Pradhan Mantri Fasal Bima Yojana (PMFBY)

Pradhan Mantri Fasal Bima Yojna (PMFBY) was introduced in 2016, the motive behind launching it was to replace all the existing yield insurance schemes in India. The scheme has extended coverage under localized risks, post-harvest losses, etc., and aims to adopt technology for yield estimation. Through increased farmer awareness and low farmer premium rates, the scheme aims at increasing crop insurance awareness in India.

The objective of the Scheme

• The main motive is to provide financial support to farmers suffering crop loss/damage arising out of unforeseen events
• To Stabilize the income of farmers to ensure their flow in farming
• Encouraging and educating them to adopt innovative and modern agricultural practices
• Ensuring the flow of credit to the agriculture sector will contribute to food security, crop diversification, and enhancing growth and competitiveness of the agriculture sector in addition to protecting farmers from production risks.

Eligibility Criteria Of the Scheme

• All farmers even who have share crops and tenant farmers growing notified crops in the notified areas are eligible to get the benefits of this scheme

Coverage of Farmers

• Loanee Farmers: All the farmers availing seasonal agriculture operations loans from financial institutes for the notified crop would be covered compulsorily.
• Non-Loanee Farmers: The Scheme would be optional for the farmers who are not listed as loanee farmers.

Coverage of Crops

All Food Crops will be covered under the scheme like;- Cereals, Millets, Pulses, Oil seeds, and Annual Commercial/Horticulture Crops.

Also Read:- https://tractornews.in/articles/capital-investment-subsidy-scheme-application-procedure/