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• It is a government scheme meant for old age protection and social security of Small and Marginal Farmers (SMF).
  • Eligibility:
    • All SMF in the age group of 18-40 years, and whose name appears in the land records of the state as of 1st Aug 2019.
  • Benefits:
    • Minimum assured pension of Rs 3,000/- pm after attaining the age of 60 and 50% of the pension amount to spouse after the death of the farmer. (Family pension is applicable only to spouse)
  • Other features to note:
    • It is a voluntary and contributory pension scheme (monthly contribution between Rs 55 to Rs 200 per month till the age of 60)
    • Matching contribution will be made by the government.
    • LIC will be the pension fund manager of the scheme.
  • Synergy with PM-KISAAN -> Farmer can ask for withdrawal form PM-KISAAN for this scheme
  • Exceptions
    • SMFs already covered under any other social security schemes like NPS, ESIC, EPFO etc.
    • Who opted for Shram Yogi Maandhan Yojana or Vyapari Maandhan administered by Ministry of Labour and Employment.
    • Other exceptions similar to PM-KISAN
  • Should Possess
    • Aadhaar
    • Saving Account/PM-KISAAN Account
• Need:
  • 90% of Indian workforce not covered under old age pension initiative