In this article, we will discuss Prime Minister Fasal Bima Yojana. This yojana is an insurance that provides for the yields of the farmers. According to this yojana, PM provides facilities to farmers for their yields.
PM Fasal Bima Yojana is launched on 18 February 2016 by Prime Minister Sri Narendra Modi. This is insurance for the yields of farmers. The aim of this Yojana is to reduce the burden on farmers. The Fasal bima yojana ensures the settlement of crop assurance claim for the full insured sum.
PM Fasal Bima Yojana Overview
PM Fasal Bima Yojana is launched by our honorable Prime Minister Sri Narendra Modi on 18 February 2016. In this yojana, insurance is provided to farmers for their yields. This was formulated in line with one Nation. The theme of one scheme is replaced by two schemes such as the National Agricultural Insurance scheme and the Modified National Agricultural Insurance scheme.
The aim of these schemes is to reduce the burden on farmers. This ensures the early settlement of the crop assurance claim for the full insured sum. PM Fasal Bima Yojana provides insurance coverage against the failure of crops. This Yojana helps farmers in stabilizing their income of farmers. This scheme covers all the food and oil seeds crops. The selection of implementing agency is made by the concerned State Government through bidding. The Fasal Bima Yojana scheme is administrated by the Ministry of Agriculture and Farmers’ Welfare.
Formalities of PM Fasal Bima Yojana
PM Fasal Bima Yojana is supporting production in the agricultural sector, providing financial support to farmers for damaged crops. The formalities to claim the PM Fasal Bima Yojana requires the documents such as a Passport size photo, Identity proof of the farmer, Adhar card, Pan card, Voter ID, Driving License, Passport, and Address proof of the farmer. For the coverage of the scheme, farmers are eligible to include sharecroppers and tenant farmers for growing the notified crops in notified areas.
To claim the PM Fasal Bima Yojana farmers need to intimation within 72 hours after the damage of crops. Crop insurance is a yield-based policy to compensate farmers’ losses arising due to production problems. This scheme covers the pre-sowing and post-harvest losses which causes due to cyclonic rains and rainfall deficits. These losses affect the income of the farmers and cause a reduction in crop yield.
Benefits of PM Fasal Bima Yojana
The PM Fasal Bima Yojana benefited the farmers. This yojana supports the financial sector of farmers who suffered from crop loss and damaged crops. This yojana is insurance provided by Prime Minister to the farmers for their yields.
To conclude, PM Fasal Bima Yojana is an insurance provided to the farmers for their yields which is launched by Prime Minister Sri Narendra Modi. This yojana will reduce the burden on farmers and also protects their income. This PM Fasal Bima Yojana provides the claim to the farmers for their damaged crops which causes due to rainfall deficit and cyclonic rains. The schemes of this yojana cover food crops and oil seeds.
FAQs Regarding PM Fasal Bima Yojana
What is PMFBY?
The PMFBY is Prime Minister Fasal Bima Yojana which is launched in 2016 and administrated by the Ministry of Agriculture and Farmers Welfare. This provides insurance to the farmers for their yields. This yojana covers the loss of food crops and oil seeds. With this yojana, the income of farmers is not affected and also reduces the burden on the farmers.
What is the premium of PM Fasal Bima Yojana?
The premium for all Kharif crops is to be paid 2%, and for all Rabi crops is 1.5% by farmers. The annual premium paid by farmers for commercial and horticultural crops will be 5%.
How can I claim PM Fasal Bima Yojana?
To claim PM Fasal Bima Yojana, farmers have to provide intimation within 72 hours after the damage should be provided on our call center numbers, local offices, concerned bank, local agricultural department, and District officials.
How many farmers benefited from PM Fasal Bima Yojana?
From the year 2016 to 2021, about 5.5 crore farmers applied for crop insurance every year. The premium of Rs. 21, 000crores has been collected and more than 1.5 lakh crore has been paid to farmers as an insurance claim.
Which risks are covered under PM Fasal Bima Yojana?
The risks such as natural fire, lightning, storm, hailstorm, cyclone, typhoons, tempests, hurricanes, and tornados are covered under PM Fasal Bima Yojana.
Who pays premium in PM Fasal Bima Yojana?
The farmers paid a premium of 2% on Kharif crops and 1.5% for Rabi crops. The annual premium for commercial and horticulture crops is 5% paid by the farmers.
Which documents are required to claim PM Fasal Bima Yojana?
The documents required to claim PM Fasal Bima Yojana are an Adhar card, Pan card, Voter card, Driving license, Passport, Passport size photo, and Address proof of the farmer.