Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government scheme launched by the Prime Minister of India, to provide insurance coverage and financial assistance to farmers in case of crop loss due to natural calamities or other factors. The scheme was introduced in 2016, and it covers all crops and regions across the country.
Under this scheme, farmers can avail insurance coverage against yield loss, localized calamities, and price fluctuations. The premium rates are highly subsidized by the government, and farmers need to contribute only a small percentage of the total cost. In case of crop loss, the farmers are entitled to compensation as per their insured amount.
The scheme is implemented by the Ministry of Agriculture and Farmers Welfare, in collaboration with insurance companies, state governments, and banks. The government has set a target of covering 50% of the total crop area under this scheme by 2022.
The main features of PMFBY include online registration process, simplified premium rates, no capping on insured amount, and quick settlement of claims within 2 weeks of the crop loss. The farmers can also opt for add-on covers such as digital horticulture, post-harvest losses, and late sowing.
PMFBY has proved to be a boon for the farming community as it has brought them under the insurance net and provided them with financial security in case of crop failure. The scheme has also encouraged farmers to adopt modern farming practices and technologies, leading to higher crop productivity and better yields.
In conclusion, Pradhan Mantri Fasal Bima Yojana is a landmark government scheme that has transformed the insurance landscape for farmers in India. Through this scheme, the government has ensured that farmers are adequately compensated for crop loss and are provided with financial assistance and protection.