Pradhan Mantri Fasal Bima Yojana (PMFBY)

The Pradhan Mantri Fasal Bima Yojna (PMFBY) was introduced on 14th January 2016, in a move aimed at reducing agricultural distress and farmer’s welfare without having to affect hefty hikes in the Minimum Support Prices (MSP) of agricultural products prices due to Monsoon fluctuations induced risks The PMFBY Scheme operates on the basis of ‘Area Approach’ i.e., Defined Areas for each notified crop for widespread calamities.

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Objective of the Scheme:

Pradhan Mantri Fasal Bima Yojana (PMFBY) aims at supporting sustainable production in agriculture sector by way of –

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a) providing financial support to farmers suffering crop loss/damage arising out of unforeseen events
b) stabilizing the income of farmers to ensure their continuance in farming
c) encouraging farmers to adopt innovative and modern agricultural practices
d) ensuring flow of credit to the agriculture sector; which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks.

• 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 (CCEs) will be conducted being a part of the General Crop Estimation Survey (GCES).

• The scheme is compulsory for loanee farmer obtaining Crop Loan /KCC account for notified crops. However, voluntary for Other/non loanee farmers who have insurable interest in the insured crop(s).

• The Maximum Premium payable by the farmers is 2% for all Kharif Food & Oilseeds crops, 1.5% for Rabi Food & Oilseeds crops and 5% for Annual Commercial/Horticultural Crops.

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• The difference between premium and the rate of Insurance charges payable by farmers shall be shared equally by the Central and State Governments .

• The seasonality discipline shall be same for loanee and non-loanee farmers.

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