Farmers in India face such challenges almost every year. Despite cultivating with great hope, many farmers suffer losses due to natural disasters. However, farmers who fear losses cannot simply quit farming. If they choose an alternative livelihood, it could lead to a food shortage for everyone.
To address this issue, the central government has introduced a special scheme to support farmers affected by natural disasters.
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Now, farmers will receive compensation if their crops are damaged due to natural calamities. Similar to life insurance, the Modi government has launched the Pradhan Mantri Fasal Bima Yojana. Farmers can claim compensation for crop losses only if they enroll in this insurance scheme. The Modi government introduced this scheme in 2016, and over the past seven years, farmer participation in this insurance has steadily increased. In this article, we will share all the details regarding this scheme.
Even if a farmer faces losses in farming, his family still depends on him. To ensure that farmers do not quit farming due to financial difficulties, the Pradhan Mantri Fasal Bima Yojana was introduced.
The risk of crop losses due to natural disasters is increasing. As a result, this insurance scheme is becoming more popular among farmers. In the last financial year alone, the number of beneficiaries of Pradhan Mantri Fasal Bima Yojana increased by 27%.
How does this insurance help farmers?
To receive compensation for crop losses under this scheme, farmers must first enroll and pay a premium in advance. According to government data, in the financial year 2023-24, farmers received ₹500 in compensation for every ₹100 paid as an insurance premium. In the last financial year, 56.8 crore farmers benefited from this insurance.
How to apply for Pradhan Mantri Fasal Bima Yojana?
- Farmers can apply for this scheme at the nearest government bank or post office.
- Some designated post offices also offer this facility.
- To enroll, farmers need to submit their PAN card, Aadhaar card, land certificate, and crop details.
West Bengal’s Crop Insurance Scheme
Like this central scheme, the West Bengal government has launched the Bengal Crop Insurance for farmers in the state. However, unlike the central scheme, farmers do not have to pay any premium, as the state government covers the cost.