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Pradhan Mantri Fasal Bima Yojana (PMFBY) is a scheme that has been started by the Government of India by Prime Minister Narendra Modi on 18th February in the year of 2016.
The main focus of the scheme is to provide the farmers’ insurance coverage and financial support during the times of failure of any crop as a result of natural calamities, pests or diseases.
The focus of the scheme is to ensure the stabilization of the income of the farmers so that they continue farming, and also to encourage the farmers to adopt the innovative and modern farming and agriculture practices and also make sure that the flow of credit is continuous in the agricultural sector.
What are the main objectives of this Pradhan Mantri Fasal Bima Yojana scheme?
The main objective of the scheme of Pradhan Mantri Fasal Bima Yojana is given in the following
- The main objective of the scheme is to provide insurance coverage and also financial support to the farmers whenever an event of failure occurs due to natural calamities, diseases and pests.
- To make sure that the income of the farmers are stabilized so that they continue farming.
- To make sure that the farmers are adapting the innovative schemes and the modern techniques in agriculture.
- To make sure that the flow of credit is continuous in the field of the agriculture sector.
What are the risk factors that are covered under the scheme of PMFBY?
The risk factors that are covered by the government under the scheme of PMFBY are given below
- The risk insurance is provided to the farmers to cover up the yield losses that are caused due to the non-preventable risks like the natural fire, lightning, storm, hailstorm, cyclone, drought, hurricane, tornado and many more.
- Another risk factors that are to be covered up are due to prevented sowing, germination risk which are caused due to deficit rainfall or other seasonal conditions.
- The risks that are covered under the scheme are also under the post-harvest losses. In this case, the coverage will only be available to the farmers up to a maximum period of two weeks from harvesting.
- Another risk that will be covered under the scheme will be due to the localized calamities like the cloud burst, natural fire, landslide and more.
- Lastly, the risk that will be covered will be due to the attack of the wild animals on the crops.
What is the eligibility criteria that is required for this scheme?
The eligibility criteria that is required for this scheme are given below.
- Compulsory component – the farmers who have availed for the Seasonal Agricultural Operations (SAO) loans which means the loanee farmers would be the ones who will be covered compulsorily.
- Voluntary component – the scheme will be optional for the farmers who have not availed for the loans i.e. the non-loanee farmers.
What are the crops covered under the scheme of Pradhan Mantri Fasal Bima Yojana?
The crops that are covered under the scheme of Pradhan Mantri Fasal Bima Yojana are given below
- Food crops for example cereals, millets and pulses
- Oilseeds
- Annual commercial crops or Annual Horticultural crops.
What are the features of the PMFBY?
The key features of the scheme of PMFBY are given below.
- This scheme will be replacing the scheme named as National Agricultural Insurance Scheme (NAIS) and also the modified NAIS
- The scheme includes premium payment by the farmers under PMFBY. In the case of
- Kharif crops 2%
- Rabi crops 1%
- Horticultural crops 5%
Of the sum is insured which is paid by the farmers.
What are the excluded risks under the scheme of PMFBY?
The excluded risks under the scheme of PMFBY are given below
- The nuclear risks and in the case of war
- The malicious damage
- Damage caused due to riots
- Theft and act of enmity
- Grazed or if destroyed by domestic animals or wild animals.
In conclusion, to apply for the Pradhan Mantri Fasal Bima Yojana scheme one can go to its official website and click on the “Farmer Corner” in order to enrol. Whereas, the new farmers will have to register themselves by filling up the registration form. Thank you.
