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PM Kisan Yojana: Here’s How Farmers Can Get Rs 3000 Monthly Pension At The Age of 60

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The Pradhan Mantri Kisan Samman Nidhi Yojana (PM-Kisan Yojana) is an initiative that provides up to Rs 6,000 per year in basic income support to all small and marginal farmers by the government of India. All eligible farmer households (only husband, wife and minor children) across the country receive annual income assistance of Rs 6000 in three equal instalments of Rs 2,000 every four months under the PM Kisan Yojana. This initiative is open to landholding farmers' families with cultivable landholdings in their names, farmers from both urban and rural regions, and small and marginal farmers' families. The first instalment of Rs 2000 is payable between April 1 and July 31, the second instalment is payable between August 1 and November 30, and the third instalment is payable between December 1 and March 31, under the scheme. But do you know apart from the above said annual income assistance, you can get a Rs 3000 monthly pension at the age of 60?. Here's how.

 

PM Kisan Yojana Pension Rules

PM Kisan Yojana Pension Rules

All eligible small and marginal farmers would get a fixed pension of Rs.3,000/- under this initiative. Pensions would be given to farmers through a Pension Fund administered by the Life Insurance Corporation of India, as it is a voluntary and contribution-based pension plan. Farmers will be required to contribute between Rs.55 and Rs.200 each month to the Pension Fund until they reach the retirement age of 60. In addition, the central government will also contribute the equivalent amount to the pension fund. Farmers who are 18 years old or older and up to 40 years old are eligible to participate in the initiative. Spouses of small and marginal farmers are also entitled to join the scheme individually, and when they reach the age of 60, they would get a separate pension of Rs.3000. Farmers who have subscribed for the scheme can exit any time if they do not want to maintain their accounts for whatever reason. After leaving the scheme, a farmer will be paid back with the contribution amount made towards the pension fund along with the interest, according to the guidelines of Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY).

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Contribution Chart
 

Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) Contribution Chart

According to the guidelines issued by PM-KMY "The monthly contributions will fall due on the same day every month as enrolment date. The beneficiaries may also choose an option to pay their contributions on a quarterly, 4-monthly or half-yearly basis. Such contributions will fall due on the same day of such period as the date of enrollment. The amount of the monthly contribution shall range between Rs.55 to Rs.200 per month depending upon the age of entry of the farmers into the Scheme, as per the following contribution chart."

Entry AgeSuperannuation AgeMember's contribution (Rs.)Government's contribution (Rs.)Total contribution (Rs.)
18605555110
19605858116
20606161122
21606464128
22606868136
23607272144
24607676152
25608080160
26608585170
27609090180
28609595190
2960100100200
3060105105210
3160110110220
3260120120240
3360130130260
3460140140280
3560150150300
3660160160320
3760170170340
3860180180360
3960190190380
4060200200400
Source: pmkisan.gov.in

PM Kisan Yojana Pension Rules In Case of Death of The Farmer

PM Kisan Yojana Pension Rules In Case of Death of The Farmer

  • In the event that the farmer dies before his or her retirement date, the spouse may continue in the plan by contributing the remaining contributions until the deceased farmer reaches the age of retirement.
  • If the farmer dies before the retirement date and his spouse does not choose to continue, the farmer's entire contribution, plus interest, will be handed to the spouse.
  • If the farmer dies before the retirement date and there is no spouse, the whole contribution, plus interest, will be handed to the nominee.
  • The spouse would be entitled to 50% of the pension, or Rs.1500 per month, as a family pension, if the farmer dies after the retirement date.
  • The farmer may be allowed to make contributions directly from the same bank account where the PM-Kisan benefit is received if he or she is a beneficiary of the PM-KISAN Scheme.

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