Prime Minister Narendra Modi on 12 September 2019 launched 'Pradhan Mantri Kisan Maan Dhan Yojana' (an ambitious pension scheme) for farmers from Ranchi. PM said, 'this scheme will connect Jharkhand with India & the world.’ Under the 'Pradhan Mantri Kisan Maan dhan Yojana', farmers between 18 and 40 years of age will get Rs 3,000 monthly pension after reaching 60. The scheme has an outlay of Rs 10,774 crore for the next three years. All small and marginal farmers who are currently between 18 to 40 years can apply for the scheme. It is a voluntary and contributory pension scheme for the entry age group of 18 to 40 years.
- It is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years.
- The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
- The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
- In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer.
- If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse. If there is no spouse, then total contribution along with interest will be paid to the nominee.
- If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
- The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions. On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
- The farmers, who are also beneficiaries of PM-Kisan Scheme, will have the option to allow their contribution debited from the benefit of that Scheme directly.