PM Fasal Bima Yojana is a government-sponsored crop insurance scheme that aims to provide financial support to farmers in case of crop failure due to natural calamities. Launched in 2016, the scheme replaces the earlier crop insurance schemes and provides comprehensive coverage to farmers against various risks.
Under the PM Fasal Bima Yojana, farmers have to pay a nominal premium, while the remaining premium is equally shared by the central and state governments. This makes the insurance affordable for small and marginal farmers who are the primary beneficiaries of the scheme.
The scheme covers all food crops, oilseeds, and annual commercial/horticultural crops. It provides coverage for yield losses due to natural calamities such as drought, flood, hailstorm, pest attacks, and diseases. Additionally, the scheme also covers post-harvest losses for crops stored in government-approved storage facilities.
One of the key features of the PM Fasal Bima Yojana is the use of technology to streamline the insurance process and minimize delays in claim settlements. The scheme leverages technology to assess crop losses through satellite imagery and drone technology, ensuring transparency and quick payouts to farmers.
Since its launch, the scheme has benefitted millions of farmers across the country, providing them with financial security and stability in times of crop failure. By mitigating the risks associated with farming, the PM Fasal Bima Yojana aims to increase farmers’ income and boost agricultural productivity in India.
Overall, the PM Fasal Bima Yojana is a crucial step towards ensuring the welfare of farmers and safeguarding their livelihoods. As the backbone of the Indian economy, farmers play a vital role in ensuring food security for the country, and the scheme serves as a testament to the government’s commitment to supporting them in their time of need.