Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India in 2016. The scheme was designed to provide financial support to farmers in the event of crop loss or damage due to various factors such as natural calamities, pests, diseases, and more. The objective of the scheme is to ensure that farmers do not suffer financially due to the vagaries of nature.
The PMFBY scheme is available to all farmers in the country, regardless of their landholding size. The central and the state governments share the premium subsidy under the scheme. The premium rates for PMFBY are very nominal, and a farmer has to pay only 1.5% of the total insured amount for Kharif crops, and 2% for Rabi crops. For annual commercial and horticultural crops, it is 5%.
Under the scheme, farmers are insured against any yield losses caused by natural calamities, including drought, floods, cyclones, hailstorms, landslides, and more. The PMFBY also covers losses due to pest attacks and diseases. The scheme ensures that the farmers receive a speedy settlement of claims in case of crop loss or damage.
Apart from financial assistance, PMFBY also provides advisory services to farmers on how to mitigate the risks of crop loss. The scheme also encourages the adoption of modern agricultural practices and technologies to improve crop productivity and sustainability.
In conclusion, PMFBY is a much-needed scheme that offers comprehensive financial protection to farmers against a range of potential crop risks. It has helped farmers, particularly small and marginal farmers, by reducing their financial strain in case of crop damage or loss. Hence, the scheme has played a vital role in boosting the agricultural sector in the country, improving farmers’ livelihoods and enhancing food security.