Five Years of Pradhan Mantri Fasal Bima Yojana

The Pradhan Mantri Fasal Bima Yojana (PMFBY) recently completed its five years. In that light the Prime Minister have congratulated all beneficiaries of the scheme and said that the scheme has increased the coverage, has mitigated the risk and has benefitted crores of farmers across the country. He further asked the farming community to take advantage of PMFBY so as to become "self-reliant farmers".

Highlights

  • As per the ministry, 90,000 crore rupees have so far been disbursed to farmers since the was launched.
  • The scheme was launched as a milestone initiative so as to provide a comprehensive risk solution at the lowest uniform premium.
  • The Ministry of Agriculture also said that the average sum insured per hectare has increased from 15,100 (pre-PMFBY Schemes) to 40,700 under the scheme.

Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • The PMFBY was launched on February 18, 2016 by Prime Minister Narendra Modi.
  • It is an insurance service for farmers for their yields.
  • The scheme was formulated in line with One Nation–One Scheme theme.
  • It has replaced the two schemes called the National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS).
  • The scheme is compulsory for loanee farmers who are availing Crop Loan or KCC account for notified crops.

Aim of the scheme

  • The scheme was launched with the aim of reducing the premium burden on farmers. It also ensures early settlement of crop assurance claim for the full insured sum.
  • It further aims to provide a comprehensive insurance cover against failure of the crop. Thus, it helps in stabilizing the income of the farmers.

Coverage

  • The scheme extends coverage for the entire cropping cycle from pre-sowing to post-harvest.
  • It also provides coverage for losses due to prevented sowing and mid-season adversities.
  • The scheme also provide coverage for the Individual farm level losses which arises out of the localized calamities.
  • Post-Harvest losses and losses due to perils like inundation, cloudburst and natural fire are also covered.

Foods covered under the scheme

The Scheme covers all Food and Oilseeds crops and Annual Commercial or Horticultural Crops.

Implementing Agency

The scheme is implemented by the empaneledp general insurance companies. Implementing Agency (IA) is selected by the concerned State Government through bidding. It is administered by the Ministry of Agriculture.

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