What Is PM Kisan Mandhan Yojana? How To Apply? All You Need To Know

The central government is running a farmers' welfare scheme to provide them with financial assistance of Rs 36,000 per year. The central government's flagship scheme is available for small and marginal farmers aged between 18 and 40 years.

The scheme ensures that its beneficiaries receive a monthly pension of Rs 3,000 when they reach the age of 60. Here are all the details about PM Kisan Mandhan Yojana.

What is PM Kisan Mandhan Yojana (PM-KMY)?

The PM Kisan Mandhan Yojna (PM-KMY), is a social welfare scheme to offer guaranteed monthly pension to enrolled farmers from the age of 60. According to the Press Information Bureau (PIB), farmers aged between 18 and 40 years need to contribute between Rs. 55 to Rs. 200 per month until they turn 60.

Once they reach the age of 60, enrolled farmers receive a monthly pension of Rs. 3,000, provided they meet the scheme's exclusion criteria. The PM Kisan Mandhan Yojana's pension fund is managed by the Life Insurance Corporation (LIC) and is facilitated through Common Service Centres (CSCs) and state governments.

PM Kisan Mandhan Yojana: What Is The Eligibility?

The scheme is available for farmers across the country who own cultivable land holding of up to 2 hectares. Their farmholding lands are required to be listed in the state/UT land records as of 1 August, 2019. Over 23.38 lakh farmers received the benefit of the PM Kisan Mandhan scheme till August 4, 2024.

PM Kisan Mandhan Yojana: How To Register For The Scheme?

To benefit from this scheme, farmers aged between 18 and 40 can register. Those already part of the PM Kisan scheme don't need additional paperwork. The registration process is simple: visit your nearest Common Service Centre (CSC) with your Aadhaar card, bank passbook, land documents, and a passport-sized photo.

An employee at the CSC will assist you in filling out an online form. You'll also receive a form that allows the monthly contribution to be automatically deducted from your bank account. This ensures seamless participation in the pension scheme.

How To Register For PM Mandhan For Free?

Many farmers can also avail the benefit of PM Mandhan scheme without paying a single penny. They are required to register for the PM Kisan Mandhan Yojana and PM Kisan Yojana as well. For those who have successfully registered for both the schemes, can get PM Mandhan Yojana benefit for free. PM Kisan Mandhan Yojana's monthly contribution ranging from Rs 55 to Rs 200 will be deducted from the Rs 6,000 farmers receive annually under the PM Kisan Samman Nidhi.

For instance, if you register at age 40 with a monthly contribution of Rs 200, Rs 2,400 will be deducted yearly from your Rs 6,000 allowance. The remaining Rs 3,600 will still be credited to your account. Thus, you contribute nothing extra while securing a pension for old age.