UPSC PRELIMS 2020: PM Kisan Maan Dhan Yojana

PM Kisan Maan Dhan Yojana

Topic : PM Kisan Maan Dhan Yojana

Topic in Syllabus: Schemes & Programmes

 

Context:

PM Kisan Maan Dhan Yojana

  • It is a set to launch pension scheme for small farmers by ‘Ministry of Agriculture & Farmers Welfare’.
  • It covers only small and marginal farmers who own less than 2 hectares of land. (while PM-KISAN is for all farmers)
  • It aims to improve the life of small and marginal farmers of the country.
  • The farmers will have to contribute Rs 100/p.m that seeks to provide minimum fixed monthly pension of Rs. 3000/- on attainment of 60 years.

 

Features:

  • It is a voluntary and contributory for farmers in the entry age group of 18 to 40 years..
  • The Centre will also contribute an equal amount to the pension fund to be managed by Life Insurance Corporation (LIC).
  • Farmers can also allow contribution to be made directly from the benefits drawn from the PM­-KISAN scheme.
  • The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
  • In case of death of the farmer before retirement date, the spouse may continue the scheme by paying the remaining contributions.
  • If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to spouse.
  • If there is no spouse, then total contribution along with interest will be paid to the nominee.
  • If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension.
  • After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
  • The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.
  • On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
  • The initial enrollment to the Scheme is being done through the Common Service Centres in various states.

 

Sample Question:

Consider the following statements with respect to Pradhan Mantri KisanMaan-Dhan Yojana (PM-KMY)

It is a voluntary and contributory pension scheme for the farmers in the entry age group of 18 to 40 years.

Under the scheme, a monthly pension of 3,000 rupees will be provided to the eligible farmers with up to two acres of land-holding on attaining the age of 60 years.

Which of the statement(s) given above is/are correct?

a. 1 only

b. 2 only

c. Both 1 and 2

d. Neither 1 nor 2

 

Answer : c

Under the PM-KMY, a new Central Sector Scheme, a monthly pension of 3,000 rupees will be provided to the eligible farmers with up to two acres of land-holding on attaining the age of 60years.

It is a voluntary and contributory pension scheme for the farmers in the entry age group of 18 to 40 years.

The farmers will have to make a monthly contribution ranging from 55 to 200 rupees depending on their age of entry in the Pension Fund till they attain the age of 60 years.