on age, which is matched by the Central Government.
- The Central Government contributes an equal amount to the pension fund as the subscriber.
Pension Benefits: Eligible subscribers receive a minimum pension of Rs 3,000 monthly after turning 60 years old.
Spousal Benefits: In the event of a subscriber’s death, a spouse not already benefiting from the scheme receives a monthly family pension of Rs 1,500.
Integration with PM-KISAN: Small and Marginal Farmers can fund their contributions via the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) with an auto-debit setup.

Premature Termination: Subscribers leaving before age 60 can reclaim their contributions plus accrued interest.
After Subscriber’s Death: Should the subscriber pass away while receiving the pension, the spouse gets 50% of the original pension amount. If both the subscriber and spouse pass, the remaining funds are returned to the pension pool.

Administrative Body: The pension scheme is administered by the Life Insurance Corporation of India (LIC), with registrations managed through Common Service Centres (CSCs) and State Governments.

Nodal: Ministry of Agriculture and Farmers Welfare

The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme is a Central Sector Direct Benefit Transfer (DBT) Scheme.
Under the scheme an income support of 6,000/- per year in three equal installments will be provided to small and marginal farmer families having combined land holding/ownership of upto 2 hectares.
The Scheme initially provided income support to all Small and Marginal Farmers’ families across the country, holding cultivable land upto 2 hectares.
Its ambit was later expanded to cover all farmer families in the country irrespective of the size of their land holdings.
Definition of family for the scheme is husband, wife and minor children.
State Government and UT administration will identify the farmer families which are eligible for support as per scheme guidelines.
The fund will be directly transferred to the bank accounts of the beneficiaries.
There are various Exclusion Categories for the scheme.

-Source: Indian Express, PIB