PM Fasal Bima Yojana: Insuring the Future of Indian Farmers
Agriculture is the backbone of the Indian economy, employing millions of hardworking farmers across the country. However, unpredictable weather patterns, natural disasters, and crop failure pose significant risks to their livelihoods. To protect farmers from the financial implications of such events, the Indian government implemented the Pradhan Mantri Fasal Bima Yojana (PMFBY) in 2016.
PMFBY is a crop insurance scheme aimed at enhancing the resilience of Indian farmers, safeguarding their income, and ensuring food security in the nation. Let’s delve into the key information regarding this revolutionary initiative.
1. Objective:
The primary goal of PMFBY is to provide comprehensive crop insurance coverage to farmers against yield losses caused by natural calamities, pests, and diseases. By reducing the financial burden on farmers, it seeks to encourage them to adopt modern techniques, technologies, and practices to improve agricultural productivity.
2. Coverage:
The scheme covers all food crops, oilseeds, and horticultural crops cultivated in India. It is mandatory for all farmers availing of institutional loans for these crops to join the scheme. The insurance period typically starts from the sowing of crops and extends up to post-harvest situations. Both pre- and post-harvest risks are covered, including losses due to inundation, drought, hailstorms, cyclones, pests, diseases, and more.
3. Premium and Subsidy:
The premium rate payable by the farmer is kept low to ensure maximum participation. The premium amount varies depending on the type of crop and its risk profile. The Central and State governments share the premium subsidy in a predefined ratio (50:50 for unirrigated areas and 60:40 for irrigated areas) to make the insurance affordable for farmers.
4. Claims Settlement:
The settlement of claims is prompt and efficient under the PMFBY. In case of crop loss or damage, farmers are eligible for indemnification of the sum insured. The assessment of damages and final settlement of claims are carried out through the use of technology-driven processes such as remote sensing, satellite imagery, drones, etc. This ensures transparency, reduces disputes, and speeds up the claim settlement process.
5. Farmer-Friendly Technology:
The scheme utilizes modern technology and data analytics to accurately assess crop losses and determine the payable claims. Crop cutting experiments (CCEs) are conducted to measure the crop yield. These CCEs are also assisted by modern technologies like smartphone applications, remote sensing, and GPS-enabled devices, ensuring accuracy and efficiency in data collection.
6. Enrollment Process:
Farmers interested in enrolling for the scheme can contact their nearest Common Service Centre (CSC), agricultural insurance agents, or banks. They are required to provide necessary details such as their land records and identification documents to complete the enrollment process.
7. Awareness Campaigns:
To ensure maximum outreach and farmers’ involvement, the government conducts various awareness campaigns at the village and district levels. These campaigns educate farmers about the benefits of the PMFBY, making them aware of the insurance coverage available, how to enroll, and how to claim indemnity when needed.
PM Fasal Bima Yojana has revolutionized the agricultural landscape of India by providing crucial financial protection to farmers. By mitigating risks, ensuring financial security, and encouraging the adoption of modern agricultural practices, this scheme aims to uplift the farming community and secure the future of Indian agriculture. With continuous efforts and improvements, PMFBY strives to make Indian farmers more resilient and less vulnerable to the whims of nature.