PM Fasal Bima Yojana: Good news for farmer’s. A significant decision has been made for the farmers in Bihar. The state government has given the green light for the implementation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) starting this year. This also means the end of the Bihar State Crop Assistance Scheme, which has been operational since 2018.
The proposal received approval during a cabinet meeting led by Chief Minister Samrat Chaudhary. The government asserts that the new scheme will offer farmers enhanced security in the event of crop loss. Large-scale farmers will also reap the benefits of this initiative. In total, 25 proposals were approved during the cabinet meeting.
The new system is set to commence from the Rabi season of 2026-27
Arvind Chaudhary, the Additional Chief Secretary of the Cabinet Department, mentioned that the central government’s Pradhan Mantri Fasal Bima Yojana will be rolled out starting from the Rabi season of 2026-27. This scheme will take the place of the Bihar State Crop Assistance Scheme. The government is confident that this will provide farmers with improved support and security to deal with natural disasters like floods, droughts, or other challenges.
Large farmers will also benefit from this scheme
One of the most notable aspects of the Pradhan Mantri Fasal Bima Yojana is that there is no upper limit on the area of land that can be insured. This means farmers can insure their entire agricultural land. Additionally, there is an option for compensation for crop losses up to the cost of cultivation. This is anticipated to be advantageous for farmers with extensive land holdings.
How much premium will farmers have to pay?
Under the scheme, farmers will only have to pay a portion of the total premium: 1.5 percent for Kharif crops, 2 percent for Rabi crops, and 5 percent for commercial crops like fruits and vegetables. The remaining amount will be shared by the central and state governments. Farmers will not be required to obtain insurance.
According to the government, crop damage and yield assessments will be conducted using modern techniques. The scheme also covers losses from pre-sowing to post-harvest. This will increase farmers’ chances of receiving timely and accurate compensation.