The Pradhan Mantri Fasal Bima Yojana is a flagship initiative launched in 2016 by the Government of India to provide crop insurance to farmers across the country. It aims to mitigate the financial impact of crop losses due to natural disasters, pests, and diseases, thus supporting farmers’ livelihoods and enhancing agricultural resilience. Here’s a detailed look at the PMFBY, covering all aspects relevant to farmers and stakeholders.
Quick Overview
| Scheme Name | Pradhan Mantri Fasal Bima Yojana |
|---|---|
| Launch Date | 18th February 2016 |
| Coverage | All notified crops, nationwide |
| Premium | 2% for Kharif, 1.5% for Rabi, 5% for horticulture/commercial crops |
| Eligibility | Farmers growing notified crops in designated areas |
| Application Mode | Online and offline |
| Compensation Process | Crop Insurance Portal or Crop Insurance App |
| Claim Payment | Direct bank transfer to eligible farmers |
| Helpline | 14447 |
Objectives of PMFBY
The main goal of the PMFBY is to protect farmers from crop losses by offering financial compensation. This helps stabilize their income, reduce the risk associated with farming, and promote sustainable agriculture practices. Farmers who experience crop failure due to adverse weather, natural calamities, or pests can rely on the insurance cover provided by PMFBY.
Key Features of PMFBY
1. Comprehensive Coverage
The PMFBY covers a wide range of losses, including:
- Pre-sowing and post-harvest losses due to unseasonal rainfall or hailstorms.
- Natural calamities such as drought, floods, and cyclones.
- Pest and disease attacks, which are common threats in agriculture.
2. Low Premium Rates for Farmers
- 2% premium for Kharif crops (summer season crops).
- 1.5% premium for Rabi crops (winter season crops).
- 5% premium for commercial and horticultural crops.
- The remaining premium is subsidized by the central and state governments, ensuring affordability for farmers.
3. Doorstep Delivery of Insurance Services
Under the “Meri Policy, Mere Hath” campaign, the government is enhancing awareness and accessibility by delivering policy information and insurance documents directly to farmers. This is expected to increase farmer engagement and participation.
4. Efficient Claim Settlement with DigiClaim Module
PMFBY has introduced the DigiClaim module to streamline the process of disbursing claims. This digital system is integrated with the National Crop Insurance Portal (NCIP), making the process transparent, faster, and efficient.
5. Voluntary Enrollment
Since 2020, PMFBY offers voluntary participation, allowing farmers the flexibility to opt into the scheme. This policy adjustment has made it easier for farmers to report losses and receive compensation through local agricultural offices, Common Service Centers (CSCs), or the Crop Insurance App.
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Application Process
Eligible farmers can apply for PMFBY in both online and offline modes. Below is a step-by-step guide:
- Visit the Official PMFBY Portal or the Nearest CSC: Farmers can apply through the PMFBY website or at local Common Service Centers (CSCs).
- Fill Out the Application: Basic details such as crop information, bank account details, and Aadhaar information are required.
- Submit Required Documents: These may include Aadhaar, land ownership records, and other ID proofs.
- Check Application Status: Farmers can monitor their application status and claims directly on the PMFBY portal or app.
Claim Process and Compensation
In the event of a crop loss, farmers can report their damages within 72 hours using the PMFBY app or by visiting the nearest agricultural office or CSC. After assessing the claim, the insurance company processes the compensation, which is then directly credited to the farmer’s bank account. In cases of delayed claim settlement, the insurance company is required to pay interest as a penalty.
Recent Updates and Achievements
- As of 2024, PMFBY has insured millions of farmers, providing financial assistance to those affected by crop losses.
- The scheme has disbursed over ₹1.63 lakh crore in claims, offering significant financial relief to farmers across India.
- By implementing stricter monitoring and faster claim settlement processes, the government aims to ensure transparency and prompt support for the agricultural community.
Benefits of PMFBY for Farmers
- Income Stability: Farmers gain financial security, reducing their vulnerability to losses.
- Encourages Modern Farming: With financial support, farmers can invest in better farming technologies and practices.
- Ease of Access: Farmers can access the scheme and track their claims online without needing to visit government offices frequently.
- Nationwide Coverage: PMFBY reaches farmers across all states in India, including remote areas through BCs (Banking Correspondents) and CSCs.
Conclusion
The Pradhan Mantri Fasal Bima Yojana plays a crucial role in securing the agricultural economy of India by offering financial support to farmers against unpredictable losses. Through continuous improvements in accessibility, claim processing, and coverage, PMFBY remains committed to bolstering agricultural resilience and improving the lives of millions of Indian farmers.
Still have more questions About Pradhan Mantri Fasal Bima Yojana
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