It is a Central Sector Scheme, launched by Ministry of Agriculture & Farmers Welfare in 2019 to provide old age protection and social security to all land-holding Small and Marginal Farmers (SMFs).
- As of August 6, 2024, total of 23.38 lakh farmers have joined the scheme.
Key Features of PM-KMY
- Minimum Assured Pension: Rs. 3,000 per month after attaining age of 60 years.
- Eligibility: Any SMF aged between 18 and 40 years and having cultivable land up to 2 hectares as per land records of concerned State/UT.
- Fund manager: Life Insurance Corporation.
- Voluntary and Contributory pension scheme: Monthly contribution by farmer ranges between Rs.55 to 200 to Pension Fund, depending on age of entry into Scheme.
- Matching contribution is made by Central government.
- Family Pension: If subscriber dies, spouse shall be entitled to receive only 50% of pension received by subscriber.
- Provisions for disability: If subscriber becomes disabled before attaining age of 60 years, then Spouse shall be entitled to continue with scheme subsequently.
Problems faced by SMF
- Lack of proper awareness of insurance schemes; difficult to adopt mechanization; inadequate coverage of insurance schemes and non-payment/delayed settlement of claims; difficult to adopt mechanization etc.