Pradhan Mantri Kisan Man Dhan Yojana

News: Prime Minister has launched Pradhan Mantri Kisan Man Dhan Yojana

Facts:

About Pradhan Mantri Kisan Man Dhan Yojana

• It is a scheme under Ministry of Agriculture and Farmers welfare
• Aim: To provide social security to all landholding Small and Marginal Farmers.
• Features:
  • It is voluntary and contributory for farmers in the entry age group of 18 to 40 years.
  • A monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years. The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
  • The Central Government will also make an equal contribution of the same amount in the pension fund.
  • The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
  • In case of death of the farmer before retirement date, the spouse can continue in the scheme by paying the remaining contributions till the remaining age of the late farmer.
  • If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse.
  • If there is no spouse, then total contribution along with interest will be paid to the nominee.
  • If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension.
• Implementation:
  • The Life Insurance Corporation of India (LIC) is the Pension Fund Manager and responsible for Pension pay out.