The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a crop insurance scheme that was launched by the Indian government in 2016. The aim of the scheme is to provide financial assistance to farmers in case of crop damage due to natural calamities, helping them to sustain their income and ensure food security in the country.
The 2019 edition of PMFBY saw several changes and improvements to the scheme. Firstly, the government reduced the premium rates from 2% to 1.5% for kharif crops and from 1.5% to 0.5% for rabi crops. This reduction in premium rates would reduce the cost of insurance for farmers and encourage more of them to join the scheme.
Secondly, the compensation amount for crop losses was also increased, with the government now providing up to 25% more compensation for crop losses. This would make payouts more generous for farmers and further incentivize them to join the scheme.
The government also introduced new features to make the scheme more farmer-friendly. These included the provision of crop-specific insurance cover, which would cater to the specific needs of different crops and provide better payouts for the farmers. Additionally, the government also waived off the 12-day insurance cut-off period, thus allowing farmers to make claims before or after the said period.
Lastly, the government also made it easier for farmers to enroll in PMFBY, with the government automating the enrollment process and streamlining the overall insurance process. This would make it easier for farmers to enroll and receive payouts in a timely and efficient manner.
In conclusion, the 2019 edition of PMFBY was a step towards making crop insurance more accessible and beneficial to farmers in India. The reduction in premium rates, increase in compensation, and additional features make the scheme more farmer-friendly and would encourage more farmers to participate in the program. The government’s continued efforts in improving the scheme would go a long way in ensuring that farmers are protected against crop losses due to unforeseeable events.