Pradhan Mantri Fasal Bima Yojana (PMFBY)

Introduction

The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. It aims to provide comprehensive risk coverage against crop failure due to natural calamities, pests, and diseases. The scheme ensures financial stability for farmers by reducing the burden of crop loss.

Objectives

  • To provide insurance coverage and financial support to farmers in case of crop failure.
  • To encourage farmers to adopt innovative and modern agricultural practices.
  • To stabilize farmers’ income and ensure their continued participation in farming activities.
  • To reduce financial distress caused by unforeseen agricultural risks.

Benefits

  • Comprehensive Insurance Coverage: Protection against non-preventable natural risks such as drought, floods, hailstorms, pests, and diseases.
  • Low Premium Rates: Farmers pay a nominal premium - 2% for Kharif crops, 1.5% for Rabi crops, 5% for commercial/horticultural crops.
  • Financial Assistance: Compensation is provided based on yield loss assessment.
  • Timely Claim Settlement: Direct Benefit Transfer (DBT) ensures swift compensation.

Eligibility

Eligible Beneficiaries:

  • All farmers, including sharecroppers and tenant farmers, growing notified crops in notified areas.
  • Farmers who have availed of agricultural loans (compulsory enrollment).
  • Voluntary enrollment for non-loanee farmers.

Exclusions:

  • Crops grown in non-notified areas.
  • Losses due to avoidable risks such as improper farming techniques.

Application Process

  1. Farmers can apply through banks, Common Service Centers (CSCs), or the PMFBY official portal.
  2. State governments notify the crops and areas eligible for insurance.
  3. Farmers must enroll before the last date of the cropping season.
  4. Official Link: PMFBY Official Website

Required Documents

  • Aadhaar Card (For identity verification).
  • Land Ownership Documents (For landholding farmers).
  • Tenancy Agreement (For tenant farmers and sharecroppers).
  • Bank Account Details (For claim settlement).
  • Crop Sowing Certificate (Issued by local agricultural officers).

Contact Information