What Is Pradhan Mantri Kisan Maan Dhan Yojana?

Introduction to PMKMY:

The Indian Government launched the Pradhan Mantri Kisan Mandhan Yojana (PMKMY) scheme in August 2019 to provide social security and protection to the farmers in their old age. It is a voluntary contribution pension scheme for marginal and small farmers (SMFs) to assist them when they age and are too weak to earn. 

• Farming is a tedious and energy-consuming profession, when farmers become old they lose their livelihood with little or no savings left behind. 
• The PMKMY scheme allows farmers from ages 18 to 40 to apply and invest a small amount of INR 55 to INR 200 per month. 
• These financial contributions are accumulated into their pension funds. 
• The beneficiaries can claim their pension money once they reach 60 years of age. 

PMKMY Policy Details

Here are some of the key highlights of the PMKMY scheme and its policies.

Who can apply for PMKMY?

PMKMY or Pradhan Mantri Kisan Mandhan Yojna is meant for all marginal and small Indian farmers with land not greater than about 2 hectares. Let us take a look at who can apply for PMKMY and the eligibility criterion that have to be fulfilled:

• The scheme is for small and individual farmers between the age of 18-40 years who have own cultivated land of up to 2 hectares as per the records of the state land
• Candidates must have their own Aadhaar Card
• Candidates should have a savings bank account or PM-KISAN account 

Who is not eligible for PMKMY?

Not every marginal or small farmer is eligible for PMKMY. There are some farmers who are not eligible, like 

• Farmers who have chosen the PM-LVM or the Pradhan Mantri Laghu Vyapari Maan Dhan yojana monitored by the Ministry of Labour and Employment.
• Small farmers and marginal Indian farmers who have already registered under any other schemes like National Pension Scheme, Employees’ Fund Organisation Scheme, or Employees’ State Insurance Corporation Scheme, are not eligible for this scheme.

Documents Required for PMKMY

Following are the documents required for PMKMY:

• Residential Proof: The candidates need to provide authorised residential proof like the Aadhaar card, Voter ID card, or ration card. 
• Age Proof: To become eligible for the PMKMY scheme, the candidate needs to provide a photocopy of his/her age proof.
• BPL Certificate: The candidate needs to submit a photocopy of their BPL certificate. 
• Registration Certificate: It is important to submit a photocopy of the farmer’s registration certificate by the candidate. The certificate will serve as verification that the applicant falls within the marginal category.
• Land Documents: The farmer needs to submit documents related to his land at the time of registration.
• Bank Account Details: the candidate needs to submit his bank account details at the time of registration.

Benefits of PMKMY

Here are the different types of benefits that are provided by the PMKMY:

1. General benefits

   According to PMKMY, the candidate is eligible to receive a minimum of INR 3000 as a monthly pension directly in the registered bank account, as soon as 60 years is attained. This will secure the future of the candidate in his retired life.

2. Death Benefits payable to the beneficiary’s family

   Along with financial protection the PMKMY provides death coverage to the candidate too. Only the spouse is eligible to get about 50% of the original pension if the eligible candidate dies.

3. Disability Benefits to the family

   There are many cases in which the eligible candidate, with a regular contribution to the PMKMY scheme, becomes disabled permanently well before attaining 60 years of age. In such cases, the options are

   1. The spouse can choose to continue to participate in the PMKMY after the policyholder dies by making regular contributions as previously.
   2. The spouse can leave the Scheme at any time and get the contribution portion, as well as any interest gained on it. The amount of interest earned will be larger than the interest rate offered by a savings bank or the income generated by the Pension Fund.

Benefits for candidates leaving PMKMY

Even if you want to leave the Pradhan Mantri Kisan Maan Dhan Yojana before the scheme’s maturity, you can still enjoy some benefits.

• If you want to leave the scheme before ten years of joining PMKMY, you would get back all your monthly deposits but with no interest.
• Suppose you leave the PMKMY scheme after ten years but before 60 years of age. In that case, you will receive all of your deposit money with the accumulated interest.
• If the farmer dies within the scheme tenure and the spouse wishes to leave the scheme; in that case, she can receive the total deposits along with interest.

