Pradhan Mantri Fasal Bima Yojana was launched on 18 February 2016 by the Prime Minister Narendra Modi. The scheme aims at providing financial support to the farmers to help them with loss of crops due to natural disaster, pest and disease. PMFBY is in line with one nation- one scheme theme. It has replaced two existing schemes - National Agriculture insurance Scheme and Modified National Agriculture Insurance Scheme. Here you will get a detailed guide on Pradhan Mantri Fasal Bima Yojana Scheme.
The scheme ensures at stabilising the Income of farmers so there is continuance in farming. Furthermore, it encourages farmers to adopt innovative and contemporary agricultural practices.
Some of the important benefits of PMFBY are as follows:
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Following are the risks covered under the PMFBY-
Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, such as -:
Benefits are given if farmers are unable to sow crops due to unfavourable seasonal conditions. Framers shall be eligible for indemnity claims up to a maximum of 25%of the sum-insured.
After harvesting, if there is damage caused to the crops that are kept for drying in the field for a maximum 14 days due to unseasonal cyclone, storm or hail, then the insurance company will compensate for the damages.
Loss or damage resulting from the occurrence of hailstorm, landslides and inundation affecting isolated crops in the notified area would also be covered in the scheme
Some of the private Insurance companies present in the Government agriculture or crop scheme based on their financial strength, insurance, manpower and expertise are mentioned below -
The Actuarial Premium Rate APR is charged under the PMFBY by IA.
The rate of the insurance charges are payable by the farmer as per the following table
|Season||Crops||Maximum Insurance charges payable by the farmer (% of sum insured)|
|Kharif||Food & oilseeds crops (all cereals, millets, & oilseeds, pulses)||2% of SI or Actuarial rate, whichever is less|
|Rabi||Food & oilseeds crops (all cereals, millets, & oilseeds, pulses)||1.5% of SI or Actuarial rate, whichever is less|
|Kharif & Rabi||Annual Commercial/Annual Horticultural crops||5% of SI or Actuarial rate, whichever is less|
Farmers in the notified area possess a Kisan Credit Card or a Crop loan account to whom Credit Limit is sanctioned or renewed for notified crop
This coverage may be availed by framers who are not covered above. This also includes Kisan Credit Card or Crop Loan Account whose credit limit is not renewed.
The claim amount will be released to the individual’s Bank account. The bank will credit in the account of a farmer and display beneficiaries on their notice board. Furthermore, the bank will provide individual farmer details and claim credit details to IA and will include in the centralised data repository.
The claim amount will be released electronically to the individual’s insured bank account.
An individual can register or apply online for Pradhan Mantri Fasal Bima Yojana. Here is the complete procedure to apply for Pradhan Mantri Fasal Bima Yojana-
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