PM Kisan Maandhan Yojana (PM-KMY): A Comprehensive Guide

Introduction

Indian farmers form the backbone of the country’s economy, yet many of them lack social security and financial stability after retirement. To address this issue, the Government of India launched the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) on 12th September 2019.

PM-KMY is a voluntary pension scheme that provides a monthly pension of ₹3,000 to small and marginal farmers after they turn 60 years old. The initiative aims to ensure that farmers live a dignified life post-retirement without financial struggles.

In this detailed guide, we will explore the objectives, features, eligibility, benefits, challenges, and impact of the PM Kisan Maandhan Yojana.

What is PM Kisan Maandhan Yojana (PM-KMY)?

The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a government-backed pension scheme designed for small and marginal farmers (SMFs). Under this scheme, enrolled farmers contribute a small monthly amount until they reach 60 years of age. Upon retirement, they receive a fixed monthly pension of ₹3,000 for their lifetime.

If a farmer passes away, their spouse will receive 50% of the pension as a family pension. The scheme is administered by the Ministry of Agriculture & Farmers’ Welfare in collaboration with the Life Insurance Corporation of India (LIC).

Objectives of PM-KMY

The key objectives of PM Kisan Maandhan Yojana are:

✅ Provide Social Security – Offer financial assistance to farmers in their old age.
✅ Encourage Retirement Savings – Promote long-term savings among small farmers.
✅ Ensure Financial Stability – Reduce farmers' dependence on family support in old age.
✅ Empower Rural Economy – Strengthen the economic condition of farmers and their families.
✅ Reduce Migration to Cities – Prevent rural distress by offering a secure future for farmers.

By offering a steady income, PM-KMY helps farmers lead a self-sufficient life after retirement.

Key Features of PM Kisan Maandhan Yojana

🔹 Monthly Pension of ₹3,000 – Farmers receive a fixed pension after turning 60 years old.
🔹 Government Contribution – The Government of India matches the farmer’s contribution every month.
🔹 LIC-Managed Fund – The pension fund is handled by the Life Insurance Corporation of India (LIC).
🔹 Family Pension Benefit – In case of death of the pensioner, the spouse receives ₹1,500 per month.
🔹 Flexible Contribution – Farmers pay between ₹55-₹200 per month, depending on their age at enrollment.
🔹 Auto-Debit Facility – Contributions are auto-debited from the farmer’s bank account.
🔹 Easy Enrollment – Farmers can apply through Common Service Centres (CSCs) or online.

PM-KMY is a simple and affordable scheme that guarantees income security in old age.

Eligibility Criteria for PM-KMY

To enroll in PM-KMY, farmers must meet the following conditions:

✅ Who is Eligible?

✔ Small and Marginal Farmers (owning up to 2 hectares of land).
✔ Age Group: Between 18 and 40 years.
✔ Should Not Be Enrolled in Other Pension Schemes like EPF, NPS, or ESIC.
✔ Must Have an Aadhaar-Linked Bank Account.

❌ Who is Not Eligible?

🚫 Farmers who pay income tax.
🚫 Farmers receiving a government pension.
🚫 Institutional landholders.
🚫 Professionals such as doctors, lawyers, engineers who are also farmers.

Farmers who meet the eligibility criteria can join PM-KMY easily and start saving for their retirement.

Contribution & Pension Calculation

The monthly contribution depends on the farmer’s age at the time of joining:

🔹 At 60 years of age, the farmer will start receiving ₹3,000 per month.
🔹 The government matches the farmer’s contribution to ensure pension security.

How to Apply for PM-KMY?

Farmers can enroll in the PM Kisan Maandhan Yojana through offline and online methods:

1️⃣ Offline Method (Common Service Centres - CSCs)

📌 Visit the nearest CSC (Common Service Centre).
📌 Carry Aadhaar Card & Bank Passbook.
📌 Fill out the PM-KMY registration form.
📌 Pay the first monthly contribution in cash.
📌 Receive the PM-KMY Pension Card.

2️⃣ Online Method (PM Kisan Portal)

📌 Visit https://maandhan.in.
📌 Click on ‘Apply Now’ under PM-KMY.
📌 Enter Aadhaar details and verify using OTP.
📌 Fill in personal, bank, and land details.
📌 Set up auto-debit for monthly contributions.
📌 Download the enrollment receipt.

The registration process is simple and requires minimal documentation.

Benefits of PM-KMY for Farmers

✅ For Farmers

✔ Guaranteed Pension – ₹3,000 per month for a secure old age.
✔ Government Support – Matching contribution from the Government of India.
✔ Financial Security – Reduces dependence on family for survival.
✔ Easy Contribution – Flexible ₹55 to ₹200 monthly contribution.
✔ Family Pension – Spouse gets ₹1,500 per month after farmer’s death.

✅ For Rural Economy

✔ Reduces Rural Distress – Ensures farmers have a steady income in retirement.
✔ Encourages Long-Term Savings – Promotes financial planning among farmers.
✔ Boosts Agricultural Development – Improves farmers’ standard of living.

PM-KMY provides a lifeline for small and marginal farmers, ensuring they do not face financial difficulties in their old age.

Challenges & Limitations of PM-KMY

🔴 Lack of Awareness – Many farmers are unaware of the scheme’s benefits.
🔴 Low Enrollment Rate – Not all eligible farmers are registering for the scheme.
🔴 Contribution Burden – Some farmers find it difficult to pay monthly contributions.
🔴 Dependence on Government – Scheme sustainability depends on continuous government funding.

To improve participation, the government is expanding outreach programs, increasing digital access, and simplifying the registration process.

Conclusion

The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a landmark initiative that provides financial security to small and marginal farmers after retirement. By offering a guaranteed pension of ₹3,000 per month, the scheme ensures that farmers live a dignified life in their old age.

However, greater awareness, easier enrollment, and better financial literacy are needed to make PM-KMY more successful. Farmers must be encouraged to join the scheme and secure their future.

For more details, visit: https://maandhan.in.

Read about Rashtriya Krishi Vikas Yojana (RKVY) - here

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