PM Kisan Mandhan – Pension Scheme for Farmers
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- It is a government scheme meant for old age protection and social security of Small and Marginal Farmers (SMF).
- Eligibility:
- All SMF in the age group of 18-40 years, and whose name appears in the land records of the state as of 1st Aug 2019.
- Benefits:
- Minimum assured pension of Rs 3,000/- pm after attaining the age of 60 and 50% of the pension amount to spouse after the death of the farmer. (Family pension is applicable only to spouse)
- Other features to note:
- It is a voluntary and contributory pension scheme (monthly contribution between Rs 55 to Rs 200 per month till the age of 60)
- Matching contribution will be made by the government.
- LIC will be the pension fund manager of the scheme.
- Synergy with PM-KISAAN -> Farmer can ask for withdrawal form PM-KISAAN for this scheme
- Exceptions
- SMFs already covered under any other social security schemes like NPS, ESIC, EPFO etc.
- Who opted for Shram Yogi Maandhan Yojana or Vyapari Maandhan administered by Ministry of Labour and Employment.
- Other exceptions similar to PM-KISAN
- Should Possess
- Aadhaar
- Saving Account/PM-KISAAN Account
- Eligibility:
- Need:
- 90% of Indian workforce not covered under old age pension initiative