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Crop Insurance

Four Crore Farmers Opting for Pradhan Mantri Fasal Bima Yojana (PMFBY)

This year the number of farmers opting for the 'Pradhan Mantri Fasal Bima Yojana' is expected to cross four crore, as against three crore last year, said Union Agriculture Minister Radha Mohan Singh.

By next month, across the country as many as 200 mandis would be brought under the ambit of the scheme, 585 mandis would go online by 2018, while 400 mandis would be made online by March next year. To make agricultural practice risk-free for the farmers is the aim of this scheme.

He said "Earlier, premium rates differed according to location and crop insurance schemes profited insurance companies and farmers were not compensated for the losses due to crop damage caused by natural calamities after the harvest."

Union minister informed, Pradhan Mantri Fasal Bima Yojana is farmer-friendly. The farmers are required to pay only minimal premium and can claim compensation for losses caused by natural calamities up to 14 days after the harvest.

Under the 'Pradhan Mantri Jan-Dhan Yojana' in the last two years, bank accounts of more than 22 crore families have been opened.


Pradhan Mantri Fasal Bima Yojana

Government has launched Pradhan Mantri Fasal Bima Yojana. The main objective of the scheme is to provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases. It helps the farmers to encourage farmers to adopt innovative and modern agricultural practices.

The Scheme shall be implemented through a multi-agency framework by selected insurance companies. These insurance companies are under the overall guidance & control of the Department of Agriculture, Cooperation & Farmers Welfare (DAC&FW), Ministry of Agriculture & Farmers Welfare (MoA&FW), Government of India (GOI) and the concerned State in co-ordination with various other agencies.

The Scheme shall be implemented on an ‘Area Approach basis’ i.e., Defined Areas for each notified crop. Defined Area (i.e., unit area of insurance) is Village/Village Panchayat level by whatsoever name these areas may be called for major crops and for other crops it may be a unit of size above the level of Village/Village Panchayat.

All farmers growing notified crops in a notified area during the season who have insurable interest in the crop are eligible.

Comprehensive risk insurance is provided to cover yield losses due to non-preventable risks, such as
1. Natural Fire and Lightning
2. Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane, Tornado etc.
3. Flood, Inundation and Landslide
4. Drought, Dry spells
5. Pests/ Diseases etc.