Agriculture is the backbone of Indian farmers, and to protect them from financial losses, the Central Government has provided a powerful safety net called the Pradhan Mantri Fasal Bima Yojana (PMFBY). The primary objective of this innovative scheme is to provide insurance protection against crop losses, enabling farmers to continue farming without financial worries. This scheme, run under the Ministry of Agriculture and Farmers Welfare, has so far benefited over 500 million farmers across the country, covering over 50 crops.
Main Objective of the Pradhan Mantri Fasal Bima Yojana
PMFBY is not just an insurance scheme, but an unprecedented tool to stabilize farmers’ income and encourage them to adopt modern farming. The scheme’s primary objective is to provide immediate financial assistance to farmers for crop losses caused by natural disasters, pests, or diseases. Its secondary objective is to stabilize farmers’ income and encourage them to continue farming. Additionally, the scheme promotes modern and scientific farming, thereby increasing competition in the agricultural sector and strengthening farmers’ creditworthiness.
Benefits of the Scheme
Under this scheme, farmers are required to pay only a 2% premium for Kharif crops, 1.5% for Rabi crops, and 5% for commercial or horticultural crops. The remaining premium is borne jointly by the central and state governments. In areas like the Northeast, Jammu and Kashmir, and Himachal Pradesh, the government pays the entire premium.
The scheme fully covers crop losses caused by natural calamities such as drought, floods, hailstorms, landslides, pests, and diseases. Compensation is even provided for losses incurred after harvest. The government strives to ensure that the insurance amount reaches farmers within two months of crop loss, preventing them from taking out loans.
Who can apply
PMFBY covers every farmer, whether they own land or are tenants (sharecroppers). All farmers, including landowners, sharecroppers, and tenant farmers, can apply. A farmer can only obtain crop insurance for the land they cultivate. They must have valid proof of land ownership. The application must be submitted within 15 days of the sowing season.
What will not be covered
It is important to know that crop losses in non-declared areas, losses occurring out of season, and losses due to farmer negligence or improper farming techniques are not covered. Furthermore, the insurance will be invalid if the premium is not paid.
How to apply for the crop insurance scheme?
The application process for PMFBY is completely digital and extremely simple, allowing farmers to insure themselves from the comfort of their homes. First, visit the official website at pmfby.gov.in. Go to ‘Farmer Corner’, click on ‘Guest Farmer’, and fill out the registration form. Enter the required information, such as name, mobile number, bank details, Aadhaar card, and address, into the form.
After registering, go to ‘Login for Farmer’ and log in with the OTP. Now fill out the application form, upload the required documents, and submit it. After applying, select the ‘Pay Later’ or ‘Make Payment’ option. After paying the premium, print out the receipt and keep it safe.
Required Documents for Application
You will need documents such as a passport-sized photo, identity proof (Aadhaar or PAN or Voter ID), proof of address, bank passbook, land records or tenancy proof, and a declaration of the crop sown.
The Pradhan Mantri Fasal Bima Yojana (PMFBY) is not just a government scheme, but a financial security blanket for farmers. This scheme gives farmers the confidence to continue farming despite natural disasters. If you are a farmer and want to protect your hard-earned crops, be sure to register today to avail of this scheme.