The frequent occurrence of rainfall deficits, draughts, and late-onset of rainfall due to climate change has highlighted the importance of crop insurance for Indian farmers. PM Fasal Bima Yojana aims to increase agricultural production by providing support to ensure inclusive risk cover for crops of farmers against all-natural risks from pre-sowing to post-harvest stage.
Prime Minister Narendra Modi citing the significance of crop insurance has launched the Pradhan Mantri Fasal Bima Yojana on 18th February 2020. Millions of farmers have benefited from the PM Fasal Bima Yojana, and in order to ensure more efficient and effective implementation, the Central Government has revamped the Pradhan Mantri Fasal Bima Yojana. The government has envisaged leveraging technology comprehensively to address the issues relating to timely assessment and payment of claims.
The Pradhan Mantri Fasal Bima Yojana, propelled by the Ministry of Agriculture and Farmers Welfare, is a replacement scheme of the National Agriculture Insurance Scheme (MNAIS) under which a consistent premium of only 2 percent to be settled by farmers for Kharif crops and 1.5 percent for Rabi crops. The premium to be paid in the case of annual commercial and horticultural crops will be 5 percent only, and the remaining premium will be borne by the government.
The PM Fasal Bima Yojana has been implemented in 27 states and Union Territories and has completed four years. The insured amount has almost doubled under the scheme from Rs. 22,000 per hectare to Rs. 39,000 per hectare.
The cabinet has approved the following changes in the PM Fasal Bima Yojana to address the challenges existing in implementation:
All the farmers, including sharecroppers & tenant farmers producing the stated crops in the notified areas, are eligible for the benefits under the PM Fasal Bima Yojana.
All crops are covered under the PM Fasal Bima Yojana for which past yield data is available such as Food crop, oilseed crop, Annual commercial crop, horticulture crops.
The settlement of claims will be made on the basis of Area Approach, subject to the following;
The important documents required for making application in PM Kisan Bima Yojana are as following;
Step 1- Go to the official website of PM Fasal Bima Yojana – https://pmfby.gov.in/
Step 2- Click on farmer’s corner on the homepage.
Step 3- Log in with your Mobile Number. Log in as a Guest Farmer, if you don’t have an account.
Step 4- Enter all the required details like name, address, age, state.
Step 5- Click the Submit Button.
Agriculture remains the primary sector of the Indian economy; accounting for merely 16 percent of India’s GDP, with approximately 43.9 percent of the Indian population depends on it for their livelihood. In recent years various causes have led to agrarian distress like crop failures, indebtedness, non-remunerative prices, and poor returns. The Government of India has come up with the PM Fasal Bima Yojana to address these issues and provide insurance, direct transfers, and loan waivers to the distressed Indian farmers.
The PM Fasal Bima Yojana aims to reverse the risk nature of farmers and address farmer’s grievances as they are vulnerable to agricultural risks and thus need an insurance system. With the launch of PM Fasal Bima Yojana, Prime Minister Narendra Modi has made an effort to ensure transparent and timely assessment of the yield, and quick computation and payment of claims to the farmers, and to realize the goals of Aatmnirbhar Krishi in general and Atmanirbhar Farmers in particular. Millions of farmers have benefitted from the PM Fasal Bima Yojana and provided the inclusive risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to the post-harvest stage.