New Delhi: Prime Minister Narendra Modi on Thursday launched the Kisan Man Dhan Yojana (KMDY) in Ranchi, Jharkhand.

He is also scheduled to inaugurate 400 Eklavya Model Residential Schools for Scheduled Tribe (ST) students in tribal-dominated areas of the state.

The scheme shall secure the lives of 5 Crore Small and Marginal Farmers by providing a minimum pension of Rs 3,000 per month, to those who attain 60 years of age.

Announced by Agriculture Minister Narendra Singh Tomar on August 9, the Kisan Man Dhan Yojana Scheme aims to secure the lives of 5 crore small and marginal farmers by providing a minimum pension of Rs 3,000 per month, on attaining the age of 60 years.

All the small and marginal farmers, who are in the age group of 18-40 years, are eligible to avail benefits under the scheme.

The government has budgeted Rs 10,774.50 crore to implement the scheme for the first three years, starting this fiscal. Further, the scheme is voluntary and contributory in nature, which means that farmers will have to pay a monthly contribution between Rs 55 and Rs 200, depending upon the age of the farmer.

The contribution will have to be made to the pension fund managed by state-owned Life Insurance Corporation (LIC), while the Centre, too, will make a contribution of the same amount.

Farmers can register for the scheme at Common Service Centres where, in order to register their nomination, they will have to submit self-attested land documents declaring that their landholding is less than 2 hectares.

The government already has a database of over 8 crore farmers who have registered to avail benefits of the scheme.

Jharkhand, under Chief Minister Raghubar Das, will go to polls later this year, most likely in November-December.