Explanation:

About Pradhan Mantri Kisan Mandhan Yojana (PM-KMY) 
PM-KMY is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country with a view to provide social security net as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood.

 Salient features:

•  It is a voluntary and contribution-based pension scheme for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000 will be provided to them on attaining the age of 60 years.
•  The beneficiary is required to contribute Rs 100 per month in the pension fund at median entry age of 29 years, with matching contribution of Rs 100 by the Central Government.
•  The Life Insurance Corporation of India (LIC) will be the Pension Fund Manager and responsible for Pension pay out.
•  In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer. 
•  If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.

 Eligibility

•  Small and Marginal Farmer (SMF) of age of 18- 40 years - a farmer who owns cultivable land up to 2 hectares as per land records of the concerned State/UT.
•  Farmers who are not eligible for the scheme: The following categories of farmers have been brought under the exclusion criteria: ? SMFs covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) etc