Important Indian Scheme · Farmers / Pension
PM Kisan Maandhan Yojana (PM-KMY)
A pension scheme providing social security to small and marginal farmers in their old age.
Overview
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary and contributory pension scheme launched in 2019 by the Ministry of Agriculture and Farmers Welfare to provide social security to small and marginal farmers (SMFs) in their old age. Under the scheme, eligible farmers in the age group of 18 to 40 years contribute a monthly amount (matched equally by the central government) and receive an assured monthly pension of ₹3,000 after attaining the age of 60. It is administered by LIC as the pension fund manager, and aims to protect farmers against income loss during old age.
Quick Snapshot
Launched2019
MinistryAgriculture & Farmers Welfare
Pension₹3,000/month
Entry Age18–40 years
Key Features & Objectives
1
Provides an assured pension of ₹3,000 per month after the age of 60.
2
Open to small and marginal farmers aged 18 to 40 years.
3
Voluntary and contributory, with the government matching the farmer’s contribution.
4
Administered by the Life Insurance Corporation (LIC) as the fund manager.
5
Provides old-age income security and social protection to farmers.
Key Facts at a Glance
Exam Focus: Remember PM-KMY (2019) gives ₹3,000/month pension after 60 to small/marginal farmers (entry age 18–40), managed by LIC.
Practice MCQs
Q1. PM Kisan Maandhan Yojana provides a monthly pension of:
A. ₹1,000
B. ₹2,000
C. ₹3,000 ✔
D. ₹5,000
Q2. The assured pension under PM-KMY is payable after the age of:
A. 55
B. 58
C. 60 ✔
D. 65
Q3. PM-KMY is meant for which group?
A. All farmers
B. Small and marginal farmers ✔
C. Only landless labourers
D. Only women farmers
Q4. In which year was PM-KMY launched?
A. 2017
B. 2018
C. 2019 ✔
D. 2020
Q5. Which institution acts as the fund manager for PM-KMY?
A. SBI
B. LIC ✔
C. NABARD
D. RBI