PM Modi on 12 Sept 2019 launched a scheme dedicated entirely to the farmers, it is basically a pension scheme targeting all landholding Small and Marginal  Farmers (SMFs)in the country. It is a voluntary and contributory pension scheme for the age group of 18 to 40 years. The scheme is effective from 9th August 2019.

Under this scheme, a monthly pension will be provided to the farmers of Rs.3000/- on attaining the age of 60 yrs.
Life Insurance Corporation is the fund manager under this scheme and shall be responsible for pension payout. The farmers, who are also beneficiaries of PM-Kisan Scheme, will have the option to allow their contribution debited from the benefit of that Scheme directly.