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Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-run crop insurance scheme that was launched in 2016 to provide financial support to farmers in the event of crop damage due to natural calamities or other risks. The scheme replaced the earlier National Agricultural Insurance Scheme and Modified National Agricultural Insurance Scheme.
Under PMFBY, all farmers (including sharecroppers and tenant farmers) are eligible for insurance cover. The premium rates are kept low and affordable for farmers, with the government sharing a significant portion of the cost. The scheme is implemented through Agriculture Insurance Company (AIC) of India and other public and private insurance companies.
The scheme covers a wide range of crops, including food crops, horticultural crops, and commercial crops. In case of crop damage due to natural calamities such as floods, droughts, landslides, and cyclones, the farmers will be eligible to receive compensation of up to 25% of the sum insured. The compensation will be provided to the farmers within two months of the crop damage assessment.
In addition to natural calamities, PMFBY also covers risks such as pest attacks, diseases, and adverse weather conditions. The insurance coverage is available for the entire crop cycle, from pre-sowing to post-harvest, and includes the risks of yield loss and value loss.
The scheme has been quite successful in bringing relief to farmers who suffer crop damage due to natural calamities or risks. Several states have reported a significant increase in the number of farmers adopting the scheme. In the financial year 2020-21, more than 6.11 crore farmers were insured under PMFBY, with a total sum insured of over 2.13 lakh crores.
However, the scheme has also received criticism from some quarters for various reasons such as delays in compensation payment, low level of awareness among farmers, and concerns about the transparency and effectiveness of claim settlement procedures. The government has been taking steps to address these concerns and improve the implementation of the scheme.
Overall, PMFBY is an important initiative by the Indian government to provide financial security to farmers and encourage them to take risks in agriculture. While the scheme has its share of challenges, it has the potential to truly transform the lives of farmers across India.