Pradhan
Mantri
Fasal Bima
Yojana
The PMFBY was launched in 2016 from kharif season and replaced Modified National Agriculture Insurance schemes in India.
The scheme has been launched with moto of One Nation One Crop One Premium. This new scheme aims at covering the losses suffered by farmers due to reduction in crop yield as estimated by the local government authorities through crop cutting experiments.
The scheme also covers pre sowing losses, post-harvest losses due to cyclonic rains and losses due to unseasonal rainfall in India. There is a provision to cover losses due to localized calamities such as inundation also in addition to the previously covered hailstorm and landslide risks.
This schemes aims to increase the penetration of crop insurance in rural market and cover 50 % of total sown area.
Key Feature
Low Farmer
Premium Rates
The rate of Insurance Charges payable by the farmer will be as per the following table
2.0%
of SI or Actuarial rate,
whichever is less
1.5%
of SI or Actuarial rate,
whichever is less
5%
of SI or Actuarial rate,
whichever is less
Key Feature
Use of
Technology
The new scheme envisages many new things such as utilizing innovative technologies like satellite imagery etc. coupled with the mandatory usage of smart phones / hand held devices for increasing the speed & accuracy during yield estimation. In order to minimize the area discrepancy in coverage, the scheme also promotes the digitization of land records.
For more details you can visit Government of India's website for Pradhan Mantri Fasal Bima Yojana. www.pmfby.gov.in
Providing financial support to farmers suffering crop loss/damage arising out of unforeseen events
Ensuring flow of credit to the agriculture sector; which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.
Stabilizing the income of farmers to ensure their continuance in farming
Encouraging farmers to adopt innovative and modern agricultural practices
Current Presence
Farmer's Corner
GOI Website
To visit Government of India's website for Pradhan Mantri Fasal Bima Yojana.
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