The PM Kisan Maan Dhan Yojana, launched on 12th September 2019 in Ranchi, Jharkhand, is a Central Sector Scheme aimed at providing old-age security to small and marginal farmers (SMFs) in India. Unlike the PM-KISAN scheme which provides income support to all landholding farmers, this initiative is exclusively for SMFs owning less than 2 hectares of cultivable land. The scheme offers a minimum assured monthly pension of ₹3,000 to the beneficiaries upon attaining the age of 60 years, helping them lead a life of dignity post-retirement.
This is a voluntary and contributory pension scheme for farmers aged between 18 to 40 years, with monthly contributions ranging from ₹55 to ₹200, depending on the age of enrollment. The Central Government matches the beneficiary’s contribution, doubling the investment into the pension fund. Managed by the Life Insurance Corporation of India (LIC), the scheme allows for seamless integration with PM-KISAN, enabling deductions from PM-KISAN benefits for ease of contribution.
In case of voluntary exit, death, or discontinuation of contributions, LIC ensures return of the beneficiary's contributions with applicable interest. The scheme also provides for a spouse pension, allowing spouses to enroll separately or continue contributions if the original beneficiary passes away. In cases where both the farmer and spouse pass away, the accumulated corpus is returned to the pension fund.
However, farmers already covered under other statutory social security schemes are not eligible. With an ambitious target to cover 3 crore small and marginal farmers, enrollments are facilitated through Common Service Centers (CSCs) across the country. PM Kisan Maan Dhan Yojana reflects the government’s commitment to the welfare of the farming community by offering them a safety net for their old age, thereby addressing the long-standing need for social security in rural India.
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