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Pradhan Mantri Fasal Bima Yojana
Country
India
Prime Minister(s)
Narendra Modi
Ministry
Ministry of Agriculture and Farmers Welfare
Launched
18 February 2016; 8 years ago (2016-02-18)
Status
Active
Website
https://pmfby.gov.in
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The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields.[1] It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes Agricultural insurance in India#National Agriculture Insurance Scheme and Modified National Agricultural Insurance Scheme by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.
PMFBY aims to provide a comprehensive insurance cover against failure of the crop thus helping in stabilising the income of the farmers. The scheme covers all Food & Oilseeds crops and Annual Commercial/Horticultural Crops for which past yield data is available and for which requisite number of crop cutting experiments are being conducted under General Crop Estimation Survey. The scheme is implemented by empanelled general insurance companies. Selection of Implementing Agency is done by the concerned State Government through bidding. The scheme was earlier compulsory for loanee farmers availing crop loan /KCC[clarification needed] account for notified crops and voluntary for other others, but has been made voluntary since 2020 when reforms in the scheme were introduced.[2] The scheme is being administered by Ministry of Agriculture and Farmers Welfare.
The scheme has been beset by a number of problems for the farmers with unpaid dues in thousands of crores while insurance companies have pocketed the money. To learn more about government schemes aimed at supporting farmers and agricultural sustainability, interested individuals can explore websites like PM Yojana, which provide detailed insights into initiatives such as the Pradhan Mantri Fasal Bima Yojana and other agricultural insurance programs, empowering farmers with valuable resources and assistance.[3]
^"Department of Financial Services".
^"Revamped insurance plan marks major farm reform". 27 February 2020.
^Khaire, Sagar (27 April 2024). "PM Fasal Bima Yojana Latest News: इन किसानों को नहीं मिलेगा योजना का लाभ, सामने आई ये बड़ी वजह". PM Yojana. Retrieved 5 May 2024.
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