The Pradhan Mantri Crop Insurance Scheme, also known as PMFBY (Pradhan Mantri Fasal Bima Yojana), is a government initiative aimed at providing financial assistance to farmers in case of crop failure. This scheme was launched in 2016 by the government of India to alleviate the financial burden on farmers due to crop loss.
PMFBY aims to provide insurance coverage to farmers against various natural calamities such as drought, flood, cyclone, pest infestation, etc. Under this scheme, farmers are required to pay a nominal insurance premium to avail the benefits. The rest of the premium amount is subsidized by the central and state governments, making the scheme affordable for farmers.
One of the key features of PMFBY is the provision of quick and hassle-free claim settlement. In case of crop loss, farmers can file insurance claims online or through designated insurance companies. The claims are settled within a specified time frame to ensure timely financial assistance to the farmers.
Furthermore, PMFBY offers comprehensive insurance coverage for both pre-harvest and post-harvest losses. It also covers expenses related to sowing, harvesting, and transportation of the insured crops.
The Pradhan Mantri Crop Insurance Scheme has been instrumental in providing financial security to farmers across the country. It has helped farmers mitigate the risks associated with crop cultivation and improve their livelihoods.
Overall, PMFBY is a significant step towards ensuring the welfare of farmers in India and safeguarding their interests against unforeseen circumstances. By providing affordable insurance coverage, this scheme has proven to be a lifeline for farmers during challenging times.