Pradhan Mantri Fasal Bima Yojana (PMFBY)

To improve the condition of farmers in the nation and subsequently the economy, Hon’ble Prime Minister Shri Narendra Modi had launched Pradhan Mantri Fasal Bima Yojana (PMFBY).

This scheme will help in decreasing the burden of insurance premiums on farmers who take loans for their crop cultivation. The settlement process of the insurance claim has been made fast and easy; and this scheme will be implemented in every state of India, in association with respective State Governments.

Highlight Of The Scheme

  • There will be a premium of 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops.
  • The premium rates to be paid by farmers are low and the balance premium will be paid by the Government.
  • No upper limit on Government subsidy.
  • Remote sensing drone and GPS technologies are used to evaluate the data of crop cutting to reduce the delays in the claim payment.
  • The insurance plan will be handled under a single insurance company, Agriculture Insurance Company of India (AIC).
  • PMFBY is a replacement scheme of the National Agriculture Insurance Scheme (NAIS) and the Modified National Agriculture Insurance Scheme (MNAIS) and hence exempted from the service tax.

Objectives Of The Scheme

  • To provide insurance coverage and financial support to the farmers in the event of natural calamities, pests & diseases.
  • To ensure the continuous income of farmers.
  • To encourage farmers to adopt cutting-edge and modern agricultural practices.
  • To ensure the capital flow of credit to the agriculture sector.

Crops Covered

  • Food crops (Cereals, Millets and Pulses)
  • Oilseeds
  • Annual Commercial / Annual Horticultural crops

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