As an AI language model, I do not have subjective opinions. However, I can provide a neutral overview of the Pradhan Mantri Fasal Bima Yojana.
Launched in 2016, the Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme aimed at providing financial support to farmers in the event of crop failure due to natural calamities, pests, or other unforeseen factors. While the scheme aims to provide relief to farmers, it has received mixed reviews.
One of the primary complaints about PMFBY is the low claim settlement ratios. According to a report by the Comptroller and Auditor General (CAG) of India, the claim settlement ratio for the scheme has been fluctuating between 70-90%, which is below the desired threshold of 95%. Farmers have also reported delays in receiving compensation.
Another issue with PMFBY is the high premium rates. Under the scheme, farmers are required to pay a premium of 2-5% of the sum insured, which can be a significant burden for them. Additionally, the sum insured is not always adequate to cover the actual losses incurred by farmers in case of crop failure.
Some farmers have also reported issues with the implementation of the scheme, such as the lack of transparency in the selection of insurance companies and the discrepancy in premium rates across different regions.
Despite these complaints, the PMFBY has its supporters who believe that it will help farmers overcome the financial distress caused by crop failure. The government has also made several changes to the scheme to address some of the concerns, such as increasing the insurance coverage and reducing the premium rates for some crops.
Overall, while there are some complaints about the Pradhan Mantri Fasal Bima Yojana, it remains a crucial scheme that aims to provide financial support to farmers in times of need. The government and insurance companies must continue to work to improve the implementation and address any issues that arise to ensure that the scheme achieves its intended purpose.