Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-sponsored agricultural insurance scheme launched in 2016. The scheme was introduced to provide financial support and insurance coverage to the farmers during times of crop loss due to any natural calamities or unforeseen events.
The PMFBY has replaced all the earlier crop insurance schemes such as National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS). The scheme is intended to overcome the flaws in the earlier crop insurance schemes and provide better insurance coverage to the farmers.
Under the PMFBY, farmers have to pay a premium of only 2% for Kharif crops, 1.5% for Rabi crops, and 5% for horticultural crops. The rest of the premium amount is paid by the government. The premium rates for the scheme are kept low to ensure that farmers of all categories can afford the insurance.
The scheme covers all food and oilseed crops, cereals, millets, and pulses cultivated by the farmers. It also covers horticultural crops and commercial crops. The insurance cover is available from sowing to the post-harvest period of the crop. The scheme provides comprehensive coverage for any loss of crop due to natural calamities such as floods, droughts, earthquakes, landslides, hailstorms, etc.
The payouts under the PMFBY are made on an individual basis to the farmers. The claim settlement is done in a maximum of two months from the date of harvesting or receipt of claims. The scheme also has provisions for speedy settlement of claims, with the help of technology and satellite imaging.
The PMFBY has been a tremendous success since its launch. Currently, over 5.5 crore farmers are enrolled in the scheme. The scheme has ensured that farmers do not face any financial hardship during crop losses and have peace of mind to invest in their next crop. The scheme has proved to be a boon for farmers who have suffered crop losses due to unforeseen events.
In conclusion, Pradhan Mantri Fasal Bima Yojana is a game-changer in agricultural insurance in India. The scheme has addressed the inadequacies of the earlier crop insurance schemes and has provided comprehensive coverage to the farmers. The scheme has been a great support to farmers and has enabled them to minimize their losses in the event of any unforeseen events. The scheme has also strengthened the farmers’ trust in the government and has created a safer agricultural environment in the country.