Rural Distress, Farmer Suicides, Drought Measures

PM Kisan Maan Dhan Yojana

Note4Students

From UPSC perspective, the following things are important :

Prelims level : Details of the scheme

Mains level : Nothing much

The scheme has been envisioned with an aim to improve the lives of small and marginal farmers of the country.

Features of the scheme

  1. It is voluntary and contributory for farmers in the entry age group of 18 to 40 years
  2. Monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years
  3. Farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry till they reach the retirement date i.e. 60 years
  4. Central Government will also make an equal contribution of the same amount in the pension fund
  5. Spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund
  6. Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension payout
  7. In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions until the remaining age of the deceased farmer
  8. If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse
  9. If there is no spouse, then total contribution along with interest will be paid to the nominee
  10. If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension
  11. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund
  12. The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions. On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates
  13. The farmers who are also beneficiaries of PM-Kisan Scheme will have the option to allow their contribution debited from the benefit of that Scheme directly
  14. In case of default in making regular contributions, the beneficiaries are allowed to regularize the contributions by paying the outstanding dues along with prescribed interest
  15. The initial enrollment to the Scheme is being done through the Common Service Centres in various states
  16. The enrollment is free of cost. The Common Service Centres will charge Rs.30/- per enrolment which will be borne by the Government.
  17. Target of 10 crore beneficiaries for this year.
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