The PRADHAN MANTRI FASAL BIMA YOJANA was initially introduced on 14th January 2016, aiming at reduction of agricultural distress and farmer’s welfare without having to pay heavy hikes in the minimum support prices (MSP) of agricultural products prices due to monsoon fluctuations and fewer rainfalls induced risks. The PMFBY Scheme operates on ‘Area Approach’ i.e., Defined Areas for each Notified crop for wide spreads.
OBJECTIVE-
The PRADHAN MANTRI FASAL BIMA YOJANA is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. had an objective to provide insurance coverage and financial support to the farmers in case of failure of any of the notified crop as a result of natural calamities, pests & diseases-financial support will be aided by the Government of India. To stabilize the income of farmers to ensure their continuance in farming and well being of their livings.
HOW TO ENROLL-
Applicant farmers (Whenever the bank sanction loan for a notified crop in a notified area), can crop loan amount only to the extent of Scale of Finance for Notified crops and the loaners of individual notified crops of applicant shall be considered for compulsory coverage. Loan disbursing bank branch will finance the additional loan towards premium payment by farmers for crop insurance without fail.
Non-applicant farmers-Farmers wanting to avail insurance need to fill up Proposal form of the Scheme and submit to the nearest bank branch or CSC center or Shriram General Insurance Intermediaries of authorized channel partner. Non-applicant Farmer may submit insurance proposals personally through online portal of concerned insurance company or crop insurance portal.
BENEFITS OF INSURANCE-
- Farmers can claim due to failure of sowing / sprouting due to short rain or unfavorable weather resulting in no proper crop.
- Claim at the farm level, due to water logging, celestial power, landslide, cloudburst and hail and other natural causes.
- Claim at the farm level of damage due to cyclone / cyclature rain / uneven rainfall for up to 14 days of harvesting.
- Final Claim Settlement on the basis of the final yield of the entire village / village Panchayat.
ELIGIBILITY-
All farmers regardless of their nature of work including the sharecroppers and tenant farmers are eligible for this coverage.
However, the farmers are supposed to have insurable interest for the notified or insured crops.
Land Recovery of the Right (RoR), Land Acquisition Certificate (LPC) etc.), applicable contract, agreement details and other documents notified / permitted by concerned State Government (in case of sharecroppers / tenant farmers).
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Compulsory Component: All farmers availing Seasonal Agricultural Operations (SAO) loans from financial institutions for the notified crop will be covered without fail.
Voluntary Component: The Scheme will be optional for non-loanee farmers.
Crop Cover: The crops that are covered under the PMFBY scheme are mentioned below as.
1) Food crops (Cereals, Millets and Pulses)
2) Oilseeds
3) Annual Commercial / Annual Horticultural crops.
PREMIUM-
- 2% for Kharif crops
- 5% for all Rabi crops
- 5 % for annual commercial and horticultural crops
PREMIUM RATES-
| Season | Crops | Maximum premium payable by farmer (% of sum insured) |
| Kharif | All food grain and Oilseeds crops (All Cereals, Millets, Pulses and Oilseeds crops) | 2.0% of SI or Actuarial Rate, whichever is less |
| Rabi | All food grain and Oilseeds crops (All Cereals, Millets, Pulses and Oilseeds) | 1.5% of SI or Actuarial Rate, whichever is less |
| Kharif + Rabi | · Annual Commercial / Annual Horticultural crops
· Perennial horticultural crops (pilot basis) |
5% of SI or Actuarial Rate, whichever is less |
RISK COVERAGE UNDER PMFBY SCHEME:
a) Prevented Sowing / Planting Risk: When the insured area is prevented from sowing / planting due to low rainfall rate or adverse seasonal changes which are beyond control, claims up to 25% of sum insured farmers.
b) Sowing to harvesting: Special risk insurance due to cover losses due to non-preventable risks (Drought, Dry Spells, Flood, Inundation, Pests and Diseases, Landslides, Natural Fire and Lightening, Storm, Hailstorm, Cyclone, Typhoon, Tempest, Hurricane and Tornado).
c) Post-Harvest Losses: Coverage is accessible for only up to a maximum period of two weeks from those crops which are allowed to dry in cut and spread, small bundled condition in the field after harvesting against certain perils of cyclone and cyclonic rain and nonseasonal rains.
d) Localized Calamities: Loss or damage resulting from occurrence of identified localized risks of hailstorm, landslide, cloud burst or any other natural calamity.
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