Pradhan Mantri Fasal Bima Yojana (PMFBY) is a scheme launched by the Indian Government in 2016 to ensure risk mitigation and financial assistance to the farmers in case of any natural calamities or crop losses. The scheme is aimed at providing comprehensive coverage to all farmers against crop loss due to weather events or other factors.
The PMFBY is a voluntary scheme open to all farmers across the country. Farmers who opt for this scheme have to pay a premium of up to 2% of the sum assured for Kharif crops, and up to 1.5% of the sum assured for Rabi crops, while the remaining premium is paid by the government. The sum assured is calculated based on the crop yield and the price of the crop.
The PMFBY provides coverage for losses arising due to natural calamities such as cyclones, floods, droughts, landslides, and pests or diseases. It also covers post-harvest losses due to perils such as fire, lightning, and cyclones. The scheme also provides coverage for the risks associated with the delay in sowing, including droughts, abnormal rainfall, and pest attacks.
The PMFBY has a simple and transparent claim settlement process that is farmer-friendly. The claims are settled within two months of receipt of the indents. The scheme also provides incentives for early claim settlement, ensuring the speedy release of funds to the farmers.
Another significant advantage of the PMFBY is that it provides coverage for losses suffered by sharecroppers, tenant farmers, and landless farmers who have taken the land on lease for farming. This ensures that small and marginal farmers are also protected against crop loss and can continue agricultural operations without facing financial difficulties.
In conclusion, the Pradhan Mantri Fasal Bima Yojana is an essential scheme that provides financial support to farmers against crop loss due to natural calamities or crop failure. The scheme has a transparent claim settlement process and provides coverage to all farmers, including sharecroppers, tenant farmers, and landless farmers. The scheme ensures that the farmers, especially the small and marginal ones, are not forced to bear the financial burden of crop loss, and they can continue farming without fear of financial difficulties.