Pradhan Mantri Fasal Bima Yojana (PMFBY) was launched from Kharif 2016 with aim to support production in agriculture by providing an affordable crop insurance to ensure risk cover for crops of farmers against all non-preventable natural risks from pre-sowing to post-harvest stage.
Highlights of the scheme
Scheme is based on the One Nation One Scheme Theme.
Replace the existing two schemes - National Agricultural Insurance Scheme as well as the Modified National Agricultural Insurance Scheme.
There will be a uniform premium of only 2% to be paid by farmers for all Kharif crops and 1.5% for all Rabi crops.
In case of annual commercial and horticultural crops, the premium to be paid by farmers will be only 5%.
There is no upper limit on Government subsidy.
Objectives
To provide insurance coverage and financial support to the farmers in the event of failure of any of the notified crops as a result of natural calamities, pests & diseases.
To stabilize the income of farmers to ensure their continuance in farming.
To encourage farmers to adopt innovative and modern agricultural practices.
To ensure credit worthiness of the farmers, crop diversification and enhancing growth and competitiveness of the agriculture sector by protecting the farmers from production risks.
Adoption of Technology for Scheme Administration
In implementation and execution of the Scheme, Government of India has designed and developed a National Crop Insurance Portal (NCIP) (www.pmfby.gov.in).
This has brought in better administration and coordination amongst stakeholders like Farmers, States, Insurers and Banks.
This also ensures real time dissemination of information and transparency in implementation.
Farmers to be covered
All farmers including sharecroppers and tenant farmers growing the notified crops in the notified areas are eligible for coverage.
The scheme is optional for all farmers including farmers who have been sanctioned short-term Seasonal Agricultural Operations (SAO) loans/Kisan Credit Card (KCC) for the notified crops.
Existing Loanee farmers who do not want to get covered under the scheme have the option of opting-out from the Schemes by submitting requisite declaration to loan sanctioning bank branches any time during the year but at least seven days prior to the cut-off date for enrolment of farmers for the respective season.
All those farmers who do not submit the declaration would be essentially covered.
Coverage of Crops
Food crops (Cereals, Millets and Pulses).
Oilseeds.
Annual Commercial / Annual Horticultural crops.
Risks covered under the scheme
Basic Cover:
The basic cover under the scheme covers the risk of loss of yield to standing crop (sowing to harvesting).This comprehensive risk insurance is provided to cover yield losses on an area based approach basis due to non-preventable risks like drought, dry spells, flood, wide spread pest and disease attack, landslides, natural fire due to lightening, storm, hailstorm, and cyclone.
Add-On Coverage:
Apart from the mandatory basic cover, the State Governments./UTs, in consultation with the State Level Coordination Committee on Crop Insurance (SLCCCI)may choose any or all of the following add-on covers based on the need of the specific crop/area in their State to cover the following stages of the crop and risks leading to crop loss:
Prevented Sowing/Planting/Germination Risk:If Insured area is not supportive for sowing/ planting/germination due to deficit rainfall or adverse seasonal/climatic conditions.
Mid-Season Adversity: Loss in case of adverse seasonal conditions during the crop season like floods, prolonged dry spells and severe drought etc. where expected yield during the season is likely to be less than 50% of the normal yield. This add-on coverage facilitates the provision for immediate relief to insured farmers in case of occurrence of such risks.
Post-Harvest Losses: Coverage is available only up to a maximum period of two weeks from harvesting, for those crops which are required to be dried in cut and spread / small bundled condition depending on requirement of the crops in that area, in the field after harvesting against hailstorm, cyclone, cyclonic rains and unseasonal rains.
Localized Calamities: Loss/damage to notified insured crops resulting from occurrence of identified localized risks of hailstorm, landslide, inundation, cloud burst and natural fire due to lightening affecting isolated farms in the notified area.
Add-on coverage for crop loss due to attack by wild animals: The States may consider providing add-on coverage for crop loss due to the attack by wild animals wherever the risk is perceived to be substantial and is identifiable. The detailed protocol and procedure for evaluation of the bids has been prepared by the GOI in consultation with the Ministry of Environment, Forest & Climate Change (MoEF&CC) and General Insurance Corporation of India (GIC).
The add-on coverage will be optional for the farmers and applicable notional premium will be borne by the farmer, however the State Governments may consider providing additional subsidy on this coverage, wherever notified.
General Exclusions:
Losses arising out of war and nuclear risks, malicious damage and other preventable risks shall be excluded.
For more details visit to: www.pmfby.gov.in
I hope this article give you a brief idea about Pradhan Mantri Fasal Bima Yojana (PMFBY). please give your valuable views and follow for more updates.
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