PMFBY: India’s agricultural sector is still heavily dependent on weather fluctuations and natural disasters. When unexpected events like drought, floods, cyclones, or hailstorms damage crops, it severely impacts both farmers’ hard work and income. To mitigate this challenge and provide financial security to farmers, the government launched the Pradhan Mantri Fasal Bima Yojana in April 2016. This scheme de-risks farming and provides crucial support to farmers in overcoming such situations.
Who can avail of the scheme?
This scheme is available to farmers between the ages of 18 and 70 who have a savings account and the necessary land documents. Whether farmers cultivate their own land or lease or sharecrop land, they can avail the scheme. The only condition is that their crops must be grown in government-designated notified areas and be included in the list of notified crops. Timely application is also mandatory, making farmers eligible for financial assistance in case of crop loss.
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Required Documents for Application
To avail the benefits of the crop insurance scheme, an Aadhaar card, bank account number, farm land records number, land ownership document or lease agreement, ration card or voter ID, and a passport-size photo are required. These documents verify the farmer’s identity and land status, keeping the insurance process simple and transparent.
What is Covered Under the Scheme
PMFBY’s unique feature is that it provides farmers with complete protection against a variety of risks. Losses caused by natural disasters such as drought, floods, cyclones, and hailstorms are covered under the scheme. Compensation is also provided for crop damage due to pest infestations, diseases, or unusual weather. Farmers are also eligible for financial assistance if the seed is not sown or if the crop is destroyed after harvest. Situations such as mid-season disasters, localized natural damage, and large-scale crop losses are also covered.
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Greater Protection at a Lower Premium
The key feature of this scheme is that farmers receive comprehensive insurance coverage at a very low premium, as the central and state governments share a significant portion of the insurance amount. For Kharif crops, farmers are required to pay a premium of only 2 percent of the total insurance amount. For Rabi crops, the premium is 1.5 percent, while for commercial and horticultural crops, the premium is 5 percent. Due to the low cost, even small and marginal farmers can easily avail themselves of the insurance, reducing the risk in farming and ensuring a stable income.
How to Apply for PMFBY
Registration for the scheme is extremely easy. Farmers can create their account through the Guest Farmer option in the Farmer Corner section on the official PMFBY website, pmfby.gov.in. The application process can then be completed by uploading the required information and documents. Farmers who face difficulties applying online can also apply by visiting their nearest bank branch or agriculture department office.