.png)
Leadpreneur's
Read about Fasal Bima Yojana scheme in details..
INTRODUCTION
In order to improve the insurance services available to farmers, this flagship program was created in accordance with the One Nation–One Scheme. It replaces three older initiatives, the Weather-based Crop Insurance Scheme, the Modified National Agricultural Insurance Scheme, and the National Agricultural Insurance Scheme, by combining their best features and eliminating any inherent shortcomings. Together with embanelled general insurance companies, the Ministry of Agriculture's Department of Agriculture, Cooperation, and Farmers' Welfare is in charge of overseeing this program.
OBJECTIVES
Offer reasonably priced, all-inclusive insurance protection against crop failure, damage, and loss.
Increase the use of crop insurance, concentrating mostly on covering the entire seeded area.
Maintain agricultural production sustainability and stabilize farmer incomes.
Make sure credit is flowing to the agricultural industry.
Motivate farmers to use cutting-edge, contemporary farming techniques.
Encourage rivalry in the agricultural industry.
Shield farmers from hazards to their output.
Give farmers a tax exemption on products and services.
PRADHAN MANTRI FASAL BIMA YOJANA IN BRIEF
Coverage for Insurance under the PMFBY Program:
The insurance coverage under this plan is restricted to particular crops and crop-related agricultural risks. Food crops (such as grains, millets, and pulses), oilseeds, annual commercial crops, and annual horticulture crops are among the crops on the list of notified crops.
Stage 1: Peril of seeding, planting, and non-germination
When inclement weather or insufficient rainfall hinder the insured area from successfully planting, sowing, or germinating
Stage of Growth: Peril of Stand-by Crop Failure
In this case, non-preventable dangers cause damage to planted crops. Yield losses from drought, dry spells, floods, inundation, pest infestations, crop diseases, landslides, natural fires, lightning, hailstorms, and cyclones are covered by insurance.
Harvest Stage: Possibility of losses after harvest
This only applies to crops that, after harvesting, must be dried in little bundles or in a cut-and-spread manner. Insurance coverage is offered for damages resulting from hailstorms, cyclones, cyclonic rains, and other natural disasters for a maximum of two weeks after these crops are harvested.
Protection from natural disasters: This covers loss or damage to insured crops that have been notified owing to recognized localized hazards of landslides, hailstorms, cloud bursts, and natural fires.
Exclusions: The coverage does not extend to loss or damage to notified insured crops resulting from war, nuclear dangers, malicious damage, or other avoidable risks.
Through the use of numerous technological solutions, the government digitized land records and integrated necessary papers into the PMFBY portal using this project. To facilitate enrollment and enable crop loss reporting, it created the PMFBY crop insurance app. Additionally, the app connected to the farmer's bank account, which made the claims settlement procedures easier. The average amount covered per hectare of land under the prior efforts was Rs. 15,000 (US$ 204.4) in 2016; under the PMFBY, however, it grew to Rs. 40,700 (US$ 554.7) in 2020.
FUTURE
All things considered, the PMFBY program is a landmark effort to offer farmers all around the nation a complete risk solution at affordable, consistent premium rates. The Ministry of Agriculture & Farmers' Welfare engaged with stakeholders and addressed their concerns in order to reform the PMFBY system, which it did in great detail between 2016 and 2020. The ministry then made available the updated PMFBY operating instructions for the Rabi 2019 crop season.
In terms of farmer enrollment, the PMFBY is estimated to be the largest crop insurance program in the world as of 2023; in terms of insurance premiums, it is ranked third. The Union Government provided Rs. 13,625 crore (US$ 1.64 billion) under the 2024–25 budget, and through the PMFBY project, it has aided 4 crore farmers thus far.