PMFBY Update: Government Announces Special Crop Compensation Scheme, Know the New Application Steps and More

By

Avijit Das

Pradhan Mantri Fasal Bima Yojana: Are you a farmer looking to protect your hard-earned crops from natural disasters? If yes, then the Pradhan Mantri Fasal Bima Yojana (PMFBY) is a great solution for you. This scheme offers security for your crops and provides financial stability. Throughout this article, we will share all the details regarding this scheme.

What is Pradhan Mantri Fasal Bima Yojana (PMFBY) ?

Agriculture is the backbone of India, but natural disasters, droughts, floods, and pest attacks can ruin the hard work of farmers. In such cases, it is important to protect their crops and maintain their income. With this objective, the Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched in 2016. This scheme provides financial assistance to farmers for crop losses and encourages them to adopt modern techniques and better agricultural practices. Let’s understand the scheme in detail.

Key Features of Pradhan Mantri Fasal Bima Yojana (PMFBY)

Season Crops Premium Rate
Kharif Foodgrains, Oilseeds, Pulses 2%
Rabi Foodgrains, Oilseeds, Pulses 1.5%
Annual Commercial/Horticultural Crops 5%

The Central and State Governments share the premium subsidy equally.

Main Objective of Pradhan Mantri Fasal Bima Yojana (PMFBY)

The main aim of this scheme is to provide financial assistance to farmers in case of crop failure. When crops are damaged due to floods, droughts, pests, or diseases, this scheme helps farmers stabilize their income and continue farming. It also motivates farmers to adopt modern agricultural practices.

What Losses Are Covered by Pradhan Mantri Fasal Bima Yojana (PMFBY)?

Here are the losses covered under the scheme:

  1. Yield Losses: Caused by natural disasters like floods, droughts, hailstorms, and storms.
  2. Losses Due to Pests and Diseases: If the crop is affected by pests or diseases.
  3. Prevented Sowing: If bad weather prevents sowing, up to 25% compensation is provided.
  4. Losses After Harvesting: If damage occurs due to cyclones or rain within 14 days after harvesting.
  5. Local Disasters: Such as hailstorms or landslides in the area.

Benefits of Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • Low Premium, High Security: Premium rates are low: 2% for the Kharif season and 1.5% for the Rabi season.
  • Optional for All Farmers: Both loanee and non-loanee farmers can join the scheme.
  • Stability in Agriculture: Even if the crop is damaged, the farming process continues with the help of financial support.

How to Join Pradhan Mantri Fasal Bima Yojana (PMFBY)?

To become a part of PMFBY, follow these steps:

Check Eligibility:

  • Farmer Type: Debtor (those who have taken a loan for agriculture) or non-debtor (independent farmers).
  • Land Ownership: Must be the owner or a legal tenant with proof of land ownership or tenancy agreement.
  • Crop Type: Only notified crops are covered under the scheme.
  • Area: The crop must be in a notified area.

Prepare Required Documents:

  1. Aadhar Card
  2. Bank Account Number and IFSC Code
  3. Farm Khasra Number or Proof of Land Ownership
  4. Crop Details (for the crop to insure)
  5. Passport Size Photo
  6. Copy of Tenancy Agreement (for tenant farmers)


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