Friends today we will talk about Pradhan Mantri Kisan Maan-Dhan Yojana also known as PM-KMY. This essay will be helpful for your exam preperation.
Prime Minister Narender Modi has come up with many schemes to benefit the people of India. One such scheme to help the farmers is Pradhan Mantri Kisan Maan Dhan Yojana.
This scheme was launched in Ranchi in the year 2019 on 12th September. This scheme is under the central government. It is taken care of by the Cooperation and Farmers Welfare, Ministry of Agriculture, and the farmers’ welfare directly under the government of India and there is a major partnership of LIC (Life Insurance company of India).
It is aimed at helping out the farmer and the agriculture sector. They are generally under a lot of stress due to the changing situation of the market and so on.
Introduction
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) yojana has been designed to assure a sum of Rs 3000 as a monthly pension for the farmer.
This fund shall be managed by LIC as the pension manager for the PM Kisan Maan Dhan Yojana. This pension shall be available to the farmers after the age of 60 years.
The aim of this scheme is to cover around 3 crores marginal or small farmers of India. The farmers can register between the age of 18 to 40 years.
They shall have to make a small monthly investment of Rs 55 to Rs 200 according to their age. A small monthly or quarterly investment will make a secure amount of pension.
About Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY)
About the scheme: this Pradhan Mantri Kisan Maan Dhan yojana has to be aimed to help the farmers in their old age. The government wants them to be independent even when they are old.
So this scheme shall give them a pension and they shall be able to live comfortably not being dependant or beg from anyone.
They are strong pillars of society and demand full respect even when they are old. The farmer spends his whole life growing fruits and vegetables for the country, they must be respected and treated well.
There is a 1:1 ratio of the fund. The government makes the same amount of contribution as the person to the fund.
The government wants the farmers between the age of 18 to 40 years to enroll in this scheme.
They shall be given a pension amount when they turn 60. As later it is not possible to do all the hard work by hand.
LIC shall be the pension manager of the fund, so there is an assured amount to be given.
Who all can apply for PM-KMY?
All the marginal and small scale farmers are eligible for this scheme. They have been briefly called SMF belonging to any state or union territory of India.
The age can be between 18 to 40 years. Those who have enrolled under any other such pension scheme shall not be allowed to avail of more than one such scheme.
So if a person has already enrolled in the National Pension Scheme, they can not apply in the PM Kisan Maan Dhan yojana. Even those benefitting from Employees’ state Insurance company or any other employee Fund scheme are not eligible under this new scheme.
Also, those farmers who may have enrolled in the PM Shram Yogi Maan Dhan Yojana under the Ministry of Labor and employment can not apply for Kisan Maan Dhan yojana.
What are the benefits of this PM Kisan Maan Dhan Yojana?
- The contribution and spouse are eligible for separate pension under the scheme. They shall have to give a separate contribution and thus they will be eligible for Rs 3000 each monthly.
- In case of death of the applicant before the age of 60 years spouse can continue the scheme by giving the contribution. In case the spouse does not wish to continue with the scheme after demise the total contribution by the farmer shall be given along with the interest to the spouse.
- In case there is no spouse of the contributor, the total amount will be paid along with the interest to the nominee.
- In case of demise of the contributor after the age of 60 then the pension amount will be reduced to 50% and be made as a family pension for the family. But after the demise of the spouse, the pension shall stop.
- The beneficiary can choose to pay quarterly and half-yearly contribution as well.
- If there is a non-continuity of contribution then it can be restarted again by paying the due amount and then starting the contribution again.
What are the documents required as proof for application?
There are a few documents that need to be furnished at the time of application to this scheme by the applicant.
The farmer must possess an Aadhaar Card, bank Passbook and total details of the account to be linked. Birth certificate and address proof.
Particulars of the nominee to be assigned. The process of application is very easy. It can be done through self online registration.
Common Service Centres are also available for enrolment in several states. The registration is free.
But if the farmer goes to the Common Services Centre they will have to pay Rs 30 for the services of the center in helping to fill up the form, but this too is paid by the government. Voluntary exit from the scheme is allowed after 5 years.
LIC shall pay the contribution to date with interest.
Summary
This PM Kisan Maan Dhan Yojana has been started to help the farmers.
There had been a sudden rise in the death rate of the farmers due to the stress of low productivity and other factors.
To counter the financial loss and help them get an assured and fixed amount for the rest of their retired life, the government has come up with this initiative.
The Farmers can feel secure for themselves as well as their spouse, as the spouse too shall receive half the amount as family pension.
The farmers do extensive hard work so they too deserve a chance to get a pension. They will not have to worry about earning even in old age.
There are many age-related illnesses that may not allow them to earn, so they will have a fixed amount to survive them through the tough times.
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