PM Fasal Bima Yojana (PMFBY) is a crop insurance scheme launched by the Government of India to provide financial support to farmers in the event of crop failure due to natural calamities such as drought, flood, pest attacks, etc. The scheme was introduced to ensure the financial stability of farmers and encourage them to adopt modern agricultural practices without the fear of losing their crops and investments.
Under the PMFBY, farmers are required to pay a nominal premium of 1.5-2% of the sum insured for Kharif crops, 5% for Rabi crops, and 5% for commercial and horticultural crops. The remaining premium is subsidized by the government, with no cap on the subsidy amount. The scheme covers all food crops, oilseeds, and annual commercial/horticultural crops.
The insurance is provided against yield loss, prevented sowing, and post-harvest losses due to non-preventable natural calamities. The scheme also covers localized risks like landslide and hailstorm damage. The claim amount is calculated based on the extent of crop damage assessed by local officials and agricultural experts.
PMFBY has proven to be a boon for farmers as it provides them with financial support during difficult times. It has helped in promoting systematic risk management in agriculture and creating a safety net for farmers against market fluctuations and crop failures. The scheme has been widely praised for its transparency, efficiency, and timely payment of claims.
In conclusion, PM Fasal Bima Yojana is a step in the right direction towards empowering farmers and ensuring their financial security. It has brought much-needed relief to farmers across the country and has played a crucial role in promoting sustainable agricultural practices.