Looking at 5 Major Features of the Pradhan Mantri Fasal Bima Yojana
The Pradhan Mantri Fasal Bima Yojana is a crop insurance scheme
that aims to provide farmers with financial aid when damages impact their
crops. Launched in 2016, it has been a merger of several previously launched
crop insurance schemes. With the agricultural sector of India still forming a
major segment of the country’s economy, looking after the financial well-being
of those who run it, that is our farmers, is quite important. The Pradhan
Mantri Fasal Bima Yojana (PMFBY) has several features that are designed to make
crop insurance more accessible and affordable to the farmers of
our country. Let’s look at 5 such major features.
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| Pradhan Mantri Fasal Bima Yojana |
The Pradhan Mantri Fasal Bima Yojana operates under the ‘One
Nation, One Crop, One Premium’ motto. Its major focus is to expand the insurance
coverage to the total sown area in the country. Some of its objectives are -
- to make sure that
farmers continue farming by encouraging their earning potential
- to introduce new
ways of farming to farmers and promote their use
- to increase the
competitive spirit in the farming sector
- to create a steady
credit flow to the sector
2. Extensive coverage
against several risks
The crop insurance scheme
offers farmers coverage against a variety of risks. These are -
I. Losses during yield
If unavoidable
calamities such as storms, hailstorms, droughts, typhoons, tempests, fire,
lightning, or pests and diseases, and so on strike the insured crops within the
notified area, then the farmer is eligible to receive compensation for the same.
II. Losses that have
occurred post the harvesting
Often, harm can be
caused to crops even after they have been harvested and can cause losses. So,
if the farmer has kept the crops in a ‘cut and spread condition post-harvest
and they suffer harm due to issues of cyclones, or cyclonic rains or unseasonal
rains throughout the country, then the farmer can raise a claim and get due
compensation.
III. Losses caused due
to prevention of sowing
If the farmers of a
notified area had prepared to sow the crops and undergone expenditure for the
same, but are unable to sow the crops due to detrimental weather conditions,
then the losses incurred shall be covered according to the terms and conditions
of the Fasal Bima Yojana policy.
IV. Losses due to
localised calamities
If individual farms
are affected due to identified localised calamities such as landslides,
hailstorms, inundation, and so on, then the losses incurred to insured crops as
a result of such calamities will be covered by the crop insurance scheme.
The Pradhan Mantri Fasal Bima Yojana extends coverage to the
following crops -
-Food crops such as
cereals, millets, and pulses
- Oilseeds
- Annual horticultural
crops
- Annual commercial
crops
4. Eligibility
criteria for the PMFBY crop insurance scheme
Sharecroppers, as well
as tenant farmers who are growing the specified crops in the specified area,
are eligible to apply for this scheme as long as they have insurable interest
for the insured crops. Non-loanee farmers can avail of this scheme after
submitting the required land records as stated by the concerned state
governments.
5. Quick claim
processing
Farmers wanting to
raise a claim under the Fasal Bima Yojana would have to contact their insurer within 72
hours of the loss and provide the relevant information. Post this, the loss
assessor shall be appointed within 48 hours of getting the information from the
farmer. A thorough assessment of the said loss will be expected to be finished
within 10 days and the claim settlement and due payment to be paid to the
farmer will be complete within 15 days of the loss assessment report. Diligent
following of these guidelines will ensure farmers get help as soon as
possible.
We hope this article
has increased your understanding of the Pradhan Mantri Fasal Bima Yojana crop
insurance scheme.
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