Steps to apply for PMKMY:

• Step 1
  Interested SMFs who are willing to join the scheme are requested to go to the nearest CSC, also known as Common Service Centre.

• Step 2
  The candidate needs to submit the following documents:
  • Copy of their own Aadhaar Card
  • Account Number of their Savings Bank with the IFSC code mentioned(Bank Passbook or copy of the bank statement as evidence)
   
• Step 3
  The candidate needs to pay to the VLE i.e. the Village Level Entrepreneur the initial amount in cash.

• Step 4
  For authentication, the VLE would then input the subscriber’s Aadhaar number, name, and DOB as displayed on the Aadhaar card.

• Step 5
  To finish the registration by filling out the form online, the VLE will want information such as bank account information, mobile phone number, email address, spouse (if applicable), and nominee information.

• Step 6
  The system automatically determines the monthly payment due based on the applicant’s age.

• Step 7
  The candidate must pay the VLE the first fee for the subscription in cash.

• Step 8
  The system creates the Enrolment Form which is also the form for Automatic Debit, which the subscriber must sign. The same will be scanned and uploaded into the system by VLE.

• Step 9
  The subscriber is granted a unique KPAN number. It is the Kisan Pension Account Number which is unique and also a Kisan Card with all of the relevant information is issued.

Registration Process of PMKMY 

You can apply for PM Kisan Man Dhan Yojana with the online portal or from the local Common Service Center (CSC). You can apply through CSC by following the below steps.

• Visit your nearest Common Service Center (CSC). Make sure you carry your Aadhaar Card Bankbook and chequebook with you. 
• To make the first contribution, you would need to pay it in the form of cash to the VLE
• The VLE will verify all your documents and will note your name, DOB etc. for application to the scheme
• After verification and formalities, the farmer will get a Kisan Pension Account Number and a Kisan card. 

How to check your name on the nomination list?

If you want to check if your name is under the nomination list of the PMKMY scheme

• Go to the official online portal of the scheme https://pmkmy.gov.in/scheme/pmkmy
• Head to the Pradhan Mantri Kisan Man Dhan Yojana section
• To check your name in the PMKMY scheme, enter your Subscriber ID 
• If you could not find your name, check your Subscriber ID again and submit it.

Premium chart for PMKMY:

This chart shows the amount of government contribution and what you will have to pay each month depending on your age:

Pradhan Mantri Kisan Maan Dhan Yojana aims to provide social security and protection to the hardworking Indian farmers. This government-based pension scheme envisions upgrading the lives of the marginal and small farmers for all the years of farming and harvesting they did.

To make sure the farmers save funds for their retirement and secure their social well-being, the KMPMY scheme can be a great start. With voluntary monthly contributions and an equally matching contribution from the government, along with its other benefits, farmers are assured of a safe and secured future.

FAQs

1. Who is not eligible to join PMKMY?
   Any individual already enrolled in some other government scheme is not eligible to apply for PMKMY. Also, a person under 18 years of age and over 40 years of age is not eligible. 

1. How much will this joining the scheme cost me? How can I pay my instalments?

   There is no extra fee for joining the PMKMY scheme. You only have to pay the monthly contributions. You can either choose monthly auto-debit from your bank account or you can choose quarterly or annual instalment options for the instalment payments. But, you will have to pay the first deposit in cash. 

2. Can I enrol under the without providing proof of my age and income?

   You will have to provide an Aadhaar Card, and self-attested certificates for your age and income verification. Other than this, there is no need for any other document submission as age or address proof. However, make sure you submit a valid Aadhaar card and other details, as false information may lead to rejection of the application.

3. What is a Pension Account Number?

   Every farmer under the PMKMY is assigned a unique Kisan Pension Account Number upon joining the scheme. It is unique to every farmer in the PMKMY scheme and is used as a reference for all future transactions. 

4. How can I check my PMKMY account status?

   To get all the information about your account, you can log in to https://pmkisan.gov.in/beneficiarystatus.aspx. You can also visit your nearest CSC to know the updates on your account.

DISCLAIMER

This article is issued in the general public interest and is for educational purposes only. The blogs should not be used as a substitute for competent expert advice from a licensed professional to best suit your needs. Insurance is a subject matter of solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure before concluding sale.