InvestorQ : How contributions are made under PM-KMDY(Kisan Maan-Dhan Yojana)?
Anushri Vasa made post

How contributions are made under PM-KMDY(Kisan Maan-Dhan Yojana)?

Abigail Ghoshal answered.
3 years ago
Under PM Kisan Maan-Dhan Yojana, 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. The contribution shall be made till their retirement age, i.e. 60 years. Monthly contributions under the scheme will fall due on the same day every month as enrolment date. The beneficiaries may also choose to pay their contributions quarterly, 4 monthly, or half-yearly basis. The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to fund.

In case the beneficiary (contributing farmer)dies before retirement, the spouse can continue with the scheme by paying the applicable amount of contribution and can receive pension just like the original beneficiary.

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. In case, there is any default in making regular payments, the beneficiaries are allowed to regularize their contribution by paying outstanding dues along with interest.