The Central Government continues to roll out several welfare schemes aimed at improving the financial stability and future security of farmers. Among these, the Pradhan Mantri Kisan Maandhan Yojana (PMKMY) stands out as a key initiative designed to provide small and marginal farmers with a steady source of income in their old age. Those seeking a dependable pension after the age of 60 should consider enrolling in this program.
While schemes like PM Kisan Samman Nidhi Yojana and the Kisan Credit Card Scheme offer direct financial assistance and credit facilities, PMKMY ensures a lifelong pension benefit. This government-backed plan guarantees a monthly pension of ₹3,000, equivalent to ₹36,000 annually, after the farmer turns 60. Another notable feature of this scheme is that if the registered farmer passes away, the spouse continues to receive 50% of the pension amount as a family benefit.
Benefits and Features of PM Kisan Maandhan YojanaIntroduced by the Modi government on September 12, 2019, this social security initiative was specifically designed for small and marginal farmers. Under PMKMY, beneficiaries start receiving pension benefits after the age of 60. Each month, they are entitled to a ₹3,000 pension, providing long-term financial relief and independence.
If the subscriber dies unexpectedly, the spouse becomes eligible to receive half of the pension amount, ensuring that families remain financially supported. To enroll, applicants must be between 18 and 40 years old. Those outside this age range are not eligible for registration. Once enrolled, farmers are required to contribute a small fixed amount to the pension fund each month.
Contribution DetailsThe contribution amount depends on the farmer’s age at the time of joining. For example, if a farmer enrolls at the age of 29 years, they need to deposit ₹100 per month into the pension fund. The central government matches this contribution, meaning an equal amount is added to the fund by the government. The Life Insurance Corporation of India (LIC) manages the fund and is responsible for the pension distribution once the farmer becomes eligible.
To join the scheme, farmers must visit their nearest Common Service Centre (CSC) with essential documents like their Aadhaar card, savings bank account number, and IFSC code. Upon successful registration, the contribution will begin, and once the farmer reaches 60 years of age, they will start receiving a monthly pension of ₹3,000 directly into their bank account.
Through PMKMY, the government aims to empower India’s small and marginal farmers by ensuring financial security in their later years—helping them lead a dignified and self-reliant life even after retirement.