Pradhan Mantri Fasal Bima Yojana (PMFBY)
Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched on 18th February 2016 with the objective to support sustainable production in the agriculture sector. The scheme aims to provide compensation to farmers suffering crop damage or loss arising out of unforeseen events, stabilize farmer’s income, encourage them to adopt innovative and modern agricultural practices, ensure the flow of credit to the agriculture sector, and protect farmers from production risks.
Pradhan Mantri Fasal Bima Yojana provides financial support to farmers in case of damage to their crops due to natural calamities, pests and diseases. The scheme covers all food crops, oilseeds and annual commercial or horticultural crops. The following are the features of the scheme:
The following table provides a brief summary of the scheme’s features:
Features | Details |
Coverage of Farmers | All farmers including sharecroppers and tenant farmers |
Compulsory Component | SAO loanee farmers for the notified crops are covered |
Voluntary Component | Non-loanee farmers |
Coverage of Crops | Food crops, oilseeds, annual commercial/horticultural crops |
Coverage of Risks | Prevented sowing, standing crops, post-harvest losses |
General Exclusions | Losses arising from war and nuclear risks are excluded |
The scheme has faced criticism for not being useful to all farmers, especially those who belong to certain segments. The non-loanee farmers are eligible to get the coverage, but they are required to submit necessary documentary evidence of land records prevailing in the state (Records of Right (RoR), Land Possession Certificate (LPC), etc.) and applicable contract/agreement details (in case of sharecroppers/tenant farmers). It may not be possible for some farmers to fulfill these requirements.
Here are the step-by-step instructions for the application process for PMFBY:
Note: Non-loanee farmers are not mandated to apply for the scheme, and it is voluntary. However, farmers who avail of Seasonal Agricultural Operations (SAO) loans from financial institutions are obligated to participate in the scheme. Additionally, the scheme is committed to ensuring maximum coverage of SC/ST/women farmers
Here is a list of documents required for Pradhan Mantri Fasal Bima Yojana (PMFBY):
Farmers who avail of Seasonal Agricultural Operations (SAO) loans from financial institutions are obligated to participate in the Pradhan Mantri Fasal Bima Yojana (PMFBY). To apply for the scheme, these farmers are required to submit the necessary documentary evidence of land records prevailing in the State (Records of Right (RoR), Land Possession Certificate (LPC), etc.), applicable contract/agreement details (in case of sharecroppers/tenant farmers), loan documents provided by the financial institution, and any other documents required by the insurance company or the State Government. Farmers need to check with their financial institutions for any additional documents that may be required.
Pradhan Mantri Fasal Bima Yojana (PMFBY) is an excellent scheme that aims to insure the uncertainty in the agriculture sector by providing compensation to farmers suffering crop loss/damage arising out of unforeseen events. The scheme also encourages farmers to adopt innovative and modern agricultural practices and ensures the flow of credit to the agriculture sector. However, the scheme has some drawbacks and special efforts must be made to ensure maximum coverage of farmers under the scheme.
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