PM-KMY Seven Years: Rs 3,000 Farmer Pension Scheme Explained
Why in the news
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) completed seven years on 12 September 2026. It is a voluntary, contributory old-age pension plan for small and marginal farmers.
Key facts
- Pension: fixed Rs 3,000 a month for life from age 60.
- Contribution: Rs 55 a month if joining at 18, rising to Rs 200 at 40, with the Centre paying an equal amount.
- Fund manager: LIC; ministry: Agriculture and Farmers Welfare.
- Launched: 12 September 2019, Ranchi.
| Rule | Detail |
|---|---|
| Who can join | Small and marginal farmers with up to 2 hectares, per land records as on 1 August 2019 |
| Entry age | 18 to 40 years |
| Excluded | Income-tax payers and institutional landholders |
| PM-KISAN link | Contribution may be deducted from PM-KISAN instalments |
| Family pension | Spouse gets 50% (Rs 1,500 a month) |
| Death before 60 | Spouse may carry on by paying the remaining contributions |
| Exit within 10 years | Own contribution refunded with savings-bank interest |
| Exit after 10 years, before 60 | Contribution plus interest, at whichever is greater of the fund’s rate and the savings-bank rate |
Maandhan family
- Sister pension schemes: PM Shram Yogi Maandhan for unorganised workers (2019) and the traders and self-employed pension scheme (2019).
- All share the Rs 3,000 pension and matching-contribution design.
PM-KISAN versus PM-KMY
- PM-KISAN pays Rs 6,000 a year as income support to landholders, whereas PM-KMY is a contributory pension.
- A farmer may be in both, and a husband and wife can each join if each is eligible, getting separate pensions.
Exam angle
- Pension amount and age: Rs 3,000 a month at 60.
- Land ceiling: 2 hectares; age window 18-40.
- Manager: LIC; launch: 12 September 2019.
- Sister schemes: PM Shram Yogi Maandhan and the traders’ pension scheme.