PM-Kisan Maandhan Yojana Completes 5 Years: Key Benefits and Eligibility

PM-KMY Scheme: Since its launch on September 12, 2019, the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) has been providing social security to India’s small and marginal land-owning farmers. The scheme aims to ensure farmers receive a steady pension, offering financial stability and support as they age.

The highly praised PM-KMY scheme is about to complete its five year of providing financial aid to farmers. Let's take a moment to revisit the key highlights and benefits of this important initiative.

What is PM-KMY Scheme?

The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary pension scheme designed to provide financial security to small and marginal farmers during their old age. Under this scheme, eligible farmers receive a fixed monthly pension of ₹3,000 once they turn 60. 

Farmers must adhere to the scheme’s guidelines, including exclusion criteria, to continue receiving benefits.

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PM-KMY Scheme: Eligibility Criteria

The PM-KMY scheme provides benefits to small and marginal farmers who meet certain conditions:

• Land Required: Farmers must own up to two hectares of cultivable land as per the land records of their state or UT.
• Age Criteria: They should be between 18 and 40 years old to qualify for the scheme.

However, certain farmers are not eligible, including:

• Those already enrolled in other government pension schemes.
• Individuals whose income or status disqualifies them based on the scheme's guidelines.

Key Benefits of PM-KMY Scheme

Here are the key benefits of the PM-KMY scheme, explained in simple terms:

• Minimum Assured Pension: Once a subscriber turns 60, they will receive a guaranteed pension of ₹3,000 per month.  
• Family Pension: If the subscriber passes away while receiving their pension, the spouse will get a family pension of ₹1,500 per month (50% of the original pension), provided the spouse is not already a beneficiary of the scheme. This benefit is only for the spouse.
• PM-KISAN Contribution: Small and marginal farmers (SMFs) can use their PM-KISAN benefits to make contributions to the scheme. To do this, they need to fill out and submit an enrolment-cum-auto-debit-mandate form, which allows the scheme contributions to be automatically deducted from their PM-KISAN-linked bank account.
• Government Contribution: The central government will match the amount contributed by the subscriber, adding an equal sum to the pension fund through the Department of Agriculture Cooperation and Farmers Welfare.

As of August 6, 2024, a total of 23.38 lakh farmers have enrolled in the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY). Bihar leads the registrations with over 3.4 lakh farmers, followed closely by Jharkhand with more than 2.5 lakh. Additionally, Uttar Pradesh, Chhattisgarh, and Odisha have seen significant participation, with over 2.5 lakh, 2 lakh, and 1.5 lakh farmers registered, respectively.

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