Pradhan Mantri Kisan Maandhan Yojana, launched by the Central Government on September 12, 2019, aims to provide old age protection and social security for small and marginal farmers (SMFs). Under this scheme, farmers aged 60 years and above are guaranteed a minimum pension of Rs 3000 per month. In the event of unfortunate death of a farmer, the spouse becomes eligible for 50% of the pension as family pension, which is applicable exclusively to the spouse. This voluntary and contributory pension scheme is open to individuals in the age group of 18 to 40 years.

To become a member, eligible farmers need to subscribe to a pension fund by contributing Rs 100 per month at an average entry age of 29 years. The central government matches this contribution, and both are deposited in a pension fund managed by the Life Insurance Corporation. Responsible for pension payments. At present 19,47,588 farmers have registered for the Prime Minister Kisan Maandhan Yojana.

The application process includes the following steps:

Farmers should visit the nearest Common Service Centre.

Prerequisites for enrollment include Aadhaar card and savings bank account number with IFSC code.

The initial cash contribution should be made to the village level entrepreneur.

The entrepreneur will authenticate the Aadhaar number, name of the customer and date of birth.

Online registration is completed by the village level entrepreneur, which includes bank account details, mobile number and email address.

The system calculates the monthly contribution based on the age of the subscriber.

The customer pays the first subscription amount in cash to the village level entrepreneur.

An Enrollment cum Auto Debit Mandate form is printed, signed by the customer, and scanned by the VLE for uploading.

A unique Kisan Pension Account Number (KPAN) is generated, and a Kisan Card is printed.

Although the application process may seem elaborate, it ensures a systematic approach to enrolling farmers into the scheme. The initiative aims to provide financial security to small and marginal farmers during their old age, demonstrating the government’s commitment to social welfare in the agriculture sector.