Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. The aim of this scheme is to provide financial support to farmers in case of crop loss or damage due to natural calamities, pests, or any other such unforeseen circumstances. The scheme also provides coverage against crop loss due to post-harvest factors, such as fire, thunderbolt, etc.
Under the PMFBY scheme, farmers have to pay a premium of only 2% for kharif crops, 1.5% for rabi crops, and 5% for commercial and horticultural crops. The rest of the premium amount is shared equally by the central and state governments. There is no upper limit on the premium and claims can be settled within 2 to 3 weeks of filing the claim.
To be eligible for the scheme, farmers have to be enrolled under the Pradhan Mantri Fasal Bima Yojana by providing all the necessary documents to their respective banks. Moreover, the scheme is voluntary and farmers have the option to opt-in or opt-out of it.
The scheme has been successful in providing financial assistance to farmers in case of crop loss. With over 5.7 crores of farmers enrolled under the scheme, PMFBY has become one of the most popular initiatives of the Government of India.
In conclusion, PMFBY has been effective in safeguarding the interests of farmers and ensuring that they receive financial compensation for any crop loss or damage. The scheme has played a significant role in promoting agricultural stability and advancing the welfare of farmers across the country.