About the Scheme
PM-KMY is a voluntary, contributory pension scheme providing ₹3,000/month minimum pension to small and marginal farmers after age 60. Launched August 2019. Premium: ₹55-200/month (age 18-40 at enrollment). Government matches contribution. Target: 5 crore farmers by 2022. Status: active but enrollment slow; 23+ lakh farmers enrolled.
Target Beneficiaries: Small and marginal farmers (below 2 hectare land) aged 18-40 years; 23+ lakh enrolled
Key Features
- ₹3,000/month guaranteed pension to small/marginal farmers after age 60
- Voluntary contributory: premium ₹55-200/month depending on entry age
- Government matches the farmer's contribution 1:1
- Family pension: spouse gets 50% (₹1,500/month) on farmer's death
- Exit: after 10 years can withdraw with interest; before 10 years — savings bank rate
- 23+ lakh farmers enrolled (target was 5 crore by 2022)
- Managed by LIC (Life Insurance Corporation of India)
Eligibility Criteria
- Small and marginal farmers (up to 2 hectares land holding)
- Entry age between 18 to 40 years
- Should be eligible beneficiary of PM-KISAN
- Should not be covered under other social security schemes