What is Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) , How to apply Online, What is Eligibility for PM-KMY 2019

What is Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)?

प्रधान मंत्री किसान मान धन योजना क्या है ?

• “Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)” is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country
• Effective from- 9 August 2019
• Provide 3000 per month pension after attaining age of 60 years
• The LIC shall be the Pension Fund Manager and responsible for Pension pay out.

What is Eligibility for PM-KMY:

• Small and Marginal Farmers- Have land holding less than 2 hectare or 5 acre
• Age – 18 to 40 years
• Should have a bank account .

Ineligibility:

• Persons who paid Income Tax
• Former and present holders of constitutional posts
• All serving or retired officers and employees of Central/ State Government Ministries
• Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects (Registered)

Contribution

• Monthly contribution shall range between Rs.55 to Rs.200 per month depending upon the age of entry of the farmers
• The beneficiaries may also choose an option to pay their contributions on quarterly, 4 monthly or half-yearly basis
• The Central Government also contribute an equal amount as contributed by the eligible subscriber, to the pension fund.

Contribution Table

Entry Age	Member's contribution (Rs.)	Government’s contribution (Rs.)	Total contribution (Rs.)
18	55	55	110
19	58	58	116
20	61	61	122
21	64	64	128
22	68	68	136
23	72	72	144
24	76	76	152
25	80	80	160
26	85	85	170
27	90	90	180
28	95	95	190
29	100	100	200
30	105	105	210
31	110	110	220
32	120	120	240
33	130	130	260
34	140	140	280
35	150	150	300
36	160	160	320
37	170	170	340
38	180	180	360
39	190	190	380
40	200	200	400

What are the Key features for PM-KMY:

1. In case of death of subscriber before vesting date, the spouse of subscriber shall have an option of continuing the scheme by payment of remaining contributions under the scheme, provided she/he is not already an SMF beneficiary of the Scheme. The rate of contribution and vesting date shall remain the same.2. In case of death of subscriber before vesting date, if the spouse does not exercise option of continuing under the scheme, then subscribers’ contributions along with fund  interest earned or Savings Bank Interest whichever is higher would be payable to the spouse under the scheme.
3. In case of death of subscriber before vesting date, if there is no spouse, then subscribers’ contributions along with fund interest earned or Savings Bank Interest, whichever is higher, would be payable to the nominee/s under the scheme.4. If a subscriber dies after the date of vesting, his/her spouse shall be entitled to receive 50% of the pension received by such eligible subscriber as Family Pension, provided she/he is not already an SMF beneficiary of the Scheme and such family pension shall be applicable only to the spouse.5. After death of subscriber as well as of his/her spouse, the corpus i.e. total accumulated contributions made by the subscriber and the Government shall be credited back to the fund.

Click Here To Download The Detailed Guidelines of Pradhan Mantri Kisan Maan-Dhan Yojana