There is good news for crores of farmers across the country. A major scheme of the Central Government – the Pradhan Mantri Fasal Bima Yojana (PMFBY) – is helping farmers protect their crops from losses caused by natural disasters.
Under this scheme, if crops are damaged, farmers receive compensation in the form of insurance. This support helps to improve their financial condition and reduce the impact of crop failure. In this article, let us understand all the important details related to this crop insurance scheme of the Government of India.
What is the aim of the scheme?
The Pradhan Mantri Fasal Bima Yojana (PMFBY) was started in 2016 by the Central Government. The main aim of this scheme is to give crop insurance to farmers at a low cost. This helps farmers when their crops are damaged by natural disasters like drought, flood, storm, hail, or unseasonal rain.
On 18 February 2025, the scheme completed 9 years. Till now, more than 36 crore farmers have got help from this scheme.
Who can get this benefit?
Farmers from most states in India can get this benefit. They need to apply within 10 days after sowing the crop.
Farmers can apply in two ways:
- Online through the website
- Offline at banks, cooperative societies, or CSC centers
How much premium to pay?
Farmers need to pay a small amount as premium under this scheme:
- 2% for Kharif crops
- 1.5% for Rabi crops
- Up to 5% for fruits and other commercial crops
The rest of the amount is paid by the Central and State Governments.
What to do if crops are damaged?
If the crop is damaged, the farmer should:
- Tell the insurance company within 72 hours
- The company will check the damage
- Then the money is sent to the farmer’s bank account
This scheme gives financial help to farmers in bad times. To get the full benefit, farmers should apply on time.