Pradhan Mantri Fasal Beema Yojana, also known as the Prime Minister’s Crop Insurance Scheme, is a government-run scheme which was launched to provide insurance coverage to the farmers in India against any losses suffered due to natural calamities or other unforeseen events such as drought, flood, or pests that may damage their crops.
The scheme was launched by the Government of India in the year 2016, and is aimed at improving the agricultural sector in the country by promoting risk mitigation among farmers. The scheme is implemented by the Ministry of Agriculture and Farmers Welfare.
The Pradhan Mantri Fasal Beema Yojana offers comprehensive coverage to farmers for all crops grown on their land. These crops can be divided into two categories – Kharif crops and Rabi crops. Kharif crops include crops that are sown in the rainy season, while Rabi crops are those that are grown in winter.
The insurance coverage is available to all farmers who have taken a loan for crop production from any financial institution. The scheme is applicable to farmers across the country, irrespective of their size of landholding.
Under the Pradhan Mantri Fasal Beema Yojana, the premium rates are set at a very low rate, making it affordable for all farmers. The government provides a subsidy of up to 90% of the total premium amount, while the remaining 10% has to be borne by the farmers. However, the premium amount is variable, based on the type of crop and the risk factors associated with it.
The Pradhan Mantri Fasal Beema Yojana also provides coverage for post-harvest losses of crops resulting from natural calamities or any other unforeseen events that may occur during both pre-harvest and post-harvest stages. Farmers are eligible to receive a compensation amount equivalent to the market value of the crop that is destroyed, helping to mitigate their losses.
Overall, the scheme has been very beneficial for farmers in India, as it provides them with a financial safety net against crop loss. The scheme has helped to reduce the risk of farming, which is crucial for the growth of the agricultural sector in the country. With the continued support of the government, the Pradhan Mantri Fasal Beema Yojana is set to benefit thousands of farmers in India in the coming years and promote the growth and development of the agricultural sector.