Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)

Source: PIB
GS III: Agriculture, Inclusive Growth, Social Security

Why in the News?

The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) completed seven years on September 12, 2026.

News in Brief

• The scheme provides an assured old-age pension to eligible small and marginal farmers.
• Eligible beneficiaries receive a minimum assured pension of ₹3,000 per month after attaining 60 years of age.
• By February 2026, 24,96,252 farmers had enrolled, while ₹540.66 crore had been utilised for the scheme’s implementation and outreach.

Nature of the Scheme

• PM-KMY is a Central Sector Scheme implemented by the Department of Agriculture and Farmers Welfare under the Ministry of Agriculture and Farmers Welfare.
• The Life Insurance Corporation of India (LIC) is associated with the implementation and management of the pension scheme.
• Its primary objective is to provide financial security during old age small and marginal farmers.

Eligibility

• The scheme is meant for:
  • Small and marginal farmers owning cultivable land of up to 2 hectares.
  • Farmers between 18 and 40 years of age.
  • Eligible farmers whose names are recorded in the land records of the concerned State or Union Territory as on 1 August 2019.

Contribution Pattern

• PM-KMY follows a shared contribution model, under which the farmer and the Central Government contribute equally towards the pension fund.
• Farmers make a monthly contribution ranging from ₹55 to ₹200, depending on their age at the time of enrolment.
• The Central Government makes an equal matching contribution.
• The contribution is generally made through an auto-debit facility linked to the subscriber’s bank account.
• Eligible small and marginal farmers can also voluntarily use their PM-KISAN benefits to make contributions towards PM-KMY.
• Farmers can choose to contribute on a monthly, quarterly, four-monthly or half-yearly basis, providing greater flexibility according to their income and financial needs.

Pension Benefits

• On attaining the age of 60 years, eligible subscribers receive a minimum assured pension of ₹3,000 per month.
• If a subscriber passes away while receiving the pension, the spouse can receive a family pension equal to 50% of the pension amount, or ₹1,500 per month, subject to the provisions of the scheme.

Enrolment Process

• PM-KMY provides a largely paperless enrolment process  through Common Service Centres (CSCs).
• The registration process uses Aadhaar, bank account details and mobile-based verification.
• Once enrolled, the subscriber is provided with a Pension Account Number and pension card.
• The details are subsequently forwarded to the Life Insurance Corporation of India (LIC), which manages the pension fund and pension payments.
• Future contributions are automatically debited from the subscriber’s bank account.

Exclusion Criteria

Certain categories are excluded from the scheme, including,

• Institutional landholders
• Persons already covered under specified statutory or Central government social security schemes, such as National Pension Scheme, Employees’ State Insurance Corporation (ESIC) and Pradhan Mantri Shram Yogi Maan-dhan Yojana.
• Present and former holders of constitutional posts and certain categories of public repreentatives.
• Serving or retired government employees, subject to specified exceptions.
• Income-tax payers and registered professionals, including doctors, engineers, lawyers, chartered accountants and architects.

Impact: A Step Towards Old-Age Security for Farmers

• India’s farmers play a central role in ensuring the country’s food security.
• However, small and marginal farmers often face financial uncertainty in their later years, with limited savings and inadequate access to formal social security.
• The scheme represents an important step towards strengthening the social security net for the agricultural sector.
• PM-KMY extends the idea of farmer welfare beyond agricultural production and income support by addressing the life-cycle risks, including the need for financial security in old age.
• By providing an assured pension after the age of 60, the scheme seeks to reduce the economic vulnerability of small and marginal farmers in their later years.
• Its contributory model, digital enrolment process and flexible payment options are aimed at making pension coverage more accessible to farming households.
• In this sense, PM-KMY complements India’s wider efforts to build a more inclusive social security system for vulnerable sections.

Conclusion

As PM-KMY completes seven years, it highlights the need to view farmer welfare through a broader life-cycle approach. By providing old-age income support, the scheme seeks to ensure that farmers have greater financial security and dignity beyond their productive years.

Strengthening awareness, coverage and accessibility will be important in making such social security measures more inclusive and effective.

UPSC Prelims and Mains Practice Question

With reference to the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), consider the following statements:

1. It is a voluntary and contributory pension scheme for eligible small and marginal farmers.
2. Eligible subscribers receive a minimum assured pension of ₹3,000 per month after attaining 60 years of age.
3. The Central Government makes a matching contribution equal to the contribution made by the subscriber.

Which of the statements given above are correct?

(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

Answer: (d)

Mains Practice Question

Q) Discuss the importance of social security measures in improving the economic security and well-being of vulnerable sections in India. (250 words)

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