Why in News
The Pradhan Mantri Kisan Maandhan Yojana (PM KMY) completed seven years. PM KMY is a voluntary contributory pension scheme for small and marginal farmers.
Core facts
- Launch: PM KMY launched on 12 September 2019.
- Core benefit: It assures a minimum pension of ₹3,000 per month from the age of 60.
- Enrolment: Total enrolment is 24,96,252 farmers as of February 2026. Haryana leads with 5.75 lakh. Bihar follows with 3.46 lakh.
- Outlay used: Government investment since 2019 is ₹540.66 crore.
- Administration: It is a Central Sector Scheme under the Department of Agriculture and Farmers Welfare. The Life Insurance Corporation of India (LIC) is the pension fund manager.
- Eligibility: It covers farmers holding cultivable land up to two hectares. The entry age band is 18 to 40 years. Names must appear in land records as of 1 August 2019.
- Contribution: The farmer pays ₹55 to ₹200 per month by entry age. The government matches the farmer’s contribution equally.
- Family pension: A surviving spouse receives 50% of the pension, that is ₹1,500 per month.
- Exclusions: Income tax payers, registered professionals and beneficiaries of other pension schemes are barred. These other schemes include the National Pension System (NPS), the Employees State Insurance Corporation (ESIC), the Pradhan Mantri Shram Yogi Maandhan (PM SYM) and the Pradhan Mantri Laghu Vyapari Maandhan (PM LVM).
- Enrolment route: Enrolment runs through Common Service Centres using Aadhaar, a bank account and mobile One Time Password. A farmer may route PM KISAN benefits into the PM KMY contribution.
Static Context
- PM KISAN is the Pradhan Mantri Kisan Samman Nidhi. It transfers ₹6,000 per year in three instalments to landholding farmer families.
- A Central Sector Scheme is funded fully by the Union government. A Centrally Sponsored Scheme splits funding between the Centre and the states.
- LIC is a statutory insurer. It was set up under the Life Insurance Corporation Act, 1956.
Prelims angle
PM KMY pension amount of ₹3,000 and entry age 18 to 40; LIC as the fund manager; the two hectare landholding ceiling; the distinction between Central Sector and Centrally Sponsored schemes; overlap bars with PM SYM and NPS.
Mains angle
GS Paper 2, welfare schemes for vulnerable sections. The scheme suits a question on old age income security for the unorganised and agrarian workforce.
Matching Previous Year Question
“[2016] Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?
1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
2. Only one member of a family can join the scheme.
3. Same amount of pension is guaranteed for the spouse for life after subscriber’s death.
Select the correct answer using the code given below.
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (c)”
