SEE PICS! PM Kisan Maan Dhan Yojana: Farmers can get ‘free’ Rs 3000 pension for life

By Lokmat English Desk | Published: February 5, 2021 12:58 PM2021-02-05T12:58:25+5:302021-02-05T12:58:25+5:30

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The Central Government is implementing several schemes for the benefit of farmers. Millions of farmers are directly benefiting from these schemes. One of these schemes is the PM Kisan Maan Dhan Scheme of the Central Government.

Under this scheme, farmers get monthly pension in the same way as government employees get monthly pension. Under the Prime Minister's Kisan Mandhan Yojana, around 5 crore small marginalized farmers will get a minimum pension of Rs 3000/month on attaining the age of 60.

Any farmer in the age group of 18 to 40 years can participate in this Kisan Maan Dhan yojana. This pension fund is with the Life Insurance Corporation of India (LIC).

Under the scheme, the farmers will have to make a monthly contribution of Rs 55 to Rs 200, depending on their age of entry, in the Pension Fund till they reach the retirement date (age of 60 years).

So far, more than 21 lakh farmers have joined the scheme. Farmers in the age group of 18 to 40 years can participate in the Farmers Pension Scheme. Farmers with a maximum of 2 hectares of land can participate in the pension scheme.

The Central government will make an equal contribution of the same amount in the pension fund for farmers.

The contribution of farmers under this scheme will be the same as the contribution made by the government. In other words, if your payment is Rs 55 in PM Kisan account, then the government will also pay Rs 55 in your account.

For this the farmer has to go to the nearest General Service Center (CSC) and register. For this, the farmer has to get a copy of Aadhar card and agricultural documents.

In addition, 2 passport size photos of the farmer and a bank passbook will also be required. During registration, the farmer will be given a unique pension number and pension card. There is no separate charge for this.

The monthly payment is based on the age of the farmer. For example, if you participate in the scheme at the age of 18, the payment is Rs 55 or Rs 660 per year.

Also, if you participate in the scheme for 40 years, you will have to pay Rs 200 per month or Rs 2400 per year.

Kisan Maan Dhan yojana beneficiaries will be able to opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions. On exit, their entire contribution will be returned by LIC with an interest equivalent to prevailing saving bank rates.

When the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension.