The Pradhan Mantri Fasal Bima Yojana (PMFBY) is an ambitious crop insurance scheme launched by the Government of India in 2016. It aims to provide farmers with affordable insurance coverage and financial support against crop loss and damage caused by natural calamities, pests, and diseases. This article provides an overview of the key features and benefits of the scheme.
The primary objective of PMFBY is to facilitate the stabilization of income for farmers and ensure their financial security even in the face of adversities. By mitigating the risks associated with agriculture, the government aims to encourage farmers to adopt modern agricultural practices, invest in better technology, and increase productivity.
Under this scheme, all farmers, whether they are availing crop loans or not, are eligible to participate. The premium rates to be paid by the farmers are significantly subsidized by the government. For Kharif crops, small and marginal farmers need to pay a premium of only 2% of the sum insured, while medium and large farmers contribute 1.5% of the sum insured. The rates for Rabi and horticultural crops, respectively, are even lower.
PMFBY is implemented by state governments in collaboration with insurance companies. The scheme covers all stages of the crop cycle, from pre-sowing to post-harvest losses. It provides comprehensive coverage for crop yield losses, localized perils such as drought, flood, cyclone, hailstorm, pest attacks, and diseases. In addition, the scheme includes coverage for post-harvest losses arising from unseasonal rains and cyclonic storms.
The claims settlement process for PMFBY is designed to be fast and efficient. In the event of crop loss or damage, farmers need to inform the concerned authorities within 72 hours of the occurrence. After due verification and assessment, insurance companies are required to settle the claims within two weeks. To ensure transparency and accountability, the government has implemented the use of technology with online applications, satellite imagery, and drones for crop loss assessment.
One notable aspect of PMFBY is that it has removed the upper limit on the claim amount. This means that farmers will receive the full extent of their losses, without any capping. Additionally, there is no ceiling on the premium that farmers have to pay, ensuring that they receive the maximum possible compensation in case of crop damage.
To maximize the reach and effectiveness of the scheme, the government emphasizes extensive awareness campaigns and training programs for farmers. These programs educate farmers about the benefits of crop insurance, the procedure for applying, and the importance of timely reporting of crop loss.
Since its launch, PMFBY has gained widespread appreciation for its potential to reduce the agrarian distress caused by crop losses. The scheme has provided a safety net to millions of farmers across the country, giving them the confidence to take risks and invest in their agricultural activities. It has also contributed to the overall growth and stability of the agriculture sector by fostering sustainable practices and resilience in the face of uncertainties.
In conclusion, the Pradhan Mantri Fasal Bima Yojana is a comprehensive and farmer-friendly crop insurance scheme introduced by the Indian government. With its affordable premium rates, quick claim settlement process, and extensive coverage, it seeks to protect farmers against the risks of crop loss and promote agricultural growth. By providing financial security and stability, PMFBY is playing a vital role in supporting the livelihoods of farmers and ensuring food security for the nation.