Pradhan Mantri Fasal Bima Yojana – Crop Insurance for Farmers
Overview
Pradhan Mantri Fasal Bima Yojana (PMFBY) is a flagship crop insurance scheme of the Government of India. It provides financial protection to farmers against crop losses due to natural calamities, pests, and diseases.
PMFBY is implemented through insurance companies empaneled by the central government and state governments, making it available to farmers across the country.
Objective
The scheme aims to reduce the financial distress of farmers caused by crop failure. It stabilizes farm income by ensuring that losses from unforeseen events are compensated, encouraging farmers to invest in better seeds and inputs without fear.
Benefits
- Low premium: 2% of sum insured for Kharif crops, 1.5% for Rabi crops
- Premium for commercial/horticultural crops is 5%
- Government subsidizes the remaining premium amount
- Covers crop losses due to drought, flood, hailstorm, cyclone, pest, and disease
- Claims settled based on yield data at the block level
Eligibility
- All farmers, including sharecroppers and tenant farmers, growing notified crops
- Loanee farmers are automatically covered under the scheme
- Non-loanee farmers can voluntarily enroll
- Coverage must be taken before the cut-off date for each season
Exclusions
- Losses due to war, nuclear risks, or theft are not covered
- Deliberate damage to crops is excluded
- Crops not notified under PMFBY in the respective state are excluded
- Losses that occur after harvest but before threshing are not covered under the standard plan
Application Process
- Loanee farmers: Bank automatically enrolls them at the time of crop loan
- Non-loanee farmers: Apply through the nearest bank, CSC, or PMFBY portal (pmfby.gov.in)
- Submit details of land, crop, and season
- Pay the farmer’s share of the premium
- Receive an acknowledgment with policy details
Documents Required
- Aadhaar card
- Bank account passbook
- Land records (khasra/khatauni or lease agreement)
- Sowing certificate from Patwari
- Passport-size photograph
