The Pradhan Mantri Fasal Bima Yojana (PMFBY) is a government-backed crop insurance scheme launched on January 13, 2016, to provide financial support to farmers in case of crop loss due to natural calamities, pests, or diseases.
Farmers Eligible:
Individual farmers, sharecroppers, and tenant farmers.
Should be growing notified crops in the notified areas.
Land Requirement:
The farmer must have a valid land record or lease agreement (for tenant farmers).
Bank Account:
A bank account is mandatory for premium deduction and claim settlement.
Application Process:
Farmers can apply through banks, Common Service Centers (CSC), insurance companies, or the official PMFBY website.
Kharif season: Last date for enrollment – July 31 Rabi season: Last date for enrollment – December 31
Kharif crops (food grains, oilseeds) - 2% of sum insured, Rabi crops (food grains, oilseeds) -1.5% of sum insured. Commercial & Horticultural crops - 5% of sum insured
Coverage of Risks:
Prevented sowing due to adverse weather conditions.
Loss of standing crops due to drought, flood, cyclone, hailstorm, etc.
Post-harvest losses due to cyclones or unseasonal rains.
Localized risks like landslides and hailstorms.
Premium Rates (Farmer’s Share):
Kharif crops: 2% of the sum insured.
Rabi crops: 1.5% of the sum insured.
Commercial & horticultural crops: 5% of the sum insured.
The remaining premium is subsidized by the central and state governments.
Sum Insured:
The insured amount depends on the crop, area, and cost of cultivation.
Voluntary & Compulsory Enrollment:
Compulsory for farmers with crop loans from banks (loanee farmers).
Voluntary for non-loanee farmers.
Wide Coverage:
Covers all food crops, oilseeds, and commercial/horticultural crops notified by the state.
Use of Technology:
Claims are assessed using satellite imagery, drone technology, and smartphones for accuracy.