Pradhan Mantri Kisan Man Dhan Yojana

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News: Prime Minister has launched Pradhan Mantri Kisan Man Dhan Yojana

Facts:

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.
  • Features:
    • 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.
  • Implementation:
    • The Life Insurance Corporation of India (LIC) is the Pension Fund Manager and responsible for Pension pay out.