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. 


Pradhan Mantri Fasal Bima Yojana


 1. Focus and objectives

 

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. 




 3. Variety of crops covered

 

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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