PM Narendra Modi Launches Pradhan Mantri Kisan Maan Dhan Yojana for Farmers, Here Are All Key Features of The Scheme
Indian farmers and PM Narendra Modi. (Photo Credit: Wikimedia Commons/PTI)

Ranchi, September 12: Prime Minister Narendra Modi on Thursday launched the Pradhan Mantri Kisan Maan Dhan Yojana at Ranchi, aiming to benefit the agrarian crisis of the country. With this scheme, the Union government is looking to secure the lives of five crore small and marginal farmers by providing a minimum pension of Rs 3,000 per month. Narendra Modi Launches Pension Schemes For Farmers, Traders

Apart from this, the Premier also launched the National Pension Scheme for the traders and the self-employed. These people would also get a minimum pension of Rs 3,000 per month. For both the sections, the minimum requirement is that the person should cross the age of 60 years.

Among other pointers, here are major key highlights of Pradhan Mantri Kisan Maan Dhan Yojana:

1) PMMDY is a voluntary and contributory for farmers in the entry age group of 18 to 40 years. Post-retirement (after 60 years of age), a farmer would get a monthly pension of Rs 3000.

2) For this scheme, a monthly contribution of Rs 55 to Rs 200 is required in the Pension Fund until farmers reach the retirement date.

3) Monthly contributions will fall due on the same day every month as enrolment date. Options of contributions on quarterly, 4-monthly or half-yearly basis are available. Narendra Modi Launches Slew of Government Schemes for Farmers.

4) Apart from the beneficiary, the spouse is also eligible to get a separate pension of Rs 3000/pm upon making separate contributions to the PMMDY.

5) Life Insurance Corporation of India (LIC) would be the pension fund manager and responsible for the pension payout.

6) The spouse can continue in the scheme -- post farmer's death -- by paying the remaining contributions until the remaining age of the deceased farmer. If the case of no spouse, then total contribution along with interest will be paid to the nominee.

7) If the farmer dies after the retirement date, the spouse will receive only 50 percent of the pension as a family pension.

8) A beneficiary of PMMDY may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.

9) Also, the farmers -- beneficiaries of PM-Kisan Scheme -- will have the option to allow their contribution debited from the benefit of that PMMDY directly. Haryana CM Manohar Lal Khattar Announces Rs 4,750 Crore Package for Farmers.

For other details, regarding the PMMDY, a farmer should consult the nearest Panchayat office, block office, post office or the bank, where his account is registered. Also, once can visit the official website for more information and registration forms.

(Note: Additional inputs are taken from Vikaspedia)