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Pradhan Mantri Fasal Bima Yojana 'PMFBY' for Farmers: Details, Features, Benefits
Pradhan Mantri Fasal Bima Yojana 'PMFBY' for Farmers: Details, Features, Benefits
Pradhan Mantri Fasal Bima Yojana 'PMFBY' is farmers’ welfare scheme launched in 2016 to ensure faster insurance services or reliefs to farmers.
PMFBY scheme is formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (MNAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
PMFBY scheme aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
PMFBY scheme provides insurance coverage and financial support to farmers in event of natural calamities, pests & diseases. Stabilise income of farmers to ensure their continuance in farming. Ensure flow of credit to the agriculture sector. Encourage farmers to adopt innovative and modern agricultural practices.
Under PMFBY scheme, all farmers growing notified crops in a notified area during the season who has an insurable interest in the crop are eligible under this scheme. It also provides insurance benefits to Landless labourers. It is compulsory for loanee farmers availing crop loans for notified crops in notified areas and voluntary for non-loanee farmers.
Under PMFBY scheme, farmers need to pay a uniform premium of only 2% for all Kharif crops and 1.5% for all Rabi crops. In the case of annual commercial and horticultural crops, farmers have to pay a premium of only 5%.
The premium rates to be paid by farmers are very low and the balance premium will be paid by Government. Moreover, there is no upper limit on Government subsidy, so farmers will get a claim against full sum insured without any reduction.
PMFBY scheme covers yield losses due to non-preventable risks, such as natural fire and lightning, storm, stailstorm, cyclone, typhoon, tempest, hurricane, tornado. It also covers risks due to flood, inundation and landslide, drought, dry spells, pests and diseases. It also covers post-harvest losses are also covered.
