PM Fasal Bima Yojana: PM Crop Insurance Scheme is an important government scheme launched with the objective of providing financial security to farmers against crop losses caused by natural disasters, pests, or diseases. Insurance registration under this scheme for the Kharif season has started, and the last date has been fixed as 31st July. Farmers across the country are advised to get their notified areas and crops insured within the stipulated time frame, so that they can get financial assistance in case of any accidental loss.
Objective and beginning of the scheme
This scheme was implemented on 18 February 2016. It aims to protect farmers from loss of income, reduce agricultural risks, and make them financially capable of preparing for the next crop. This scheme applies to both Kharif and Rabi crops. Farmers have to pay only a nominal premium, while the remaining amount is jointly borne by the central and state governments. In the premium structure, a two percent premium is charged for Kharif crops and a half percent premium is charged for Rabi crops.
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Who is eligible for this scheme
To avail the benefits of the scheme, it is necessary for the farmer to farm in the notified area. Leaseholders, sharecroppers, and loanee farmers are also considered eligible. To get insurance, the farmer must have a valid land record and must apply within two weeks of the beginning of sowing. Farmers can make insurance claims only for crops for which they have not received any compensation earlier.
Why don’t you get the benefit of insurance?
The scheme is applicable only in those areas that have been notified by the government. There is no compensation for losses incurred in non-notified areas. Additionally, losses incurred outside the crop cycle, such as losses incurred prematurely or after the end of the crop period, are not included in the insurance benefits. Thus, the objective of the scheme is to assist only with actual and time-bound crop losses.
Documents required for the application
While applying for the scheme, the farmer has to submit his passport-size photograph, bank passbook, land record (or lease agreement), identity proof such as Aadhaar, PAN, or Voter ID, and address proof. Apart from this, a declaration form for the crop sown is also required.
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Complete application process
Farmers can apply by visiting the official website of PMFBY, pmfby.gov.in. After going to the farmer’s corner on the website and choosing the guest farmer option, the registration process has to be completed. After completion of registration, the required details and documents are uploaded by logging in. After checking the preview of the application, it is submitted, and after this, the farmer can make the payment immediately or can choose the option of payment later if he wants. After completion of payment, the receipt can be downloaded and kept safe.
When do you get the insurance amount?
As per the rules of the scheme, insurance companies have to provide the amount within 21 days of the claim being filed. If there is a delay in payment, farmers are given 12 percent annual interest on the claim amount. Whereas if the delay is due to the state government, then the state government also has to pay the same interest.