Pradhan Mantri Fasal Bima Yojana: A Comprehensive Crop Insurance Scheme
Crop insurance scheme providing financial support to farmers in case of crop failure due to natural calamities, pests, and diseases.
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a flagship crop insurance scheme launched in 2016 by the Ministry of Agriculture and Farmers Welfare. The scheme provides affordable crop insurance to farmers against crop failure due to natural calamities, pests and diseases. It aims to stabilize farm income and encourage farmers to adopt modern agricultural practices by reducing their financial risk.
The scheme covers all food crops, oilseeds and annual commercial or horticultural crops. It provides coverage against yield losses due to natural fire, lightning, storm, hailstorm, cyclone, typhoon, flood, inundation, drought, dry spells, pests and diseases. Post-harvest losses are also covered for up to 14 days.
Premium
The premium rates are very affordable: 2% of sum insured for Kharif crops, 1.5% for Rabi crops and 5% for annual commercial or horticultural crops. The difference between the premium paid by farmers and the actual premium is shared by the central and state governments.
All farmers who have a loan from financial institutions are covered compulsorily. Non-loanee farmers can also voluntarily enroll. Tenant farmers and sharecroppers with valid land records are eligible.
Frequently Asked Questions
All farmers including loanee and non-loanee. Tenant farmers and sharecroppers with valid land records eligible. All types of crops covered.
Insurance coverage at nominal premium (2% Kharif, 1.5% Rabi, 5% commercial). Covers yield losses from natural calamities, pests, diseases. Post-harvest loss coverage for 14 days.
Loanee farmers automatically covered through their lending institution. Non-loanee farmers can enroll through Common Service Centres (CSC) or bank branches before the cut-off date for each season.
- Aadhaar Card
- Land Records
- Bank Account Details
- Crop Sowing Details
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