Pradhan Mantri Kisan Maandhan Yojana

December 16, 2019
SEBI Grade A Test Series

Pradhan Mantri Kisan Maandhan Yojana is a government scheme meant for old age protection and social security of Small and Marginal Farmers (SMF). All Small and Marginal Farmers having cultivable landholding up to 2 hectares falling in the age group of 18 to 40 years, whose names appear in the land records of States/UTs as on 01.08.2019 are eligible to get benefit under the Scheme.

Pradhan Mantri Kisan Maandhan Yojana

Eligibility of Pradhan Mantri Kisan Maandhan Yojana

  • Age Limit: Entry age between 18 to 40 years.
  • All Small and Marginal Farmers are eligible
  • Cultivable land up to 2 hectares as per land records of the concerned State/UT

Benefits of Pradhan Mantri Kisan Maandhan Yojana

  • Under this scheme, the farmers would receive a minimum assured pension of Rs 3000/- per month after attaining the age of 60 years.
  • If the farmer dies, the spouse of the farmer shall be entitled to receive 50% of the pension as family pension.Family pension is applicable only to spouse.
  • The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60.Once the applicant attains the age of 60, he/ she can claim the pension amount. Every month a fixed pension amount gets deposited in the pension account of the respective individual.
  • The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
  • 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.

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