Farmers often face uncertain income because their earnings depend heavily on agricultural production and weather conditions. Crop losses caused by natural disasters can further affect their financial stability. To provide long-term financial support to small and marginal farmers, the Central Government operates the PM Kisan Maan-Dhan Yojana (PM-KMY).
The scheme is designed to provide a regular monthly pension to eligible farmers after they reach the age of 60. Here is a look at the pension amount, contribution requirements, eligibility criteria and application process.
₹3,000 Monthly Pension After the Age of 60
Under the PM Kisan Maan-Dhan Yojana, eligible farmers are entitled to a monthly pension of ₹3,000 after turning 60. This means the annual pension works out to ₹36,000.
The scheme is intended to provide financial assistance during old age, particularly when farmers may find it difficult to continue agricultural activities because of reduced physical capacity.
How Much Does a Farmer Have to Contribute?
The contribution required from a farmer depends on their age at the time of joining the scheme. Eligible subscribers contribute between ₹55 and ₹200 per month.
Farmers who enter the scheme at a younger age generally have to make a lower monthly contribution. An important feature of PM-KMY is that the Central Government contributes an equal amount to the pension fund.
For example, the farmer’s contribution is matched by an equivalent government contribution, helping build the pension corpus over time.
Husband and Wife Can Both Get the Benefit
The scheme allows eligible husband and wife to enroll separately. Both must make their own contributions and maintain individual accounts under the scheme.
After reaching the eligible age, each can receive a monthly pension of ₹3,000. Therefore, if both spouses qualify, their combined pension can be ₹6,000 per month.
Who Is Eligible for PM Kisan Maan-Dhan Yojana?
Farmers between 18 and 40 years of age can enroll in the PM Kisan Maan-Dhan Yojana, subject to the scheme’s eligibility conditions.
One of the key requirements is that the farmer should own up to 2 hectares of cultivable land. After enrollment, the farmer is required to make regular monthly contributions according to the applicable contribution schedule.
Farmers should check the latest eligibility conditions and scheme rules before registering.
How to Apply for PM-KMY?
Farmers who want to enroll in the scheme can visit their nearest Common Service Centre (CSC) for registration.
Applicants generally need documents and details such as:
- Aadhaar card
- Bank account details
- Land-related documents
Before submitting the application, farmers should confirm that they meet the eligibility requirements and understand the contribution and pension rules applicable to the scheme.
Disclaimer: This article is intended for general informational purposes only. Scheme rules, eligibility conditions, contribution amounts and application procedures may be revised by the government from time to time. Farmers should verify the latest information through official government sources before applying.