How Pradhan Mantri Kisan Maandhan Yojana Ensures Pension For The Farmers

The Pradhan Mantri Kisan Maandhan Yojana, introduced by the central government on September 12, 2019, aims to provide old age protection and social security for Small and Marginal Farmers (SMF). Under this scheme, farmers aged 60 and above are guaranteed a minimum pension of Rs 3000 per month. In the unfortunate event of a farmer’s demise, the spouse becomes eligible for 50% of the pension as a family pension, applicable exclusively to spouses. This voluntary and contributory pension scheme is open to individuals aged 18 to 40.

To become a member, eligible farmers need to subscribe to a pension fund, contributing Rs 100 per month at a median entry age of 29. The central government matches this contribution, and both are deposited into a pension fund managed by the Life Insurance Corporation, responsible for pension payouts. Currently, 19,47,588 farmers have registered for the Pradhan Mantri Kisan Maandhan Yojana.

The application process involves the following steps:

Farmers should visit the nearest Common Service Centre.

Prerequisites for enrollment include an Aadhaar Card and the Savings Bank Account Number along with the IFSC Code.

Initial cash contributions should be made to the Village Level Entrepreneur.

The entrepreneur will authenticate the Aadhaar number, subscriber’s name, and date of birth.

Online registration is completed by the Village Level Entrepreneur, including bank account details, mobile number, and email address.

The system calculates monthly contributions based on the subscriber’s age.

The subscriber pays the first subscription amount in cash to the Village Level Entrepreneur.

An Enrolment cum Auto Debit mandate form is printed, signed by the subscriber, and scanned by the VLE for upload.

A unique Kisan Pension Account Number (KPAN) is generated, and a Kisan Card is printed.

While the application process may seem detailed, it ensures a systematic approach to enrolling farmers into the scheme. The initiative aims to provide financial security to small and marginal farmers during their old age, demonstrating the government’s commitment to social welfare in the agricultural sector.