Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme that was launched by the Government of India in April 2016. The scheme aims to provide financial support to farmers in the event of crop loss due to natural calamities such as drought, flood, pest attacks, or any other unforeseen circumstances.
Under the PMFBY scheme, farmers are required to pay a minimum premium of 2% for Kharif crops, 1.5% for Rabi crops, and 5% for commercial and horticultural crops. The remaining premium is subsidized by the central and state governments to make crop insurance affordable for small and marginal farmers.
The scheme covers all food crops, oilseeds, and annual commercial and horticultural crops. It provides comprehensive risk coverage from pre-sowing to post-harvest, including localised risks such as inundation, pests, diseases, etc. The sum insured is based on the scale of finance and the premium rates as announced by the Government of India.
One of the key features of the PMFBY scheme is the use of technology to streamline the insurance process. Claim settlements are done through the use of remote sensing technology, drones, mobile apps, and satellite imagery, which help in assessing crop loss quickly and accurately. This helps in reducing delays in claim settlements and ensures that farmers receive their compensation in a timely manner.
Since its launch, the PMFBY scheme has benefited millions of farmers across the country by providing them with financial protection against crop loss. It has also helped in promoting agricultural productivity and ensuring food security in the country.
Overall, the PMFBY scheme has been instrumental in safeguarding the interests of farmers and providing them with financial security in times of need. It has played a vital role in promoting sustainable agricultural practices and ensuring the economic well-being of farmers in India.