Pradhan Mantri Fasal Bima Yojana
The Pradhan Mantri Fasal Bima Yojana was launched by the Indian Government in 2016 to provide insurance cover against failure of crops so as to help farmers become financially stable. It replaces National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme by adopting their best practices and eliminating those with shortcomings. Its aim is to minimise the premium burden on farmers and ensure timely settlements of claims.
Union Agriculture Minister Narendra Singh Tomar launched the crop insurance awareness campaign for this scheme as part of the ‘Azadi ka Amrit Mahotsav’. It was announced during the launch that this scheme has provided claims worth Rs.95,000 crore for farmers till date.
Written by IAS POINT