PM Fasal Bima Scheme: India is primarily an agricultural nation, and the central government implements various schemes to support its farmers. One such initiative is the Prime Minister’s Crop Insurance Scheme. Today, we will discuss this scheme, which is particularly beneficial for farmers during challenging times. Let’s explore how it works.
What is Pradhan Mantri Fasal Bima Yojana?
This initiative, designed for the nation’s food producers, focuses on crop protection. Through this scheme, the government compensates farmers in the event of crop failure. However, there are specific guidelines that must be adhered to before funds are transferred to the farmers’ bank accounts. The PM Fasal Bima Yojana is available only to those farmers who cultivate the designated crops (rice, wheat, pulses, oilseeds, and horticulture).
Who can apply for PM Crop Insurance Scheme?
All farmers are eligible to apply for the Pradhan Mantri Fasal Bima Yojana. However, they must grow the specified crops for which compensation is provided under this scheme. Farmers who work on land owned by others can also apply for this program.
Conditions of PM Crop Insurance Scheme
Farmers are required to pay the insurance premium:
2% of the sum insured for Kharif crops,
1.5% for Rabi crops,
5% for horticulture/cash crops.
The remaining premium is shared between the Central and State Governments.
Documents required for PM Crop Insurance Scheme
To benefit from the scheme, farmers must verify their identity by submitting an Aadhaar card, voter ID, driver’s license, or any other valid government-issued identification.
Additionally, farmers must demonstrate ownership of the land they cultivate. This can be done by providing a measles/khatauni (land records), proof of land ownership, or a lease/tenancy agreement if they are sharecroppers.
The insurance payout is directly credited to the bank account, so farmers need to provide a copy of their bank passbook, account number, and IFSC code. It is essential to have a bank account linked to their Aadhaar card.
Farmers must specify the notified area and the notified crop they are cultivating. This requires providing relevant documentation.
How can you apply for the PM Kisan Crop Insurance Scheme?
The application process for the Pradhan Mantri Fasal Bima Yojana (PMFBY) is fairly straightforward. First, visit the official website at pmfby.gov.in.
After that, click on the Farmer Corner and select Apply Online.
Next, you will need to register using your Aadhar number.
Following that, there will be an OTP verification, and you will need to provide details about your crop.
In addition to the crop information, you will also need to upload the Khasra number.
Finally, you will need to pay the premium.