Pradhan Mantri Fasal Bima Yojana (PMFBY) is a flagship scheme of the Government of India that aims to provide comprehensive crop insurance coverage to farmers in India. The scheme was launched on 18th February 2016 as a replacement for the National Agricultural Insurance Scheme (NAIS) and the Modified National Agricultural Insurance Scheme (MNAIS).
Under PMFBY, farmers can insure their crops against natural calamities, pests and diseases, and other yield-reducing factors. The scheme covers all food and oilseed crops, as well as horticultural crops, and covers pre-harvest losses due to non-preventable risks, such as flood and drought, and post-harvest losses due to defined calamities.
Farmers who opt for PMFBY pay a nominal premium, with the balance of the insurance premium being shared equally by the central and state governments. The government has also made premium payment mandatory for all farmers who have taken agricultural loans from banks and institutions. The premium rate varies depending on the crop and the risk involved, with higher rates for riskier crops.
The scheme is managed by the Agriculture Insurance Company of India (AIC), which is responsible for the assessment and payment of claims. The AIC also has the responsibility of conducting crop cutting experiments (CCE) to determine the yield of crops and assess the losses of insured farmers.
In addition to insurance coverage, PMFBY also provides other benefits to farmers, such as the widespread adoption of modern technology, the use of remote sensing, and the use of smartphones for faster claim settlement.
As of 2021, PMFBY has covered more than 5.5 crore farmers and insured more than 2.7 crore hectares of land. The scheme has received widespread acclaim for its efforts to provide comprehensive insurance coverage to farmers across the country and ensure that they are not left helpless in the event of a crop failure.
In conclusion, Pradhan Mantri Fasal Bima Yojana is a visionary scheme aimed at providing comprehensive insurance coverage to farmers in the country. It is a significant step taken by the government to reduce the distress of farmers caused by crop failures and natural calamities. With the continued efforts of the government and farmers, PMFBY is expected to contribute towards a more prosperous agricultural sector in India.