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The Pradhan Mantri Fasal Bima Yojana (PMFBY)



The Pradhan Mantri Fasal Bima Yojana (PMFBY)

  • In April, 2016, the government of India had launched Pradhan Mantri Fasal Bima Yojana (PMFBY) after rolling back the earlier insurance schemes viz. National Agriculture Insurance Scheme (NAIS), Weather-based Crop Insurance scheme and Modified National Agricultural Insurance Scheme (MNAIS). 
  • Thus, at present, PMFBY is the only flagship scheme of the government for agricultural insurance in India.
  • This crop insurance scheme will be administered under the Ministry of Agriculture and Farmers’ Welfare, Government of India.
Features of the scheme:
  • The scheme provides  comprehensive risk coverage from pre-sowing to post harvest losses due to non-preventable natural risks 
  • It envisages a uniform premium of only 2 per cent to be paid by farmers for Kharif crops, and 1.5 per cent for Rabi crops. The premium for annual commercial and horticultural crops will be 5 per cent.
  • The remaining part of premium is shared by the Central and State Government on 50 : 50 basis. 
  • There is no upper limit on Government subsidy. Even if balance premium is 90%, it will be borne by the Government.
  • All the funds for the scheme come from the Krishi Kalyan Kosh.
  • unit area of insurance has been lowered to village/village panchayat level for assessment of losses of major crops and to individual farm level
  • Setting up of National Crop Insurance Portal for scheme administration that let the farmer enroll under the scheme directly and to track the entire process of his claim settlement. 
  • The scheme covers localized calamities such as hailstorms, landslides etc; yield losses such as droughts, dry spells, pests, floods etc; and post-harvest losses against specific perils of unseasonal rains, cyclonic rains, cyclones etc.
  • However, this scheme excludes perils such as war & kindred perils, nuclear risks, riots, malicious damage, theft, act of enmity, grazed and/or destroyed by domestic and/or wild animals
  • It also envisages adoption of technology ( remote sensing, smart phones and drones) for integration of all stakeholders on the National Crop Insurance Portal for scheme administration and in capturing crop loss assessment etc.

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