News: Prime Minister has launched Pradhan Mantri Kisan Man Dhan Yojana
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.
- 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.
- The Life Insurance Corporation of India (LIC) is the Pension Fund Manager and responsible for Pension pay out.