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Pradhan Mantri Fasal Bima Yojana (PMFBY)

1.0 by I Kahaduwaarachchi

Jun 28, 2018

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About Pradhan Mantri Fasal Bima Yojana

English

Pradhan Mantri Fasal Bima Yojana Online Registration and Information

The Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched by the Centre on April 1, 2016 to help farmers cope with crop losses due to unseasonal and extreme weather. It replaced the National Agricultural Insurance Scheme and the Modified National Agricultural Insurance Scheme. The Weather-Based Crop Insurance Scheme (WBCIS) remains in place, though its premium rates have been streamlined with the latest scheme.

PMFBY was more farmer-friendly provisions than its predecessors. It reduced the burden of premium on farmers significantly and expanded coverage. It also promoted use of advanced technologies to estimate losses accurately and accelerate payments to farmers.

Features:

• Coverage of agricultural insurance has significantly increased in kharif 2016 compared to kharif 2015 across India. The number of farmers insured crossed 4 crores during kharif 2016, a jump from 3.09 crores in kharif 2015.

• The sum insured is now closer to the cost of production than before. It has gone up from Rs 20,500 per hectare of land during kharif 2015, to Rs 34,370 in kharif 2016. This means in case of losses, farmers should theoretically get significantly higher compensation than before. However, in some states like Rajasthan, the sum insured remains very low—about one-third of the cost of production.

Other Pradhan Mantri Yojana:

Pradhan Mantri Yojana Hindi

Sarkari Yojana

Pradhan Mantri Yojana India

Pradhan Mantri Yojana 2018

New Declared Schemes 2018

New Declared Yojana 2018

Pradhan Mantri Gram Sadak Yojana

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Jan Dhan Yojana

Start Up India Scheme

Atal Pension Yojana