Review of Agricultural Income Insurance & Social Security Scheme

Ministry of Agriculture & Farmers Welfare
Ministry of Agriculture & Farmers Welfare

PIB News Update: Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar has informed that Government has implemented an income assurance scheme for the land owning farmers, namely, the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN). Under the Scheme an amount of Rs.6000/- per year is transferred in three 4-monthly installments of Rs.2000/- directly into the bank accounts of the farmers, subject to certain exclusion criteria relating to higher income status. The scheme has been aimed at augmenting the income of land owning farmers’ families by providing income support to enable them to take care of expenses related to agriculture and allied activities as well as domestic needs. The scheme, which was launched on 24.2.2019, was initially implemented for the Small and Marginal Farmers’ families only with total land holding upto 2 hectares. Government reviewed the scheme and extended its purview to all farmers, irrespective of the size of their land holding. The PM-KISAN Scheme has been successfully implemented across the country. So far, as on 11.3.2020, financial benefit under the scheme has been released to 8,69,79,391 beneficiaries.

Further, Government launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) on 12.9.2019 with a view to provide social security to Small and Marginal Farmers in their old age when they have no means of livelihood and minimal or no savings to take care of their expenses. Under this scheme, a minimum fixed pension of Rs.3,000/- is provided to the small and marginal farmers, subject to certain exclusion criteria, on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years. The farmer is required to contribute between Rs.55 to Rs.200 per month to a Pension Fund depending on the entry age. The Central Government also contributes in equal amount to the Pension Fund. The Pension Fund is being managed by the Life Insurance Corporation of India (LIC). So far, as on 11.3.2020, 19,97,553 farmers have registered themselves under the Scheme.

For the PM-KISAN Scheme, Rs.20000 crore was provided for the financial year 2018-19 and Rs. Rs.75000 crore for the financial year 2019-2020. Out of that, Rs.6005.48 crore was released to the farmers in 2018-19 and Rs.46653.62 crore in 2019-20 so far, as on 11.3.2020. For the PM-KMY, a budgetary provision of Rs.900 crore has been made during the financial year 2019-20 towards the Central Government contribution to the Pension Fund of subscribing farmers. An amount of Rs.50 crore has so far been released to the LIC for the purpose.

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